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Accounting Document Retention Policy: A Comprehensive Guide
Author: Eleanor Vance, CPA, CFE, with over 15 years of experience in forensic accounting and compliance, specializing in financial record management and regulatory compliance for publicly traded and privately held companies.
Publisher: The Institute of Internal Auditors (IIA), a globally recognized leader in providing research, education, and guidance on internal audit and risk management. The IIA's publications are respected for their rigor and practical application.
Editor: David Chen, CA, with 20 years of experience in financial reporting, auditing, and regulatory compliance, and a proven track record of editing publications on accounting standards and best practices, including numerous articles on the intricacies of effective accounting document retention policies.
Keywords: Accounting document retention policy, document retention, financial records management, compliance, regulatory requirements, data retention, recordkeeping, legal implications, accounting best practices, SOX compliance.
Summary: This report provides a comprehensive overview of an effective accounting document retention policy, emphasizing its importance for legal compliance, risk mitigation, and efficient business operations. It explores various factors influencing retention periods, outlines best practices for document management, and highlights the potential consequences of inadequate policies. The report also addresses common challenges and offers practical solutions for organizations of all sizes. Ultimately, a well-defined accounting document retention policy is shown to be a critical component of sound financial management and a cornerstone of robust corporate governance.
1. Introduction: The Importance of an Accounting Document Retention Policy
An effective accounting document retention policy is not merely a box-ticking exercise; it's a critical component of a robust internal control system. It safeguards an organization against legal and financial risks, facilitates efficient audits, and supports informed decision-making. A well-structured accounting document retention policy dictates which documents need to be kept, for how long, and how they should be stored. Failure to maintain an adequate policy can lead to significant penalties, including legal action, financial losses, and reputational damage. This report examines the key considerations in creating and implementing such a policy.
2. Legal and Regulatory Requirements Influencing Retention Periods
The legal and regulatory landscape significantly influences the retention periods for accounting documents. For example, the Sarbanes-Oxley Act (SOX) in the United States mandates specific retention periods for financial records of publicly traded companies. Similarly, various international standards, such as IFRS (International Financial Reporting Standards), also impact document retention requirements. Tax authorities, both domestically and internationally, also stipulate specific retention periods for tax-related documents. Failing to comply with these regulations can lead to severe penalties, including substantial fines and even criminal charges. A thorough accounting document retention policy must consider these varying legal and regulatory frameworks. Research from the AICPA (American Institute of CPAs) consistently highlights the increasing scrutiny of regulatory bodies concerning recordkeeping.
3. Best Practices for Developing an Accounting Document Retention Policy
A robust accounting document retention policy should encompass the following:
Clearly Defined Scope: The policy should explicitly state which types of accounting documents are covered, including financial statements, invoices, receipts, contracts, and email correspondence relating to financial transactions.
Specific Retention Periods: Retention periods should be clearly defined for each document type, taking into account legal, regulatory, and internal requirements. These periods should be regularly reviewed and updated to reflect changes in legislation and business practices.
Secure Storage Methods: The policy should specify secure methods for storing documents, whether physical or electronic. This includes considerations for data security, access control, and disaster recovery planning. Cloud-based storage solutions, while offering scalability and accessibility, require careful consideration of data security and compliance regulations.
Document Disposal Procedures: The policy should outline clear procedures for disposing of documents once their retention period has expired, ensuring compliance with data privacy regulations. Secure shredding or electronic data deletion are essential elements of a sound disposal process.
Regular Review and Updates: The policy should be reviewed and updated at least annually to ensure it remains current with changes in legislation, industry best practices, and the organization's specific needs.
Employee Training: All relevant employees must receive comprehensive training on the policy's requirements, ensuring understanding and adherence.
4. Challenges in Implementing and Maintaining an Accounting Document Retention Policy
Implementing and maintaining an effective accounting document retention policy often presents challenges:
Data Volume: The sheer volume of accounting documents generated by modern businesses can be overwhelming, requiring robust document management systems.
Technological Changes: The rapid evolution of technology necessitates regular updates to the policy and the systems used to manage documents.
Cost Considerations: Implementing and maintaining a comprehensive system can be expensive, requiring investment in software, hardware, and training.
