An Audit Retention Policy is essential for organizations operating in Singapore to maintain compliance with statutory requirements and professional standards. This document outlines the mandatory retention periods for different types of audit records, specifies storage requirements, and establishes procedures for secure disposal. It addresses requirements under Singapore's Companies Act, which mandates a minimum 5-year retention period for business records, while also incorporating requirements from other relevant legislation such as the Income Tax Act and PDPA. The policy ensures that organizations can effectively manage their audit documentation while meeting their legal obligations and maintaining proper governance standards.
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1. Purpose and Scope: Defines the objectives and scope of the policy, including the types of audit records covered
2. Regulatory Requirements: Lists applicable laws and regulations governing record retention including Companies Act, Income Tax Act, GST Act, PDPA, and relevant professional standards
3. Record Categories: Defines different types of audit records that must be retained, including financial statements, working papers, correspondence, and supporting documentation
4. Retention Periods: Specifies mandatory retention timeframes for each record category, ensuring compliance with minimum statutory periods
5. Storage and Security: Details requirements for secure storage, access controls, and maintenance of records in both physical and electronic formats
6. Disposal Procedures: Outlines proper procedures for the secure disposal or destruction of records after retention periods expire
1. International Considerations: Additional requirements for organizations operating across multiple jurisdictions or dealing with international clients
2. Electronic Records Management: Specific procedures for managing digital records, including backup requirements and electronic storage systems
3. Quality Control Procedures: Additional controls and review processes for larger organizations or those with complex audit requirements
4. Disaster Recovery Procedures: Procedures for protecting and recovering audit records in case of emergency or disaster situations
1. Retention Period Schedule: Comprehensive matrix detailing specific retention periods for each type of audit record
2. Record Disposal Form: Standard template for documenting and authorizing the disposal of records
3. Access Control Matrix: Detailed matrix showing authorized access levels for different types of records and personnel
4. Compliance Checklist: Checklist for ensuring compliance with retention requirements and periodic review procedures
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