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Audit Retention Policy

Audit Retention Policy Template for Australia

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Key Requirements PROMPT example:

Audit Retention Policy

"I need an Audit Retention Policy for our financial services company that complies with Australian regulations and includes specific provisions for electronic trading records, as we're implementing a new digital trading platform in January 2025."

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Document background
The Audit Retention Policy is a critical governance document that establishes mandatory requirements for maintaining and managing audit-related records within Australian organizations. This policy is essential for ensuring compliance with Australian regulatory requirements, including the Corporations Act 2001, which mandates a minimum 7-year retention period for financial records, and other relevant legislation such as the Privacy Act 1988 and the Electronic Transactions Act 1999. The policy provides comprehensive guidance on retention periods, storage methods, access controls, and disposal procedures for both physical and electronic audit records. It is designed to protect the organization's interests, support good governance, and ensure availability of necessary documentation for internal control, external audit purposes, and potential legal proceedings.
Suggested Sections

1. Purpose and Scope: Defines the objective of the policy and its application across the organization

2. Definitions: Clear definitions of key terms used throughout the policy including types of audit records, retention periods, and responsible parties

3. Legal and Regulatory Framework: Overview of relevant laws, regulations, and standards governing audit record retention

4. Roles and Responsibilities: Detailed description of who is responsible for implementing and maintaining the policy

5. Retention Requirements: Specific retention periods for different categories of audit records

6. Storage and Security: Requirements for secure storage of audit records, including both physical and electronic records

7. Access Control: Procedures for controlling access to audit records and maintaining confidentiality

8. Disposal and Destruction: Procedures for proper disposal of audit records after retention period expires

9. Compliance and Monitoring: Processes for ensuring compliance with the policy and regular monitoring of retention practices

10. Policy Review and Updates: Schedule and process for reviewing and updating the policy

Optional Sections

1. International Requirements: Additional requirements for organizations operating across multiple jurisdictions

2. Industry-Specific Requirements: Special requirements for regulated industries such as financial services or healthcare

3. Electronic Systems and Tools: Specific procedures for electronic record-keeping systems and audit tools

4. Disaster Recovery: Procedures for protecting and recovering audit records in case of disasters

5. Legal Hold Procedures: Process for implementing legal holds and suspending normal retention periods

6. Quality Control: Additional quality control measures for audit record retention

7. Third-Party Auditor Requirements: Specific requirements for external auditor records and access

Suggested Schedules

1. Schedule A - Retention Periods Matrix: Detailed matrix of different record types and their specific retention periods

2. Schedule B - Document Classification Guide: Guide for classifying different types of audit records and their retention requirements

3. Schedule C - Compliance Checklist: Checklist for ensuring compliance with retention requirements

4. Appendix 1 - Forms and Templates: Standard forms for record disposal, access requests, and other routine procedures

5. Appendix 2 - Legal References: Detailed list of relevant legislation and regulatory requirements

6. Appendix 3 - System Procedures: Technical procedures for electronic record-keeping systems

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions




































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Relevant Industries

Financial Services

Healthcare

Manufacturing

Retail

Technology

Mining

Education

Government

Professional Services

Telecommunications

Energy

Real Estate

Non-Profit Organizations

Construction

Transportation

Relevant Teams

Internal Audit

External Audit

Finance

Legal

Compliance

Risk Management

Information Technology

Records Management

Quality Assurance

Information Security

Corporate Governance

Document Control

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Chief Risk Officer

Chief Compliance Officer

Internal Audit Manager

External Auditor

Records Manager

Compliance Manager

IT Security Manager

Legal Counsel

Finance Director

Audit Committee Chair

Quality Assurance Manager

Document Control Specialist

Risk Manager

Information Governance Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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