Check that a company is keeping financial records for the statutory period
Key facts
- Human involvement
- YellowClose supervision
- How AI is used
- From the description of the records the lawyer supplies, list whether they are written, whether they cover transactions and financial position and performance, and the date the transactions they cover were completed. Do not express an audit opinion.
- What the lawyer must review
- The lawyer decides whether the records meet the section and whether any record is inside the seven-year period.
- Written for / version
- US
Open a jurisdiction version of this task to see which instruments apply: US
Who does what
| Role | What they do |
|---|---|
| Assistance | From the description of the records the lawyer supplies, list whether they are written, whether they cover transactions and financial position and performance, and the date the transactions they cover were completed. Do not express an audit opinion. |
| Lawyer | Set the scope, supervise the work closely, verify every part relied on, resolve omissions and exceptions, and approve the exact output. |
Checklist
- The records must correctly record and explain the transactions and the financial position and performance, and would enable true and fair financial statements to be prepared and audited.
- The obligation to keep records of transactions extends to transactions undertaken as trustee.
- The records are retained for 7 years after the transactions covered by the records are completed.
- A contravention can be a fault-based offence and an offence of strict liability. The lawyer decides whether the records are sufficient.
Sources
- Corporations Act 2001 (Cth) s 286 · 2026-10-22
These are suggested working checks. Confirm the required checking with the responsible lawyer before work starts; the checking approach does not establish permission to use AI.