• Introduction to Interpretations by the Council Relative to the Rules of Professional Conduct
• IC 104.1 Requirement to Co-operate
• IC 105.1 Hindrance, Inappropriate Influence and Intimidation
• IC 201.1 Maintenance of Reputation of Profession
• IC 201.4 Advocacy Services
• IC 202 Integrity and Objectivity
• IC 204.1 to 204.6 Independence
• IC 204.6 Firms to Ensure Compliance by Partners and Professional Employees
• IC 204.7 Members Acting as Trustee Under the Bankruptcy and Insolvency Act or as Liquidator Receiver or Receiver/Manager
• IC 204.8 Disclosure of Impairment of Independence - Professional Services Other than Assurance or Specified Auditing Procedures and Insolvency Engagements
• IC 204 Canada Elections Act
• IC 205 False or Misleading Documents and Oral Representations
• IC 206.1 to 206.3 Compliance with Professional Standards
• Glossary: IC 207 through 210
• IC 208 Confidentiality of Information
• IC 209 Borrowing from Clients
• IC 210 Conflict of Interest
• IC 211 Duty to Report Breach of Rules of Professional Conduct
• IC 212.1 Handling of Trust Funds and Other Property
• IC 214 Fee Quotations
• IC 215 Contingent Fees
• IC 216 Payment or Receipt of Commissions
• IC 217.1 Advertising and Promotion
• IC 217.2 Solicitation
• IC 217.3 Endorsements
• IC 218 Retention of Documentation and Working Papers
• IC 302 Communication with Predecessor
• IC 303 Cooperation with Successor
• IC 401 Practice Names
• IC 404.2 Operation of Members' Offices

Retention of Documentation and Working Papers

218/1  Cases may arise where a member may be required to substantiate procedures carried out in the course of an assignment. If the member's files do not contain sufficient documentation to confirm the nature and extent of the work done, the member concerned may well have great difficulty in showing that proper procedures were in fact carried out. The importance of adequate documentation cannot be over-emphasized; without it, a member's ability to outline and defend professional work is seriously impaired.

218/2  There is an obligation to keep the working papers for a reasonable period of time. Unfortunately, it is not possible to give an all-encompassing, guideline as to what is reasonable. What is reasonable varies with the circumstances. One of the problems is that an action based in negligence arises, not when the negligent work is done, but when the damage caused by the negligent work becomes known to the person who is harmed. A claim is statute-barred only after (provincial law - eg. six years) from the time the damage caused by the negligent work became known or should have become known to the person who has suffered the loss. The loss or damage may occur or become known more than six years after the work was done.

218/3  Further, a member should retain documents for a period of time to properly service clients. A general guideline would be:

(a)  a period of ten years, during which all records are maintained; and

(b)  a longer period of time, perhaps indefinitely, or the actual time period where required specifically by statute, for all useful files, information and records which may assist the member to properly service clients. Such useful files, information and records could include:

• inancial statements
• agreements, contracts and leases
• nvestment/share capital information
• written opinions
• tax files and assessment notices
• detailed continuity schedules for such items as fixed assets and deferred taxes
• other files, information and records as appropriate.

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