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Auditing/very general query

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Expert: Don Sadler - 6/22/2005


Question
hi.
i didn't see a category i thought would fit my question, but i think you will have the information i need.
i am just wondering, in general, aren't there certain rules for how long you should keep bills, bank statements, business info, etc.?  i am trying to clean out drawers and don't want to throw out anything i may regret in case of audit, etc.  also i am wondering if there are different rules for personal papers and business papers.
thanks so very much for your time and any information you can give.
sincerely,
sonya

Answer
Sonya,

Somthing else you might be interested in regarding record keeping.

http://www.gofso.com/Premium/LE/21_le_ot/fg/fg-Doc_Locator.html

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This is really outside my expertise but I did find something that seems to provide the guidance you need.  As a rule of thumb, the institution associated with the documents usually establishes the retention period either through law, regulation or policy.  For example, if you provide health care or child care, the regulatory bodies will have one set of retention requirements in order to support subsequent audits or investigations.  The IRS has its own requirements.  Universities have individual retention requirements for faculty papers.

In short, the most accurate answer is, "It depends".  In any case, follow the link below for some recommended retention periods.

Sorry, I could not offer any better advice.

http://www.gofso.com/Premium/LE/21_le_ot/fg/fg-Record_Keeping.html

Auditing

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Don Sadler

Expertise

I can answer regarding Internal Auditing - especially operational audits, audit management, and how to revitalize a dysfunctional audit department. Also give advice to "auditees" on how to deal with auditors.

I DO NOT ANSWER HOMEWORK OR CLASS PROJECT QUESTIONS. For those answers, I suggest you scan previously asked questions and search on your favorite search engine.

I ALSO DO NOT ANSWER TAX QUESTIONS AS THIS IS NOT WITHIN MY EXPERTISE. NOTE: I am not an accounting expert although i will try to help if I can... ask at your own risk.

Experience

I have worked in the public and private business management arena with experience in OMB, Resource Management, Internal Auditing and consulting. I am a former President of the Inland Empire Chapter Institute of Internal Auditors, previously held Director positions in the Orange County Information Systems Audit and Control Association and the Northern Telecom International User's Association. I am a Certified Fraud Examiner and a Certified Information Systems Auditor.

Organizations
Institute of Internal Auditors, Association of Certified Fraud Examiners, and Information Systems Audit and Control Association (ISACA)

Education/Credentials
MBA, CISA, CFE

Founder and Principal of Applied INTEGRITY Management Consulting Group

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