The Audit Retention Policy serves as a crucial governance document that ensures organizations operating in the Philippines maintain proper documentation of their audit records in accordance with local laws and regulations. This policy becomes necessary when organizations need to establish systematic procedures for managing audit documentation, particularly in light of the 10-year retention requirement under the National Internal Revenue Code and Philippine Standards on Auditing. The document provides comprehensive guidance on the lifecycle management of audit records, from creation through disposal, incorporating requirements from various Philippine regulatory bodies including the Securities and Exchange Commission and Bureau of Internal Revenue. An effective Audit Retention Policy helps organizations demonstrate regulatory compliance, maintain institutional memory, and support decision-making processes while protecting sensitive information under the Data Privacy Act of 2012.
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1. Purpose and Scope: Defines the objective of the policy and its application across the organization, including types of audit records covered
2. Definitions: Clear definitions of key terms used throughout the policy, including types of audit records, retention periods, and relevant regulatory terms
3. Legal and Regulatory Framework: Overview of applicable Philippine laws and regulations governing audit record retention
4. Retention Periods: Specific retention timeframes for different categories of audit records, aligned with Philippine regulatory requirements
5. Storage and Security Requirements: Guidelines for secure storage of both physical and electronic audit records, including access controls and environmental conditions
6. Roles and Responsibilities: Detailed description of duties for staff involved in managing audit records, including custody and maintenance responsibilities
7. Record Maintenance Procedures: Step-by-step procedures for organizing, labeling, storing, and maintaining audit records
8. Disposal Procedures: Protocols for secure disposal or destruction of audit records after retention period expiration
9. Compliance and Monitoring: Procedures for ensuring ongoing compliance with the policy and periodic review of retention practices
1. Electronic Records Management: Specific procedures for managing digital audit records, including backup procedures and electronic storage requirements (include if organization maintains electronic records)
2. International Compliance: Additional requirements for organizations operating internationally or subject to foreign regulations (include if organization has international operations)
3. Disaster Recovery Procedures: Specific procedures for protecting and recovering audit records in case of disasters (include if organization operates in disaster-prone areas or handles critical records)
4. Special Categories of Records: Specific requirements for unusual or sensitive audit records requiring special handling (include if organization handles specialized audits)
5. Third-Party Auditor Access: Procedures for granting and managing external auditor access to records (include if organization regularly works with external auditors)
1. Schedule A: Retention Period Matrix: Detailed matrix showing retention periods for different types of audit records, including regulatory requirements and internal policies
2. Schedule B: Record Classification Guide: Guide for classifying different types of audit records and their corresponding retention requirements
3. Appendix 1: Record Storage Location Map: Map or guide showing physical and electronic storage locations for different types of audit records
4. Appendix 2: Records Disposal Form: Standard form for documenting and approving the disposal of audit records
5. Appendix 3: Access Authorization Form: Form for requesting and approving access to audit records
6. Appendix 4: Compliance Checklist: Checklist for periodic review of compliance with retention policy requirements
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