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  Miscellaneous 2006

Risk managing your documentation

Source: South Australia

Published Date: 5 May 2006

 

Accounting practices with SME clients are often responsible for maintaining the statutory records and many of the accounting records for their clients. So what should advisors retain on their files? This presentation discusses:

  • what records must be maintained by law for various entities?
  • what are the specific income tax and GST requirements regarding record-keeping?
  • the Commissioner's powers of access to books, records and accountants’ working papers
  • what work papers should (and should not) be maintained in files?
  • internal quality control procedures
  • what the ATO may be looking for in the event of a review / audit?

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Author(s)

Individual Session

Risk managing your documentation

Author(s): Michael Fairlie CTA , Karen Adams
Materials from this session:

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Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

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