Integration with Other Systems: The policy needs seamless integration with other systems, such as ERP (Enterprise Resource Planning) and CRM (Customer Relationship Management) systems.
5. Mitigating Risks Associated with Inadequate Document Retention Policies
The consequences of an inadequate accounting document retention policy can be severe:
Legal Penalties: Non-compliance with legal and regulatory requirements can result in hefty fines and legal action.
Reputational Damage: Failure to maintain proper records can damage an organization's reputation and erode stakeholder trust.
Audit Difficulties: Incomplete or poorly organized records can significantly hinder audits, leading to delays and increased costs.
Loss of Critical Information: Inadequate policies can lead to the loss of valuable business information.
6. Conclusion
A well-defined accounting document retention policy is a fundamental element of good corporate governance. By establishing clear procedures for document creation, storage, and disposal, organizations can mitigate risks, ensure compliance, and enhance operational efficiency. Regular review and updates are crucial to adapt to evolving regulatory requirements and technological advancements. Investing in robust document management systems and providing comprehensive employee training are essential for the successful implementation and maintenance of an effective accounting document retention policy.
FAQs
1. What is the legal minimum retention period for financial records? This varies significantly depending on the jurisdiction and the type of record. Consult relevant laws and regulations in your region.
2. How do I choose the right document management system? Consider factors such as data security, scalability, ease of use, integration with existing systems, and compliance with relevant regulations.
3. What should I do if I discover a gap in my document retention procedures? Immediately implement corrective actions, including a thorough review of the policy and potentially engaging legal counsel.
4. Are there any specific requirements for retaining electronic documents? Yes, electronic documents must be stored securely and be readily retrievable, often with provisions for metadata preservation.
5. How can I ensure employee compliance with the accounting document retention policy? Provide comprehensive training, regular reminders, and clear consequences for non-compliance.
6. What are the implications of destroying documents prematurely? This could lead to severe penalties, including fines and legal action, as well as difficulties during audits.
7. How often should my accounting document retention policy be reviewed and updated? At least annually, or more frequently if there are significant changes in legislation or business practices.
8. Can I outsource the management of my accounting documents? Yes, many organizations outsource document management to specialized providers, but careful due diligence is necessary to ensure compliance and security.
9. What is the role of internal audit in ensuring compliance with the accounting document retention policy? Internal audit plays a crucial role in reviewing the effectiveness of the policy and ensuring compliance through regular testing and reporting.
Related Articles
1. Sarbanes-Oxley Act (SOX) Compliance and Document Retention: This article discusses the specific SOX requirements related to document retention and the implications for publicly traded companies.
2. Best Practices for Electronic Document Retention in Accounting: This article focuses on the specific challenges and best practices related to storing and managing electronic accounting documents.
3. Developing a Secure and Compliant Cloud-Based Document Retention Strategy: This article explores the advantages and challenges of using cloud-based solutions for document retention, emphasizing security and compliance.
4. The Role of Data Analytics in Optimizing Document Retention: This article examines how data analytics can be used to improve efficiency and compliance in document retention processes.
5. International Accounting Standards (IAS) and Document Retention: This article analyzes the international standards impacting document retention requirements for multinational companies.
6. Document Retention and Data Privacy Regulations (GDPR, CCPA): This article explores the intersection of document retention policies and data privacy laws, such as GDPR and CCPA.
7. The Cost-Benefit Analysis of Implementing a Robust Document Retention System: This article examines the costs and benefits associated with various document management systems and strategies.
8. Case Studies: Lessons Learned from Document Retention Failures: This article presents case studies illustrating the consequences of inadequate document retention policies and provides valuable lessons learned.
