Records management reinforces financial management controls and supports accountability. The ability to establish who did what, when, why and how is a powerful means of deterring individuals from engaging in fraud or corruption, thus enforcing accountability. Well-managed records provide an unbiased account of responsibility and liability. Authentic, reliable records provide an unambiguous link between the authorization to carry out a transaction, the particular individual concerned and the date. Thus, records can identify abuse, misuse and non-compliance with financial instructions.
All businesses have legally required to keep accurate records of their financial transactions.