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Audit Retention Policy

Audit Retention Policy Template for Singapore

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Key Requirements PROMPT example:

Audit Retention Policy

"Need an Audit Retention Policy for our Singapore-based fintech startup that focuses heavily on digital record-keeping and must comply with both financial services regulations and data protection laws, with implementation planned for January 2025."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

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
























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Industries

Companies Act (Chapter 50): Section 199 mandates proper accounting records maintenance for at least 5 years from the end of the financial year, including financial statements, accounting records, and audit papers

Income Tax Act: Section 67 requires retention of business records, tax returns supporting documents, and audit-related materials for 5 years

Goods and Services Tax Act: Section 46 mandates GST-registered businesses to maintain records for 5 years, including invoices, credit notes, receipts, and other GST-related documents

Personal Data Protection Act (PDPA): Outlines requirements for retention and disposal of personal data, including obligations regarding data protection and privacy

ISCA Requirements: Professional standards set by Institute of Singapore Chartered Accountants for audit documentation and quality control requirements for audit firms

Singapore Standard on Auditing (SSA): SSA 230 provides guidelines on Audit Documentation and requirements for audit working papers retention

Electronic Transactions Act: Specifies requirements for electronic records, their authenticity, and legal validity of electronic documents

Evidence Act: Guidelines on admissibility of business records as evidence and requirements for record authenticity and integrity

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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