Documentation and Record Keeping Flashcards
7 cards from real F80 practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Documentation and Record Keeping flashcards as text
When a client disputes a transaction recorded in their account file, what is the FIRST step a representative should take?
Answer: Review the original documentation supporting the transaction
The first step is always to review the original supporting documentation to understand what was actually recorded and why.
Which of the following is an example of a 'correction' that is NOT acceptable in professional recordkeeping?
Answer: Using white-out to cover a mistake in a paper record
Using white-out or any method that obscures the original entry is unacceptable because it destroys the audit trail.
A record retention policy requires client files to be kept for seven years. A file from eight years ago is requested in a legal proceeding. What should happen?
Answer: The file must still be produced if it was retained beyond the minimum period
If records were retained beyond the minimum required period, they must be produced in legal proceedings regardless of when the minimum period ended.
What is the PRIMARY purpose of a document version control system?
Answer: To track changes and ensure the most current document is in use
Version control tracks document revisions, identifies who made changes, and ensures users are working with the most current, authorized version.
An employee discovers that a coworker has been back-dating entries in client records. This is BEST described as:
Answer: Falsification of records, which is a serious compliance violation
Back-dating records is falsification, which violates recordkeeping integrity requirements and may constitute fraud.
Which retention schedule applies when a record falls under BOTH a 5-year regulatory requirement and a 7-year firm policy?
Answer: The longer 7-year period, since firm policy is stricter
When multiple retention requirements apply, the longest applicable period governs so that all requirements are satisfied.
A client verbally authorizes a change to their account. How should this be documented?
Answer: A memo to file noting the date, time, and substance of the verbal authorization
Verbal authorizations should be documented promptly with a contemporaneous memo to file capturing the key details of the communication.