The Audit Retention Policy is essential for organizations operating in Malaysia to ensure compliance with local regulatory requirements and maintain proper documentation of their audit activities. This document becomes necessary when organizations need to establish standardized procedures for managing audit records, particularly in light of the Companies Act 2016 and Income Tax Act 1967 requirements. The policy typically includes detailed retention schedules, storage protocols, and disposal procedures, addressing both physical and electronic records. It serves as a crucial tool for risk management, regulatory compliance, and good corporate governance, while also providing clear guidance to staff on their record-keeping responsibilities.
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1. Purpose and Scope: Defines the objective of the policy and its application scope within the organization
2. Legal Framework and Compliance: Outlines the relevant Malaysian laws and regulations that govern document retention
3. Roles and Responsibilities: Defines key stakeholders and their responsibilities in managing audit records
4. Record Categories: Identifies and classifies different types of audit records subject to retention
5. Retention Periods: Specifies standard retention periods for different categories of documents
6. Storage and Security: Details requirements for secure storage of both physical and electronic records
7. Disposal Procedures: Outlines processes for proper disposal or destruction of records
8. Policy Review and Updates: Establishes frequency and procedure for policy review and amendments
1. Electronic Records Management: Detailed procedures for managing digital records and electronic storage systems - recommended for organizations with significant digital operations
2. Industry-Specific Requirements: Additional retention requirements for specific industries (e.g., banking, healthcare) - necessary for regulated industries
3. Cross-Border Considerations: Guidelines for international record retention - relevant for organizations with international operations
4. Disaster Recovery: Procedures for protecting and recovering records in case of disasters - recommended for high-risk environments
5. Audit Trail Requirements: Specific procedures for maintaining audit trails of record access and disposal - important for highly regulated organizations
1. Schedule A: Retention Period Matrix: Detailed matrix showing retention periods for different types of documents
2. Schedule B: Document Classification Guide: Guide for classifying documents into different retention categories
3. Schedule C: Disposal Authorization Form: Template for documenting and authorizing record disposal
4. Appendix 1: Legal Requirements Summary: Summary of relevant Malaysian legal requirements affecting record retention
5. Appendix 2: Storage Location Register: Register of physical and electronic storage locations for different record types
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