9. The Future of Accounting Document Retention: Emerging Technologies and Trends: This article explores the impact of emerging technologies, such as AI and blockchain, on the future of accounting document retention.
| accounting document retention policy: Guide to Record Retention Requirements , 1992 |
| accounting document retention policy: Farmer's Tax Guide , 1998 |
| accounting document retention policy: Information Governance William Saffady, 2017 The books is divided into three part : • Part 1 provides an introduction to information governance concepts. It defines key terms, explains the business case for information governance as a strategic initiative, surveys governance frameworks, and discusses the roles, responsibilities, and interactions of information governance stakeholders. It also describes related governance initiatives and explains the role of maturity analysis in planning and assessing an organization's information governance program. • Part 2 surveys legal and regulatory requirements that affect information governance stakeholders and initiatives. The survey covers recordkeeping requirements, data protection and privacy requirements, information security requirements, information disclosure requirements, and statutes of limitations. For each category, the survey summarizes and cites examples of typical laws and regulations and explains their impact on information governance. • Part 3 examines technologies that are important for information governance initiatives. The discussion covers technologies that organize, analyze, and categorize information; technologies that manage the information lifecycle; technologies that retrieve information; and technologies that address risk management and information security requirements. The discussion describes the most important characteristics of each technology and assesses its impact on information governance stakeholders and requirements.--Préface page viii. |
| accounting document retention policy: The Statutory Maternity Pay (general) Regulations 1986 Great Britain, 1986-11-24 Enabling power:Social security act 1986, ss. 46 (4) (7) (8), 47 (1) (3) (6) (7), 48 (3) (6), 50 (1) (2) (4) (5), 51 (1) (g) (k) (n) (r) (4), 54 (1), 83 (1), 84 (1), sch. 4, paras. 6, 8, 12 (3). Issued:24.11.86. Made:17.11.86. Laid:24.11.86.. Coming into force:Regs. 1, 22, 23: 15.3.87. Remainder ?? Effect:?? |
| accounting document retention policy: The Ultimate Accountants' Reference Steven M. Bragg, 2006-11-28 The Ultimate Accountants’ Reference Including GAAP, IRS & SEC Regulations, Leases, and More, Second Edition updates you on the latest accounting regulations for all aspects of the financial statements, accounting management reports, and management of the accounting department including best practices, control systems, and the fast close. This is the perfect daily answer book for the practicing accountant. |
| accounting document retention policy: Accounting Best Practices Steven M. Bragg, 2007-07-16 Praise for Accounting Best Practices, Fifth Edition For a comprehensive, yet easy-to-read guide to fixing those all-too-common shortcomings in your accounting department, look no further than this excellent book. Steve Bragg provides hundreds of fixes, many of them requiring surprisingly little time or cost while providing a handy guide to common implementation pitfalls . . . I would recommend this invaluable book to anyone who is looking to enhance their existing processes, whether due to growth in their business, compliance with Sarbanes-Oxley, or just as part of their ongoing improvement process. —Martyn Webster, CPA, Director of FinanceXenoPort, Inc. This book is critical to running an efficient and accurate accounting department. The use of RFID technology to track documents is one of many valuable tools in this latest edition. A required read for the demanding accounting manager's role. —Jason Charet, CPA I've used Steve Bragg's Accounting Best Practices books for years as a source of ideas for improvement. Like the previous editions, the Fifth Edition has a number of new, actionable best practices as well as refinements of those ideas reported in previous editions. The books are broad enough in their perspective so that nearly any organization could find ideas that could pay back the cost of the book many times over. —John Temmerman, Controller Evangelical Lutheran Church in America What a great resource! I have been in the accounting field for over twenty years, and I was still able to gain insight into improving processes within my office. Thanks for putting it all in one book! —Tina M. Thomas, CPA, CTP, Controller Goodman & Company, LLP |
| accounting document retention policy: The Greenhouse Gas Protocol , 2004 The GHG Protocol Corporate Accounting and Reporting Standard helps companies and other organizations to identify, calculate, and report GHG emissions. It is designed to set the standard for accurate, complete, consistent, relevant and transparent accounting and reporting of GHG emissions. |
| accounting document retention policy: Disposition of Federal Records , 1992 |
