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The audit unit must establish a database for its operations and update it continuously.
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In accordance with relevant central bank regulations and other regulatory bodies; all internal audit reports, findings, recommendations, corrective action plans, and supporting documents should be stored electronically in the database. This includes any results obtained by independent auditors that were previously found by audit staff, and all work-related documents, internal audit achievements, results, recommendations, and measures taken in accordance with the relevant central bank instructions.
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A formal manual (either independently or as part of the audit manual) for record retention and storage mechanisms should be prepared and approved. This manual should describe the methods of storage and details of all work papers and information to be retained, the minimum retention period, and the recommendations of the audit unit. This should be done considering the data and information retention regulations and instructions provided by the relevant supervisory regulatory authorities.
