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Subject:
Re: Bank Reconciliation/Unclaimed Property
From:
Bernard Chester <[log in to unmask]>
Reply To:
[log in to unmask]
Date:
Thu, 14 Jan 2010 13:41:14 -0800
Content-Type:
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Laurie:

I think the open-ended time period is only when there is evidence that there was fraud.


Bernard Chester, CDIA+, ICP, EDP
Principal Consultant
IMERGE Consulting, Pacific Northwest Office
7683 SE 27 Street, #316
Mercer Island, WA, 98040
Office: 206-230-9253; Mobile: 206-979-7389

-----Original Message-----
From: Records Management Program [mailto:[log in to unmask]] On Behalf Of Laurie Carpenter
Sent: Thursday, January 14, 2010 1:07 PM
To: [log in to unmask]
Subject: Re: Bank Reconciliation/Unclaimed Property

Larry wrote:
Snip: <If during an audit or other action
records are requested that have met their assigned/regulated required
retention, you are not expected to produce them... and if you do, it could
call into question the application of your retention schedule on other records.>

I think you make some great points, as usual.  I think the potentially 
challenging aspect in this particular area is that I have heard that there's no  
statute of limitation for audits in this area. So a company can't fall back on a 
suggested/required retention as a defense as is the case with other agencies 
such as the IRS.  The issue then, as you stated, could be seen as a risk 
assessment (involving lots of departments). A company would have to balance 
the potential cost and risk of retaining information longer against the potential 
cost due to the state because of the audit.

Anyway, if others have looked at this as well, I'd be interested in hearing from 
you!

Laurie Carpenter, CRM
Burbank, CA
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