The Malta Institute of Accountants (MIA) issued a new set of Guidance Notes entitled TECH01/10 Document Retention.

In the conduct of their profession, Members in public practice provide an array of services in the course of which they produce, prepare, acquire or bring into being various forms of engagement documentation for their use and consumption. Also, Members in public practice very often come in possession of client-owned documentation which they use or rely upon in the performance of the relevant engagements. In other circumstances, a Member in public practice brings into being documentation for and on behalf of a client.

There being no relevant local guidance on the management of documentation the Ethics Committee of the Institute felt the need to issue these Guidance Notes, the scope of which is to assist Members in public practice in the drafting of a document retention policy.

In summary the Guidance Notes:
1. Identify legal and professional requirements on the retention of documentation and set out guidance on their applicability or otherwise to Members in public practice; and
2. Set out the Institute’s recommendations on the management of client-owned documentation. In this regard the Guidance Notes also identify some ownership issues which may be relevant when a Member is drafting a document retention policy.

The Information Paper is freely downloadable by Members from the ‘Guidance Notes’ e-library.

To access the Institute’s e-libraries click on the following link: http://www.miamalta.org/Login.aspx?redirecturl=%2fMembers%2fProfile.aspx%3fpageid%3d20&pageid=20