Document background
The Audit Retention Policy serves as a crucial governance document for organizations operating in Canada, establishing standardized procedures for maintaining and managing audit-related records. This policy becomes necessary when organizations need to ensure systematic retention of audit documentation in compliance with Canadian regulatory requirements, including but not limited to the Income Tax Act, PIPEDA, and provincial regulations. The policy addresses retention periods, storage methods, security protocols, and disposal procedures for various types of audit records, both physical and electronic. It is designed to help organizations maintain proper documentation for regulatory compliance, protect against legal challenges, and support efficient audit processes while meeting the minimum retention requirements set by Canadian authorities.
