A good recordkeeping system can lead an organisation down the path to compliance. In developing proper recordkeeping practices you can assist your organisation in complying with legislative and business requirements.

The ability to provide compliance with legislation and international standards including ISO 15489 is a valuable selling point for records management.

Alteration of Records

Breaches of Privacy

Breakdowns in Accountability

Catastrophes

Deliberate or Illegal Destruction of Records

Inadequate Corporate Recordkeeping Systems

Inappropriate Disposal of Records

Non-compliance

Operational and Organisational Failures

Non-compliance

Documentation and compliance critical for SMEs

A report recently released by CPA Australia says there is a direct link between poor record-keeping and the likelihood of an adversely amended tax assessment where a small business has been subjected to a tax audit. CPA Australia's Small Business Policy Adviser, Judy Hartcher, said that the report, Record-Keeping: Its Effect on Tax Compliance, proves that it pays for small business (SMEs) to have a good system in place, not only in the event of a tax audit, but also from a strong business management perspective.

Source Gilshenan & Luton Lawyers website July 25, 2005

Morgan Stanley

The recent $1.45 billion judgment against Morgan Stanley in the Ronald Perelman case (May 2005) is a stunning example of what can happen when an organisation cannot reliably produce e-mails for the court.

In this case the judge ruled that Morgan Stanley deliberately violated her orders and as a result instructed the jury to assume that Morgan Stanley had helped to defraud Mr Perelman.

Source Post Gazette May 16 2005

ANAO Audit: Recordkeeping in Large Commonwealth Organisations

This audit reviewed the recordkeeping frameworks of four large Commonwealth organisations. The objective of the audit was to assess whether recordkeeping policies, systems and procedures were in accordance with relevant Government policies, legislation, accepted standards and recordkeeping principles, and applicable organisational controls.

The ANAO concluded that the audited organisations met Government policies, legislation, accepted standards and principles to varying degrees. Although all organisations had taken active steps to improve their recordkeeping frameworks and practices, their recordkeeping policies, systems and procedures were at different stages of development. The ANAO also concluded that there was a significant risk of the non-capture and unauthorised disposal of records.

Source Australian National Audit Office

Tabled: 24/09/2003

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