7yrs of records is recommended……but if local law requires records to be maintained for 5 yrs then for how many year we should maintain records??????
imvinayak06@gmail.comIntermediate
std5(c) record retention
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7 years because we need to follow which is more strict.
7 years. We always follow the stricter rule. If the law of the country is less strict than the code and standards by the CFA institute, the Code and standards are to be followed.
but 7yrs is recommended
Please don’t think about the English language too seriously here. Go behind the intent of what is written. One should ideally maintain records for 7 years.
The point here is, according to standard 1(A)- knowledge of the law, it says that if the firm is operating in a less strict country, the firm must follow the code and standards.
If the local law requires you to maintain records for 10 years and then you should maintain for 10 years. You should always follow the more stricter standards.