| accounting document retention policy: Pain Management and the Opioid Epidemic National Academies of Sciences, Engineering, and Medicine, Health and Medicine Division, Board on Health Sciences Policy, Committee on Pain Management and Regulatory Strategies to Address Prescription Opioid Abuse, 2017-10-28 Drug overdose, driven largely by overdose related to the use of opioids, is now the leading cause of unintentional injury death in the United States. The ongoing opioid crisis lies at the intersection of two public health challenges: reducing the burden of suffering from pain and containing the rising toll of the harms that can arise from the use of opioid medications. Chronic pain and opioid use disorder both represent complex human conditions affecting millions of Americans and causing untold disability and loss of function. In the context of the growing opioid problem, the U.S. Food and Drug Administration (FDA) launched an Opioids Action Plan in early 2016. As part of this plan, the FDA asked the National Academies of Sciences, Engineering, and Medicine to convene a committee to update the state of the science on pain research, care, and education and to identify actions the FDA and others can take to respond to the opioid epidemic, with a particular focus on informing FDA's development of a formal method for incorporating individual and societal considerations into its risk-benefit framework for opioid approval and monitoring. |
| accounting document retention policy: Government Auditing Standards - 2018 Revision United States Government Accountability Office, 2019-03-24 Audits provide essential accountability and transparency over government programs. Given the current challenges facing governments and their programs, the oversight provided through auditing is more critical than ever. Government auditing provides the objective analysis and information needed to make the decisions necessary to help create a better future. The professional standards presented in this 2018 revision of Government Auditing Standards (known as the Yellow Book) provide a framework for performing high-quality audit work with competence, integrity, objectivity, and independence to provide accountability and to help improve government operations and services. These standards, commonly referred to as generally accepted government auditing standards (GAGAS), provide the foundation for government auditors to lead by example in the areas of independence, transparency, accountability, and quality through the audit process. This revision contains major changes from, and supersedes, the 2011 revision. |
| accounting document retention policy: The Ultimate Accountants' Reference Including GAAP, IRS & SEC Regulations, Leases, and More Steven M. Bragg, 2005-01-07 The perfect daily answer book for the practicing accountant. The Ultimate Accountants’ Reference offers a single-source tool of best practices and control systems related to accounting regulations for all aspects of financial statements, accounting management reports, and management of the accounting department. In addition, you'll gain insight into financing options, pension plans, risk management, mergers and acquisitions, and taxation topics. Order your copy today! |
| accounting document retention policy: IT Governance: Policies and Procedures, 2020 Edition Wallace, Webber, 2019-11-12 IT Governance: Policies & Procedures, 2020 Edition is the premier decision-making reference to help you to devise an information systems policy and procedure program uniquely tailored to the needs of your organization. Not only does it provide extensive sample policies, but this valuable resource gives you the information you need to develop useful and effective policies for your unique environment. IT Governance: Policies & Procedures provides fingertip access to the information you need on: Policy and planning Documentation Systems analysis and design And more! Previous Edition: IT Governance: Policies & Procedures, 2019 Edition ISBN 9781543802221 |
| accounting document retention policy: How to Build a Better Business Plan Alastair Thomson, 2020-12-12 Having trouble getting the backing you need for your business plan? Waiting for calls to be returned that never are? Are the people you need to talk to always in meetings? You're not alone. Too many business owners have been sold the myth that business plans are all about finance. But if you're not getting the cash you need, odds are it's nothing to do with your financial numbers. Any halfway competent accountant will have made sure those pass muster. Here's what's really happening - either investors and lenders don't believe your plan, or it isn't compelling enough to get to the top of their approval pile. Numbers alone do a poor job of fixing either of those problems. Rather, you need to convey your enthusiasm better and provide solid evidence you'll deliver on your business plan. How To Build A Better Business Plan is not about numbers or financial models. Instead, it focuses on exactly how to create a compelling and evidence-backed business plan which gives investors and lenders the confidence they need to say yes.Inside this easy-to-follow, step-by-step action guide, you'll discover: -How investors and lenders really read a business plan...page 31 (spoiler: it's not how you think) -The real value of preparing a business plan - and this has nothing to do with raising finance...page 13 -How to handle the awkward questions you'd rather gloss over...page 36 -The one question on the mind of every potential investor or lender...page 156 -If you don't have enough of this you can kiss your business plan goodbye...page 83 -This is the biggest source of competition for most businesses...yet very few business plans set out what they're going to do about it...page 111 -And much, much more. You also get a free, downloadable fill-in-the-blanks business plan template, making sure you cover all the bases and don't miss any opportunities to secure the support you need. Get that right and you give investors and lenders the confidence they need to back you. Instead of you having to chase them, they'll be chasing you. People will come out their meetings to take your calls. You'll have them on your side right out of the starting gate. To achieve your dreams and ambitions you need a business plan which makes it easy for investors and lenders to say yes. Why not start yours today? About the author Alastair Thomson started out as an accountant, but has since worked in CEO, Chairman and Independent Non-Executive Director roles, giving him a rare perspective from all sides of the business planning process. He has compiled, reviewed, advised on, presented or approved business plans for over 25 years as a senior executive and advisor for small and medium-sized businesses and multinational organisations. |
| accounting document retention policy: IT Governance: Policies and Procedures, 2023 Edition Wallace, Webber, |
| accounting document retention policy: Managing Public Money Great Britain. Treasury, 2007 Dated October 2007. The publication is effective from October 2007, when it replaces Government accounting. Annexes to this document may be viewed at www.hm-treasury.gov.uk |
| accounting document retention policy: Be Sure Before You Sign!. , 1970 |
| accounting document retention policy: General Records Schedules United States. National Archives and Records Service, 1982 |
| accounting document retention policy: Taxes Management Act 1970 (UK) The Law The Law Library, 2018-04-21 Taxes Management Act 1970 (UK) The Law Library presents the official text of the Taxes Management Act 1970 (UK). Updated as of March 26, 2018 This book contains: - The complete text of the Taxes Management Act 1970 (UK) - A table of contents with the page number of each section |
| accounting document retention policy: Justifications United States. Congress. House. Committee on Appropriations. Subcommittee on District of Columbia Appropriations, 2002 |
| accounting document retention policy: Election Document Retention in an Age of High Technology Marie Garber, 1994 |
| accounting document retention policy: CIO , 2003-03-15 |
| accounting document retention policy: IT Auditing and Application Controls for Small and Mid-Sized Enterprises Jason Wood, William Brown, Harry Howe, 2013-12-09 Essential guidance for the financial auditor in need of a working knowledge of IT If you're a financial auditor needing working knowledge of IT and application controls, Automated Auditing Financial Applications for Small and Mid-Sized Businesses provides you with the guidance you need. Conceptual overviews of key IT auditing issues are included, as well as concrete hands-on tips and techniques. Inside, you'll find background and guidance with appropriate reference to material published by ISACA, AICPA, organized to show the increasing complexity of systems, starting with general principles and progressing through greater levels of functionality. Provides straightforward IT guidance to financial auditors seeking to develop quality and efficacy of software controls Offers small- and middle-market business auditors relevant IT coverage Covers relevant applications, including MS Excel, Quickbooks, and report writers Written for financial auditors practicing in the small to midsized business space The largest market segment in the United States in quantity and scope is the small and middle market business, which continues to be the source of economic growth and expansion. Uniquely focused on the IT needs of auditors serving the small to medium sized business, Automated Auditing Financial Applications for Small and Mid-Sized Businesses delivers the kind of IT coverage you need for your organization. |
| accounting document retention policy: IT Governance Policies & Procedures Michael Wallace, Larry Webber, 2012-09-10 IT Governance Policies and Procedures, 2013 Edition is the premierdecision-making reference to help you to devise an information systems policyand procedure program uniquely tailored to the needs of your organization.Not only does it provide extensive sample policies, but this valuable resourcegives you the information you need to develop useful and effective policiesfor your unique environment.IT Governance Policies and Procedures provides fingertip access to theinformation you need on:Policy and planningDocumentationSystems analysis and designAnd more!IT Governance Policies and Procedures, 2013 Edition has been updated toinclude:A new chapter covering service level agreementsUpdated information and new policy covering Agile project managementUpdated information on managing mobile devices such as tablets and smartphonesNew policies for managing user devices including bring your own devicepolicy, flash drive usage, and loaning out hardware for temporary useNew information and policy for managing the use of public and private appstores for downloading software on mobile devices such as tablets andsmartphonesThe latest best practices for relocating your technology infrastructure whenmoving departments or your entire organizationNew information on measuring the effectiveness of your training programsUpdated information and policy for managing IT trainingAnd much more! |
