Financial Record Control Procedure | FA1040

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editable in ms wordFinancial Record Control Procedure

The Financial Record Control Procedure both demonstrates conformance to specified customer, regulatory, and other requirements and explains how records are maintained.

This procedure applies to all records- regardless of form- that pertain to the company’s finance-related activities and are required to demonstrate implementation of and conformance to the company’s Financial Management System (FMS). (16 pages, 3597 words)

Financial Record Control Responsibilities:

Financial Management is responsible for maintaining a list of Finance records and for controlling record distribution.

All Finance personnel are responsible for ensuring that the financial records they generate are legible, accurate, and timely.

Financial Record Control Definitions:

Controlled document – Document that provides information or direction for performance of work and is part of a controlled document system.  Characteristics of control include such things as revision number (or letter), signatures indicating review and approval, and controlled distribution.

Document – Information and its supporting medium; the medium may be paper, magnetic, electronic, optical, photograph, or a sample of the Company’s product.

Form – Document or web form with spaces in which to write; business document that typically contains some predefined data and designated, labeled areas for filling in data.

Record – Anything retained to provide and preserve permanent evidence of or information about an event (e.g., document, photograph, nonconforming product sample).

Financial Record Control ProcedureFinancial Record Control Procedure Activities

  • Identification of Financial Records
  • Financial Record Generation
  • Financial Recordkeeping and Traceability
  • Financial Record Retention and Long-Term Storage
  • Financial Record Maintenance

Financial Record Control Procedure References

  • Public Company Accounting Reform and Investor Protection Act of 2002
  • Right to Financial Privacy Act
  • Small Business Paperwork Relief Act
  • Guide to Retention Requirements
  • IRS Revenue Procedure 98-25- Records Retention

Financial Record Control Procedure Forms



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