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Audit Retention Policy

Audit Retention Policy Template for Malaysia

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Key Requirements PROMPT example:

Audit Retention Policy

"I need an Audit Retention Policy for my Malaysian manufacturing company that complies with local regulations and includes basic retention schedules for both physical and electronic records, to be implemented by March 2025."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Banking and Financial Services

Manufacturing

Healthcare

Technology

Retail

Construction

Education

Professional Services

Energy

Telecommunications

Real Estate

Transportation and Logistics

Relevant Teams

Internal Audit

Compliance

Finance

Legal

Risk Management

Information Technology

Records Management

Operations

Quality Assurance

Relevant Roles

Chief Financial Officer

Audit Director

Compliance Officer

Records Manager

Risk Management Officer

Financial Controller

Company Secretary

Internal Audit Manager

IT Security Manager

Legal Counsel

Quality Assurance Manager

Operations Director

Industries
Companies Act 2016: Requires companies to maintain proper accounting records and financial statements for 7 years. Section 245(1) specifically mandates the retention of accounting and other records to sufficiently explain the transactions and financial position of the company.
Income Tax Act 1967: Requires retention of tax-related documents and supporting records for 7 years from the end of the year of assessment. This includes all documents necessary to verify income, expenses, and tax positions.
Malaysian Code on Corporate Governance (MCCG): While not legislation per se, this code provides important guidelines for corporate governance including audit committee responsibilities and record-keeping requirements for public listed companies.
Personal Data Protection Act 2010: Governs the collection, storage, and handling of personal data. Relevant for audit records containing personal information of employees, clients, or other individuals.
Banking and Financial Institutions Act 1989 (BAFIA): Specific to financial institutions, requires additional record-keeping requirements and longer retention periods for certain banking and financial records.
Limitation Act 1953: Sets the statutory limitation periods for legal actions, which influences how long certain records should be kept to defend against potential legal claims.
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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