| accounting document retention policy: Accounting Reform and Investor Protection: Reports, bills, and the Sarbanes-Oxley Act of 2002 United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs, 2003 |
| accounting document retention policy: Destruction of Enron-related Documents by Andersen Personnel United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Oversight and Investigations, 2002 |
| accounting document retention policy: Electronic Discovery Adam I. Cohen, David J. Lender, 2011-12-19 Information that is crucial to your case can be stored just about anywhere in Blackberries, on home computers, in cellphones, in voicemail transcription programs, on flash drives, in native files, in metadata... Knowing what you re looking for is essential, but understanding technology and data storage systems can literally make or break your discovery efforts and your case. If you can't write targeted discovery requests, you won't get all the information you need. With Electronic Discovery: Law and Practice, Second Edition, you'll have the first single-source guide to the emerging law of electronic discovery and delivering reliable guidance on such topics as: Duty to Preserve Electronic Evidence Spoliation Document Retention Policies and Electronic Information Cost Shifting in Electronic Discovery Evidentiary Issues Inadvertent Waiver Table of State eDiscovery rules Litigation Hold Notices Application of the Work Product Doctrine to Litigation Support Systems Collection, Culling and Coding of ESI Inspection of Hard Disks in Civil Litigation Privacy Concerns Disclosure under FOIA Fully grasp the complexities of data sources and IT systems as they relate to electronic discovery, including cutting-edge software tools that facilitate discovery and litigation. Achieve a cooperative and efficient approach to conducting cost-effective ESI discovery. Employ sophisticated and effective discovery tools, including concept and contextual searching, statistical sampling, relationship mapping, and artificial intelligence that help automate the discovery process, reduce costs and enhance process and information integrity Written by Adam Cohen of Ernst and Young and David Lender of Weil, Gotshal and Manges LLP, Electronic Discovery: Law and Practice, Second Edition, offers detailed analysis and guidance on the legal aspects of electronic discovery never before collected in such a comprehensive guide. You'll save time on research while benefiting from the knowledge and experience of the leading experts. |
| accounting document retention policy: Audit and Accounting Manual AICPA, 2018-07-31 Updated as of April 1, 2018, this comprehensive, step-by-step guide provides a plain English approach to conducting an audit. This one-stop-shop summarizes applicable requirements and delivers how-to advice to help practitioners plan and perform an audit. A valuable resource featuring new updates for the issuance of SAS No. 132, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern, this guide provides illustrative examples, sample forms, and helpful techniques that small-and medium-sized firms need to streamline their audit engagements. Key benefits include: Comprehensive and step-by-step guidance on the performance of an audit Contains numerous alerts that address the current year developments in a variety of areas Illustrative examples and forms to facilitate hands-on performance of the audit |
| accounting document retention policy: SEC Docket United States. Securities and Exchange Commission, 2007 |
| accounting document retention policy: Audit and Accounting Manual: Nonauthoritative Practice Aid, 2019 AICPA, 2019-08-06 This comprehensive, step-by-step guide provides a plain-English approach to planning and performing audits. In this handy resource, accountants and auditors will find updates for the issuance of SAS No. 132, The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern, with illustrative examples, sample forms and helpful techniques ideal for small- and medium-sized firms Key Features include: Comprehensive and step-by-step guidance on the performance of an audit Numerous alerts that address the current-year developments in a variety of areas Illustrative examples and forms to facilitate hands-on performance of the audit |
| accounting document retention policy: United States Reports United States. Supreme Court, John Chandler Bancroft Davis, Henry Putzel, Henry C. Lind, Frank D. Wagner, 2004 |
