Chartered Accountants retention guide to records launched
The Institute of Chartered Accountants of Namibia (ICAN) recently handed over and launched the first copy of the ICAN Guide to Retention of Records to Hon. Calle Schlettwein, Minister of Finance.
The Guide is a practical document written to be easily understood by a layman including the requirements for retaining business records drawn from 14 pieces of legislation that commonly impact on business.
ICAN believes that in the business world of today the volume of business documentation grows exponentially and this creates storage challenges so much so that there is now a thriving industry that provides record archiving services.
In addition they added that increased scrutiny of business records by regulators and the Inland Revenue Department means that businesses must retain their records for the proper statutory period or face potential penalties.
Koos du Toit, Chief Executive of ICAN and President of the Pan African Federation of Accountants, noted that this means businesses must be very clear how long their business records need to be retained. Therefore to provide guidance to professional accountants and entrepreneurs, ICAN, with assistance from the Law Society of Namibia, produced this Guide on the Retention of Records.