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Audit Retention Policy

Audit Retention Policy Template for Indonesia

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Key Requirements PROMPT example:

Audit Retention Policy

"I need an Audit Retention Policy for a financial services company in Indonesia that complies with OJK regulations and includes specific provisions for electronic document storage and cloud-based audit trails."

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Document background
The Audit Retention Policy serves as a critical governance document for organizations operating in Indonesia, ensuring compliance with local regulatory requirements while maintaining effective audit documentation practices. This policy becomes essential in light of Indonesian regulations, including Law No. 40 of 2007, Tax Law No. 28 of 2007, and various OJK regulations that mandate specific retention periods for corporate and financial records. The policy provides detailed guidance on managing audit-related documents, encompassing both traditional paper-based records and electronic documentation. It establishes clear protocols for document classification, storage, access, and disposal, while considering the evolving landscape of digital record-keeping and data protection requirements in Indonesia.
Suggested Sections

1. Purpose and Scope: Defines the purpose of the policy and its application scope within the organization, including types of audit records covered

2. Regulatory Framework: Overview of relevant Indonesian laws and regulations governing audit document retention

3. Definitions: Clear definitions of key terms used throughout the policy, including types of audit records, retention periods, and storage methods

4. Roles and Responsibilities: Defines responsibilities of different stakeholders in managing audit records, including management, audit team, and record custodians

5. Retention Periods: Detailed specification of retention periods for different categories of audit documents, aligned with Indonesian regulatory requirements

6. Storage and Security Requirements: Requirements for secure storage of audit records, including physical and electronic storage specifications

7. Access Control: Procedures for controlling and monitoring access to audit records

8. Document Disposal: Procedures for secure disposal or destruction of audit records after retention period expiry

9. Compliance Monitoring: Procedures for monitoring compliance with the policy and conducting periodic reviews

Optional Sections

1. Electronic Records Management: Detailed procedures specific to electronic audit records management, required if organization maintains significant digital records

2. International Considerations: Additional requirements for international audit records, needed if organization operates across multiple jurisdictions

3. Disaster Recovery: Specific procedures for protecting and recovering audit records in case of disasters, recommended for high-risk areas

4. Third-Party Auditor Requirements: Specific requirements for external auditors, needed if organization regularly engages external audit firms

Suggested Schedules

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

2. Schedule B: Document Classification Guide: Guide for classifying different types of audit documents and their handling requirements

3. Schedule C: Disposal Procedures Checklist: Checklist for ensuring proper disposal of audit records

4. Appendix 1: Forms and Templates: Standard forms for document tracking, disposal requests, and access authorization

5. Appendix 2: Regulatory References: Detailed list of relevant Indonesian laws and regulations with specific retention requirements

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
Relevant legal definitions
Audit Documentation
Audit Evidence
Audit Records
Audit Working Papers
Active Records
Archival Records
Authorized Personnel
Company Records
Custody
Document Owner
Document Controller
Electronic Records
Electronic Storage System
Financial Records
Financial Year
Inactive Records
Legal Hold
Minimum Retention Period
Original Documents
Physical Records
Primary Records
Record Series
Records Custodian
Records Disposal
Records Lifecycle
Records Management
Retention Period
Retention Schedule
Secondary Records
Secure Storage
Storage Location
Supporting Documentation
Temporary Records
Vital Records
Working Papers
Clauses
Purpose and Scope
Regulatory Compliance
Document Classification
Retention Periods
Storage Requirements
Access Control
Security Measures
Document Handling
Electronic Records Management
Physical Records Management
Roles and Responsibilities
Compliance Monitoring
Document Disposal
Legal Hold
Confidentiality
Data Protection
Quality Control
Audit Trail
Emergency Procedures
Policy Review
Non-Compliance
Records Transfer
External Auditor Access
International Requirements
Document Retrieval
Training Requirements
Risk Management
Technology Requirements
Business Continuity
Regulatory Reporting
Relevant Industries

Financial Services

Banking

Insurance

Manufacturing

Mining

Energy

Telecommunications

Healthcare

Real Estate

Retail

Technology

Public Sector

Education

Professional Services

Transportation and Logistics

Relevant Teams

Internal Audit

Finance

Compliance

Legal

Information Technology

Risk Management

Records Management

Quality Assurance

Corporate Secretariat

Operations

Relevant Roles

Chief Financial Officer

Internal Audit Manager

Compliance Officer

Records Manager

Document Controller

IT Security Manager

Risk Manager

Quality Assurance Manager

Corporate Secretary

Finance Director

Audit Committee Chair

Legal Counsel

Information Management Officer

Operations Manager

Department Heads

Industries
Law No. 40 of 2007 on Limited Liability Companies (Company Law): Establishes basic requirements for corporate document retention, including financial statements, annual reports, and corporate documentation. Requires companies to maintain these records at their registered office.
Law No. 28 of 2007 (General Taxation Provisions): Mandates retention of tax-related documents and supporting financial records for 10 years. This includes invoices, receipts, and other tax-relevant documentation.
Government Regulation No. 24 of 1998 on Corporate Annual Financial Statements: Sets requirements for the preparation and retention of annual financial statements and related audit documentation.
OJK Regulation No. 29/POJK.04/2016: Specific requirements for annual reporting by public companies, including retention periods for supporting documentation and audit evidence.
Indonesian Financial Accounting Standards (PSAK): National accounting standards that provide guidance on documentation requirements and retention periods for accounting records and supporting documents.
Law No. 8 of 1997 on Company Documents: Specifies requirements for maintaining corporate documents, including financial records, and their minimum retention periods.
OJK Regulation No. 13/POJK.03/2017: Regulates the use of public accountant and audit firm services, including requirements for audit documentation retention.
Minister of Finance Regulation No. 17/PMK.01/2008: Provides specific guidelines for public accountants and audit practices, including requirements for maintaining audit working papers and documentation.
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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Audit Retention Policy

Comprehensive audit document retention guidelines aligned with Indonesian regulatory requirements and corporate governance standards.

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