On Mon, 21 Mar 2005 09:01:58 -0500, Piotrowski, Charles
<[log in to unmask]> wrote:
> Hi,
>
> Sounds like you may be asking about (1) software created to design or
> produce a product, which appears different than (2) software used to
> generate and maintain information that may be of record in the company.
>
> We deal in the latter and besides what has been posted already, the only
> regulation that we have comes from NARUC.

if your the software underdevelopment is involved with your
organizations financial information then you will want to take a look
at Section 6 Documentation in IRS Rev Proc 98-25

<snip>
SECTION 6. DOCUMENTATION.01 The taxpayer must maintain and make
available to the Service uponrequest documentation of the business
processes that:
(1) create the retained records; (2) modify and maintain its records;
(3) satisfy the
requirement of section 5.01(2) of this revenue procedure to support and verify
entries made on the taxpayer's return and determine the correct tax
liability; and (4)
evidence the authenticity and integrity of the taxpayer's records.
.02 The documentation described in section 6.01 of this revenue
procedure must be
sufficiently detailed to identify:
(1) the functions being performed as they relate to the flow of data through the
system;
(2) the internal controls used to ensure accurate and reliable processing;
(3) the internal controls used to prevent the unauthorized addition,
alteration, or
deletion of retained records; and
(4) the charts of accounts and detailed account descriptions.
.03 With respect to each file that is retained, the taxpayer must
maintain, and make
available to the Service upon request, documentation of:
(1) record formats or layouts;
(2) field definitions (including the meaning of all "codes" used to represent
information);
(3) file descriptions (e.g., data set name);
(4) evidence that periodic checks (described in section 9.01(3) of this revenue
procedure) of the retained records were performed to meet section
9.02(1) of this
revenue procedure, if the taxpayer wants to take advantage of section
9.02 of this
revenue procedure;
(5) evidence that the retained records reconcile to the taxpayer's books; and
(6) evidence that the retained records reconcile to the taxpayer's tax return.
.04 The system documentation must include any changes to the items specified in
sections 6.01, 6.02, and 6.03 of this revenue procedure and the dates
these changes are implemented.
<snip>


--
Peter Kurilecz
Richmond, Va

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