4701-11-06 Retention of client records.

 

 

 

4701-11-06                  Retention of client records.

 

 

 

(A)If a client makes a written request for records from a registered firm, or Ohio permit holder if the Ohio permit holder's firm is not registered with the board, the registered firm or Ohio permit holder shall comply with the request within thirty days after receipt of the request.

 

(B)A client's records are any accounting or other records belonging to the client that were provided to the registered firm or Ohio permit holder by or on behalf of the client, as well as records defined in paragraph (E) of this rule as client records.

 

(C)The workpapers of the registered firm or Ohio permit holder include, but are not limited to, the following:

 

(1)The registered firm's or Ohio permit holder's notes or memos regarding the engagement;

 

(2)Records kept by the registered firm or Ohio permit holder of  procedures applied, tests performed, information obtained, and pertinent conclusions reached in the engagement;

 

(3)Analyses and schedules prepared by the client at the registered firm's or Ohio permit holder's request, and;

 

(4)Audit programs, audit analyses and memoranda, letters of confirmation and representation, abstracts of company documents, and schedules or commentaries either prepared or obtained by the registered firm or Ohio permit holder.

 

(D)Workpapers may also be in the form of data stored on discs, tapes, films, or any media other than paper. Workpapers are considered to be the registered firm's or Ohio permit holder's property. In the event of a dispute between the registered firm or Ohio permit holder and the client concerning records, the board will determine whether or not a document may be classified either as a registered firm's or Ohio permit holder's workpaper, or as a client record.

 

(E)Workpapers may contain information that is not reflected in the client's books and records, with the result that the client's financial information is incomplete. These records are defined as client records, and may include but are not limited to:

 

(1)Adjusting, closing, combining or consolidating journal entries;

 

(2)Depreciation   and   amortization   schedules,   including   tax   carryforward information; and

 

(3)Information normally contained in books of original entry, as well as general ledgers and subsidiary ledgers.

 

 

 

(F) If the registered firm or Ohio permit holder translates client information onto computer files for use with the registered firm's or Ohio permit holder's software, then the registered firm or Ohio permit holder must return a printout or copy of the computer files to the client that contain the information described in paragraph (E) of this rule. The registered firm or Ohio permit holder is under no obligation to convert information that is not in an electronic format to electronic form, or provide the client with a copy of any software.

(G) If the registered firm or Ohio permit holder has provided the information described in paragraph (B) or (E) of this rule to the client, then the registered firm or Ohio permit holder need not comply with further client requests for the same information.

Replaces:	4701-11-06
Effective:	10/22/2004
R.C. 119.032 review dates:	10/22/2009

CERTIFIED ELECTRONICALLY

Certification

10/12/2004

Date

Promulgated Under:   119.03

Statutory Authority:   4701.03

Rule Amplifies:           4701.03

Prior Effective Dates: 4-27-92, 4-28-97, 3-29-99,

8-5-99