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Audit Retention Policy

Audit Retention Policy Template for Nigeria

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Key Requirements PROMPT example:

Audit Retention Policy

"I need an Audit Retention Policy for a medium-sized fintech company operating in Nigeria, with specific focus on electronic records management and cloud storage compliance requirements, to be implemented by March 2025."

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Document background
An Audit Retention Policy is a crucial governance document that organizations in Nigeria must maintain to ensure compliance with various regulatory requirements, including CAMA 2020, tax laws, and professional standards. This document becomes necessary when organizations need to establish standardized procedures for maintaining audit records, financial documentation, and related materials. The policy addresses the minimum retention periods required by Nigerian law (typically 6 years for most records), storage methods, security requirements, and destruction procedures. It helps organizations avoid regulatory penalties, maintain proper audit trails, and ensure the availability of critical documentation for future reference or regulatory inspections.
Suggested Sections

1. Purpose and Scope: Defines the objective of the policy and its applicability within the organization

2. Definitions: Defines key terms used throughout the policy including types of audit records, retention periods, and relevant stakeholders

3. Legal Framework: Outlines the relevant Nigerian laws and regulations governing record retention

4. Roles and Responsibilities: Defines who is responsible for maintaining records, implementing the policy, and ensuring compliance

5. Record Categories: Identifies and classifies different types of audit records and documentation that must be retained

6. Retention Periods: Specifies the mandatory retention periods for each category of record

7. Storage and Security Requirements: Details the requirements for secure storage of both physical and electronic records

8. Access Control: Specifies who can access the retained records and under what circumstances

9. Disposal Procedures: Outlines the proper procedures for disposing of records after the retention period expires

10. Compliance Monitoring: Describes how compliance with the policy will be monitored and reported

Optional Sections

1. Electronic Records Management: Detailed procedures for managing electronic records - required if organization maintains significant digital records

2. Cloud Storage Requirements: Specific requirements for cloud storage of audit records - needed if cloud storage is used

3. International Operations: Additional requirements for international record keeping - necessary for organizations with cross-border operations

4. Industry-Specific Requirements: Special retention requirements for specific industries (e.g., financial services, healthcare) - include if applicable

5. Disaster Recovery: Procedures for protecting and recovering audit records in case of disasters - recommended for high-risk environments

Suggested Schedules

1. Schedule A - Retention Periods Matrix: Detailed matrix showing retention periods for each type of record

2. Schedule B - Record Classification Guide: Guide for classifying different types of audit records and their importance

3. Schedule C - Storage Location Register: Register of approved storage locations and their security classifications

4. Appendix 1 - Record Disposal Form: Template form for documenting record disposal

5. Appendix 2 - Access Request Form: Template form for requesting access to retained records

6. Appendix 3 - Compliance Checklist: Checklist for regular compliance monitoring

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 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













































Clauses






























Relevant Industries

Financial Services

Manufacturing

Oil and Gas

Healthcare

Technology

Retail

Professional Services

Education

Telecommunications

Construction

Mining

Agriculture

Transportation and Logistics

Real Estate

Relevant Teams

Finance

Internal Audit

Compliance

Legal

Information Technology

Records Management

Risk Management

Operations

Quality Assurance

Corporate Governance

Relevant Roles

Chief Financial Officer

Compliance Officer

Internal Audit Manager

Financial Controller

Records Manager

IT Director

Risk Manager

Company Secretary

Audit Committee Chair

Finance Manager

Document Control Officer

Quality Assurance Manager

Legal Counsel

Operations Director

Chief Executive Officer

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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