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Audit Retention Policy

Audit Retention Policy Template for Hong Kong

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Key Requirements PROMPT example:

Audit Retention Policy

"I need an Audit Retention Policy for a Hong Kong-based financial services company that handles cross-border transactions with mainland China, ensuring compliance with both Hong Kong and PRC audit requirements."

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Document background
The Audit Retention Policy is a crucial governance document designed to ensure compliance with Hong Kong's regulatory requirements for maintaining audit and business records. This policy is essential for organizations operating in Hong Kong that need to comply with various ordinances including the Companies Ordinance (Cap. 622), Inland Revenue Ordinance (Cap. 112), and Hong Kong Standards on Auditing. The document provides comprehensive guidance on retention periods, storage methods, and disposal procedures for audit-related documents, while considering data privacy requirements and electronic record-keeping standards. It should be implemented when establishing or updating record-keeping practices, particularly in response to regulatory changes or organizational growth.
Suggested Sections

1. Purpose and Scope: Outlines the objectives of the policy and its application scope within the organization

2. Regulatory Framework: Lists all applicable laws, regulations, and standards that govern the retention of audit and business records in Hong Kong

3. Definitions: Defines key terms used throughout the policy including types of records, retention periods, and important concepts

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

5. Record Classification: Categorizes different types of audit and business records and their respective retention requirements

6. Retention Periods: Specifies the mandatory retention periods for different types of records based on regulatory requirements and business needs

7. Storage and Security: Details requirements for secure storage of records, including physical and electronic storage systems

8. Disposal and Destruction: Outlines procedures for proper disposal and destruction of records after retention period expires

9. Compliance and Monitoring: Describes how compliance with the policy will be monitored and reviewed

Optional Sections

1. Electronic Records Management: Specific procedures for managing electronic records and ensuring their integrity - include if organization heavily relies on electronic storage

2. Cross-Border Considerations: Guidelines for handling records that involve multiple jurisdictions - include if organization operates internationally

3. Legal Hold Procedures: Procedures for preserving records in case of litigation or investigation - include if organization has high litigation risk

4. Cloud Storage Guidelines: Specific requirements for cloud storage of records - include if organization uses cloud services

5. Quality Control Reviews: Procedures for periodic review of retained records - include for larger organizations with complex audit processes

6. Business Continuity: Procedures for protecting and recovering records in case of disasters - include if required by risk assessment

Suggested Schedules

1. Schedule A - Retention Period Matrix: Detailed matrix showing retention periods for different types of records

2. Schedule B - Document Classification Guide: Detailed guide for classifying different types of documents and their retention requirements

3. Schedule C - Destruction Log Template: Template for recording details of destroyed records

4. Appendix 1 - Storage Location Map: Map or guide showing physical and electronic storage locations for different types of records

5. Appendix 2 - Compliance Checklist: Checklist for ensuring compliance with retention requirements

6. Appendix 3 - Key Contacts: List of key personnel responsible for records management and their contact information

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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alex.den.21@genieai.co
Clauses
Purpose and Scope
Regulatory Compliance
Record Classification
Retention Periods
Storage Requirements
Security and Access Control
Data Protection
Document Preservation
Legal Hold
Destruction Procedures
Electronic Records Management
Quality Control
Roles and Responsibilities
Compliance Monitoring
Audit Trail Requirements
Emergency Access
Cross-Border Transfer
Confidentiality
Business Continuity
Policy Review and Updates
Non-Compliance Consequences
Exception Handling
Document Recovery
Training Requirements
Relevant Industries

Financial Services

Banking

Insurance

Professional Services

Healthcare

Manufacturing

Retail

Technology

Real Estate

Education

Non-profit Organizations

Public Sector

Telecommunications

Relevant Teams

Internal Audit

Compliance

Finance

Legal

Information Technology

Risk Management

Records Management

Operations

Quality Assurance

Data Protection

Relevant Roles

Chief Financial Officer

Chief Compliance Officer

Internal Audit Manager

External Audit Partner

Risk Management Director

Company Secretary

Financial Controller

Compliance Manager

Records Manager

IT Security Manager

Data Protection Officer

Quality Assurance Manager

Operations Director

Legal Counsel

Industries
Companies Ordinance (Cap. 622): Requires companies to keep accounting records for 7 years and contains provisions about company record-keeping requirements, including financial statements and audit reports
Inland Revenue Ordinance (Cap. 112): Mandates retention of business records for tax purposes for at least 7 years after the completion of the transactions they relate to
Hong Kong Standard on Quality Control 1 (HKSQC 1): Sets requirements for audit firms to establish policies and procedures for the retention of engagement documentation
Hong Kong Standard on Auditing 230 (HKSA 230): Specifies requirements for audit documentation and generally requires retention of audit files for a minimum of 6 years
Personal Data (Privacy) Ordinance (Cap. 486): Governs the handling and retention of personal data, requiring data not to be kept longer than necessary for the purpose for which it was collected
Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615): Requires retention of transaction records and customer due diligence records for at least 6 years
Business Records Retention Requirements under Employment Ordinance (Cap. 57): Requires retention of employment-related records for a minimum period of 6 months after employment ceases
Electronic Transactions Ordinance (Cap. 553): Provides legal framework for electronic record-keeping and requirements for maintaining electronic records
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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