August 2, 2016 •
Ask the Experts – Best Practices for Record-Keeping
Q. Our company is active and registered as a lobbyist employer in several states. What are best practices for record-keeping? What will we need to access and keep in the event of a state audit? A. Each state takes a […]
Q. Our company is active and registered as a lobbyist employer in several states. What are best practices for record-keeping? What will we need to access and keep in the event of a state audit?
A. Each state takes a different approach to auditing, requiring registered companies and lobbyists to keep substantiating records for varying periods of time. As a conservative rule of thumb, it’s generally advisable to keep substantiating records for seven years. However, for each state where your company has an active registration, you should determine if there is a set document retention policy. While some states have no set period of time for lobbyists/employers to retain records, a majority of states require retention for a set period of time, usually within a three to five year range.
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