FinanceRegs.com » Common ‘timesaver’ could make your next audit messier

Common ‘timesaver’ could make your next audit messier

July 31, 2008 by Carol Katarsky
Posted in: Best practices, Communication, Latest news & views, Tax compliance

If you ever store important documents as electronic versions, make sure you avoid this common error. It could drag out your next audit.

If you store audit-related documents, such as receipts, invoices, etc., as electronic documents, consider making sure they are the only copies you have.

Some companies hold onto the paper copies “just in case.” Seems smart. But if the paper and e-versions are both available, most auditors (internal or external) will want to see the paper documents. After all, they’re the originals.

So that time-saving step of scanning and storing e-documents could lead actually cost you extra time later on when you have to dig out the old paper docs after all.

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