On 3/12/07, Fiona Lewis <[log in to unmask]> wrote:
> Morning All,
>
> I've had the following query from my audit department:
>
> "I'm trying to ascertain the retention period for entries in a register of
> business/pecuniary interests, the query is directed more towards Schools'
> Governance but I guess that the same retention period will apply to
> Corporate Governance as well."
Is this register a single item? if so then I don't think the auditor's
understand how records are maintained. This is like attorneys here in
the states calling it a document retention schedule, since they tend
to focus on individual documents rather than groups of records.
If the register is a single item that contains multiple entries, then
I would explain to the auditor that a new register is opened at the
beginning of the calendar year and is closed at the end of the
calendar years. Retention is applied to the whole register and its
contents and the retention clock doesn't start until the register is
closed. Explain that retention is not done on an entry by entry basis.
hope this makes sense
--
Peter Kurilecz CRM CA
Richmond, Va
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