| accounting document retention policy: Official Reports of the Supreme Court United States. Supreme Court, 2005-04 |
| accounting document retention policy: Compliance Manuals for the New Antitrust Era , 1990 Compendium of representative antitrust compliance manuals in use by American corporations and trade associations. |
| accounting document retention policy: Disposal of Navy and Marine Corps Records United States. Navy Department, 1961 |
| accounting document retention policy: Sarbanes-Oxley and the New Internal Auditing Rules Robert R. Moeller, 2004-05-10 Sarbanes-Oxley and the New Internal Auditing Rulesthoroughly and clearly explains the Sarbanes-Oxley Act, how itimpacts auditors, and how internal auditing can help with itsrequirements, such as launching an ethics and whistle-blowerprogram or performing effective internal controls reviews under theCOSO framework. With ample coverage of emerging rules that have yetto be issued and other matters subject to change, this bookoutlines fundamental blueprints of the new rules, technologicaldevelopments, and evolving trends that impact internal auditprofessionals. Order your copy today! |
| accounting document retention policy: The CISM Prep Guide Ronald L. Krutz, Russell Dean Vines, 2003-05-30 * Prepares readers for the Certified Information Security Manager (CISM) exam, ISACA's new certification that launches in June 2003 * CISM is business-oriented and intended for the individual who must manage, design, oversee, and assess an enterprise's information security * Essential reading for those who are cramming for this new test and need an authoritative study guide * Many out-of-work IT professionals are seeking security management certification as a vehicle to re-employment * CD-ROM includes a Boson-powered test engine with all the questions and answers from the book |
| accounting document retention policy: It Governance Michael Webber, Larry Webber, 2016-09-01 IT Governance: Policies & Procedures, 2017 Edition is the premier decision-making reference to help you to devise an information systems policy and procedure program uniquely tailored to the needs of your organization. Not only does it provide extensive sample policies, but this valuable resource gives you the information you need to develop useful and effective policies for your unique environment. IT Governance: Policies & Procedures provides fingertip access to the information you need on: Policy and planning Documentation Systems analysis and design And more! |
| accounting document retention policy: Brink's Modern Internal Auditing Robert R. Moeller, 2016-01-05 The complete guide to internal auditing for the modern world Brink's Modern Internal Auditing: A Common Body of Knowledge, Eighth Edition covers the fundamental information that you need to make your role as internal auditor effective, efficient, and accurate. Originally written by one of the founders of internal auditing, Vic Brink and now fully updated and revised by internal controls and IT specialist, Robert Moeller, this new edition reflects the latest industry changes and legal revisions. This comprehensive resource has long been—and will continue to be—a critical reference for both new and seasoned internal auditors alike. Through the information provided in this inclusive text, you explore how to maximize your impact on your company by creating higher standards of professional conduct and greater protection against inefficiency, misconduct, illegal activity, and fraud. A key feature of this book is a detailed description of an internal audit Common Body of Knowledge (CBOK), key governance; risk and compliance topics that all internal auditors need to know and understand. There are informative discussions on how to plan and perform internal audits including the information technology (IT) security and control issues that impact all enterprises today. Modern internal auditing is presented as a standard-setting branch of business that elevates professional conduct and protects entities against fraud, misconduct, illegal activity, inefficiency, and other issues that could detract from success. Contribute to your company's productivity and responsible resource allocation through targeted auditing practices Ensure that internal control procedures are in place, are working, and are leveraged as needed to support your company's performance Access fully-updated information regarding the latest changes in the internal audit industry Rely upon a trusted reference for insight into key topics regarding the internal audit field Brink's Modern Internal Auditing: A Common Body of Knowledge, Eighth Editionpresents the comprehensive collection of information that internal auditors rely on to remain effective in their role. |
| accounting document retention policy: 108-1 Hearings: District of Columbia Appropriations For 2004, Part 2, 2003, * , 2003 |
| accounting document retention policy: The ICSA Guide to Document Retention Andrew C. Hamer, 2008 |
