What are 'Accounting Records'
Accounting records are all of the documentation and books involved in the preparation of financial statements or records relevant to audits and financial reviews. Accounting records include records of assets and liabilities, monetary transactions, ledgers, journals, and any supporting documents such as checks and invoices.
BREAKING DOWN 'Accounting Records'
Rules and laws are generally in place to force accounting entities and accounting firms to retain accounting records for a specified period of time. In the U.S., the SEC requires that accounting firms retain records from audits and reviews for at least seven years and that they retain any records that support or cast doubt on the conclusions of an audit.