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CS Professional · IFSCA - Regulations, Listing and Compliances · Book-keeping, Accounting, Taxation and Financial Crime Compliance Services and TAS

Nisha Consultants, registered with IFSCA, serves several IFSC units. Which practice best reflects sound compliance for maintaining records of its taxation service engagements?

Nisha should keep engagement records and client documents securely for the prescribed period and make them available for IFSCA inspection. Discarding them after filing, or handing everything to the client, would undermine supervision and breach record-keeping expectations.

  1. AKeep engagement records and client documents securely for the period required, available for IFSCA inspectionCorrect
  2. BKeep records only until the tax return is filed
  3. CHand all records to the client and retain nothing
  4. DKeep records only if the client asks

Explanation

Regulated providers must maintain proper records of engagements for the prescribed period and make them available to IFSCA on inspection. Discarding them after filing or giving all to the client defeats supervisory access and breaches compliance expectations.

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