ethics q - record retention follow, actual, ethics, records, maintain

mamuka12

if local law says i must maintain records for 5 years, what do i do?

follow that law? or cfai recommendation of 7 years?

note that the 7 years is a RECOMMENDATION, not an actual part of the standards...so would i be ok to do 5 years?

ayodayo

Follow the law. I saw a CFAI question like that. 5 years was ok, as the local law required 5 years.

chaojimali

You would want to keep them 7 yrs, but I dont think you would be in violation to keep them 6 yrs...

Otabek

this stuff always messes me up....

kingstongal

well this freakin standard, which says that in the absence of local law do 7 years, conflicts with standard I, which says to always do the more stricter of the the CFAI and local laws

giants2010

I think the exact standard says.... in the absence of local law... CFAi recommends 7 years

IMO you are not in violation for following the local law as the CFAi is simply providing you with a guideline or recommendation in absence of any other guidance from local authorities.