---
title: "Check that a company is keeping financial records for the statutory period"
url: "https://ailawframework.com/practice/commercial-and-corporate-advisory/check-that-a-company-is-keeping-financial-records-for-the-statutory-peri"
type: "task"
site: "AI Law Framework"
id: "A1-JU20261022-16"
practice_area: "Commercial & Corporate Advisory (contracts, company law, governance)"
tier: "yellow"
lawyer_review: "required"
last_reviewed: "2026-10-22"
---

# Check that a company is keeping financial records for the statutory period

> 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.…

Canonical page: https://ailawframework.com/practice/commercial-and-corporate-advisory/check-that-a-company-is-keeping-financial-records-for-the-statutory-peri  
Last reviewed: 2026-10-22

Site index for agents: https://ailawframework.com/llms.txt

## Key facts

| Fact | Value |
| --- | --- |
| Practice area | [Commercial & Corporate Advisory (contracts, company law, governance)](https://ailawframework.com/practice/commercial-and-corporate-advisory.md) |
| Human involvement | Yellow: Lawyer and AI draft together |
| 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 / versions | 1 jurisdiction versions below |

## Checking plan

**Source-by-source verification**

Written financial records are kept, including transactions as trustee, for seven years after the transactions are completed.

- What the AI does: 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 does: The lawyer decides whether the records meet the section and whether any record is inside the seven-year period.
- Who reviews: Responsible lawyer with competence in the matter
- Basis: Practical workflow informed by the linked primary sources; the traffic light and working checks are editorial guidance, not a court classification.
- Why: The level reflects what the work is, the consequence of an error, and how much of the output the lawyer must independently re-derive.

## Checks the lawyer makes

1. 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.
2. The obligation to keep records of transactions extends to transactions undertaken as trustee.
3. The records are retained for 7 years after the transactions covered by the records are completed.
4. A contravention can be a fault-based offence and an offence of strict liability. The lawyer decides whether the records are sufficient.

## Notes

- 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.

## Sources

- [Corporations Act 2001 (Cth) s 286](https://www5.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s286.html) (checked 2026-10-22)

## Jurisdiction versions

| Jurisdiction | Level |
| --- | --- |
| [United States](https://ailawframework.com/practice/commercial-and-corporate-advisory/check-that-a-company-is-keeping-financial-records-for-the-statutory-peri/united-states.md) | Yellow |

*Practice guidance for planning and review. Confirm current primary sources and the requirements of the actual matter. This is general information, not legal advice.*