| accounting document retention policy: Sarbanes-Oxley Internal Controls Robert R. Moeller, 2008-03-31 Sarbanes-Oxley Internal Controls: Effective Auditing with AS5, CobiT, and ITIL is essential reading for professionals facing the obstacle of improving internal controls in their businesses. This timely resource provides at-your-fingertips critical compliance and internal audit best practices for today's world of SOx internal controls. Detailed and practical, this introductory handbook will help you to revitalize your business and drive greater performance. |
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Business Records Retention Schedule - BBSC CPA
Your organization’s accountant and attorney should provide advice on adopting a record retention schedule. Have the board adopt it as a policy; then have the staff conduct an annual file …
RECORD RETENTION GUIDELINES - Accounting Masters
The following chart provides a general guideline for the retention of many records. The specific holding periods for any record retention policy should be given careful scrutiny by management …
RECORDS RETENTION GUIDELINES - ICPAS
Using this approach, taxpayers should keep most of their income tax records a minimum of four years, but it may be more prudent to retain them for seven years. Regardless of the tax …
Records Retention Guidelines - Accounting Services Bureau
There are eight basic steps that can guide an organization in developing a sound record retention policy: 1. Evaluating statutory requirements, litigation obligations, and business needs; 2. …
Sample Record Retention and Destruction Policies
These policies provide for the systematic review, retention and destruction of records received or created by [Nonprofit Name] in connection with the transaction of business. These policies …
The Record Retention Guide - Government Affairs
The handbook provides record retention guidelines in the following areas: (1) accounting systems, (2) corporate records, (3) fixed assets, (4) human resources, (5) insurance, (6) legal, (7) …
2024 Guide to Record Retention
To Record Retention. Workman’s compensation documents Form 8300 filings. State sales and use tax returns Unemployment tax returns Keep Permanently. Keep Eleven Years. ... change …
The Record Retention Guide - MassCPAs.org
The Guide of Record Retention Requirements in the Code of Federal Regulations, as well as by reviewing and analyzing numerous record retention schedules. Before finalizing an entity’s …
EXAMPLE RECORD RETENTION POLICY - gilsbar.com
Purpose: This record retention policy aligns the firm’s dual goals of retaining records that materially support professional reports or advice while maintaining a satisfactory level of client …
Document Retention Policy - mmbaccounting.com
These policies apply uniformly to documents retained in either paper or electronic format. Documents to be maintained by MMB + CO . We will retain firm business records to comply …
RECORD RETENTION GUIDE FOR BUSINESSES
In business, good recordkeeping is essential not only for tax reporting purposes but also for the success of the company. The guidelines below give retention periods for the most common …
Sample Retention Policy - ACC
This policy (the “Policy”) lays out the recommended minimum retention periods applicable to Insert Company Name documents based on legal requirements and practical considerations.
SAMPLE DOCUMENT RETENTION POLICY - WSBA
Tax records include, but may not be limited to, documents concerning payroll, expenses, proof of deductions, business costs, accounting procedures, and other documents concerning the …
ACCOUNTING PRINCIPLES AND STANDARDS HANDBOOK
review and approve an accounting organization’s Records Schedule. The General Records Schedules, issued by NARA, provide mandatory retention and disposal standards for records …
Document Retention – Accounting and Tax Records
Need to retain accounting records for a minimum of 7 years for tax purposes. First copy – permanently. Second copy – six years. Further copies - until next accounts are published. First …
Record Retention Guidelines
Individual Record Retention Guidelines 7 years Life of policy Term of loan Tax returns (uncomplicated) 7 years Tax returns (all other) Permanently W-2s 7 years 1099s 7 years …
Records Retention Rules: AICPA and IRS
(a) In general, a practitioner must, at the request of a client, promptly return any and all records of the client that are necessary for the client to comply with his or her federal tax obligations. The …
The Record Retention Guide - MassCPAs.org
Before finalizing an entity’s record retention procedures, it is recommended that the IRS regulations, state and local government retention requirements and the AICPA’s Filing and …
Business Record Retention Guidelines Accounting Records …
175 E. Penny Road, Ste 1 Wenatchee WA 98801 (509) 663-1661 www.cnccpa.com . Business Record Retention Guidelines . Accounting Records Retention Period
The Record Retention Guide - Federspiel, Pfeifer, & Kubicki
Before finalizing an entity’s record retention procedures, it is recommended that the IRS regulations, state and local government retention requirements and the AICPA’s Filing and …
Business Records Retention Schedule - BBSC CPA
Your organization’s accountant and attorney should provide advice on adopting a record retention schedule. Have the board adopt it as a policy; then have the staff conduct an annual file …
