Tell the Auditor the ?Dog Ate Your File?? Don?t Bank on It!

the inability to come up with the loan file during the examiners' visit was cited as a record retention violation...

If you are responsible for the organization and retrieval of records, you understand the importance of a well-documented records tracking and records retention policy. If someone needs a file, you must know how to locate it. If your file room gets too full, you have to know the laws around which files must be kept and which can be purged to make room for new files.

Dilbert?s boss and the company janitor clearly have different interpretations for records retention in this cartoon. In a heavily regulated industry, having an auditor request a file for audit is a common monthly occurrence. What happens when a file that has been randomly selected for audit cannot be found?



In the banking industry, loan files are selected for audit regularly. Typically if a bank cannot find all the requested files, replacement files that can be located are accepted for audit. The ABA Banking Journal reports that this practice is changing dramatically.

Posted by: Meredith Ritchie
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