Records and Document Management System Review or Related Literature

Records and Document Management System Review or Related Literature

Records and Document Management System is a computer based which provides detailed information about the documents and the whole process of recording. It gives accurate and efficient information that is reliable and complete. This requires records management solutions to be integrated in the archiving of documents.

The said project was written in C# and MySQL. It is a lan-based system that will run on the intranet setup of the office/organization.

Records and Document Management System Review or Related Literature
Records and Document Management System Review or Related Literature


This chapter presents the related studies and literatures of different researchers that support the book keeping and records management system. It also includes the importance of the studies in the proposed system which presented in synthesis.

Review of Related Literature

Books and Records Requirements for Brokers and Dealers under the Securities Exchange Act of 1934

According to Security Exchange Commission, 2003, the Securities and Exchange Commission today is adopting amendments to its broker-dealer books and records rules. The amendments clarify and expand recordkeeping requirements with respect to purchase and sale documents, customer records, associated person records, customer complaints, and certain other matters. In addition, the amendments expand the types of records that broker-dealers must maintain and require broker-dealers to maintain or promptly produce certain records at each office to which those records relate. These amendments are specifically designed to assist securities regulators when conducting sales practice examinations of broker-dealers, particularly examinations of local offices.

The Securities and Exchange Commission’s (the “Commission”) books and records rules, Rule 17a-31 and Rule 17a-42 under the Securities Exchange Act of 1934 (“Exchange Act”)(hereinafter the “Books and Records Rules”), specify minimum requirements with respect to the records that broker-dealers must make, and how long those records and other documents relating to a broker-dealer’s business must be kept. The Commission has required that broker-dealers create and maintain certain records so that, among other things, the Commission, self-regulatory organizations (“SROs”), and State Securities Regulators3 (collectively “securities regulatory authorities”) may conduct effective examinations of broker-dealers.

The Commission originally proposed amending the Books and Records Rules in 1996 in response to concerns raised by members of the North American Securities Administrator’s Association (“NASAA”) regarding the adequacy of those Rules.4 On October 11, 1996, the National Securities Market Improvement Act of 1996 (“NSMIA”) was enacted.5 NSMIA prohibits States from establishing books and records rules that differ from, or are in addition to, the Commission’s rules. Prior to NSMIA many States had laws or rules that required broker-dealers to make and keep certain books and records that allowed the State Securities Regulators to conduct examinations and investigations to review for, among other things, sales practice violations.6 NSMIA also provides that the Commission must consult periodically with the States concerning the adequacy of the Commission’s Books and Records Rules,7 particularly relating to the need by State Securities Regulators to have records readily accessible for their examinations.

The Commission, recognizing the vital role that State regulators play in providing for customer protection, issued the Proposing Release, in part, to enhance the ability of the State Securities Regulators to conduct effective and efficient sales practice examinations of activities within their respective States, including those involving smaller broker-dealer offices. By adopting these rules, the Commission enables the State regulators to adopt and enforce similar rules on a State level, to support their examination responsibilities, and investigatory and enforcement requirements. An important aspect of the amendments is that broker-dealers are required to produce records at offices within a State. Moreover, many of these amendments require broker-dealers to make or keep records currently kept by broker-dealers as a matter of business practice or to comply with SRO rules. However, unless these requirements are adopted as Commission rules, the State regulators are unable to apply or enforce them at the State level.

The Legal Obligation to Maintain Accurate Books and Records in U.S. and Non-U.S. Operations

The Foreign Corrupt Practices Act (“FCPA” or “the Act”), 2006 is usually associated with its prohibitions against foreign bribery.   The provisions of the Act relating to bookkeeping and internal controls (collectively, the “accounting provisions”) receive less publicity but are much more likely to form the basis of a government proceeding against companies subject to the Act.  The most common FCPA enforcement mechanism is a civil action by the Securities and Exchange Commission (“SEC”) under the accounting provisions and not a criminal charge by the Department of Justice (“DOJ”) or even a civil action by the SEC under the antibribery provision.  In fact, a study conducted in 2003 found that of 604 enforcement actions brought by the SEC since the FCPA was enacted in 1977, only 7 percent related to foreign bribery.  Compare this to the 38 criminal bribery charges brought by the DOJ under the FCPA through 2003.

This overwhelming disparity is due to the fact that the accounting provisions create civil and criminal penalties for practices that are in no way “foreign” and no more “corrupt” than deliberately sloppy accounting.  The SEC staff has expressed the view that the FCPA’s internal-controls provisions, although originally viewed as a deterrent to the use of slush funds for illegal foreign payments, are more broadly intended to protect the general integrity of financial statements.  Accordingly, cases brought under the accounting provisions seldom involve foreign bribery; more often, they reflect the SEC’s expansive interpretation of the FCPA.

Although the accounting provisions of the FCPA are not aimed specifically at “foreign” accounting practices, they apply equally to U.S. and non-U.S. operations of businesses required to file reports with the SEC. They also apply to majority-owned foreign subsidiaries and, in some cases, to none majority interests and joint ventures. Consequently, businesses subject to the Act must ensure strict compliance with its provisions, not only in the U.S. but also in their non-U.S. operations.  Not surprisingly, this can be a Herculean task, especially given that accounting and bookkeeping practices can vary widely in jurisdictions around the globe where U.S. companies do business.

As a general matter, the accounting provisions require covered entities to maintain books and records that accurately and fairly reflect the transactions of the corporation in reasonable detail and to design a system of internal accounting controls reasonably calculated to ensure that the entity’s financial statements are accurately and fairly stated. Since the passage of the Sarbanes-Oxley Act of 2002 (“SOX”), the accounting provisions have assumed even greater importance because officers now are required to certify the integrity of their companies’ financial statements and assess the adequacy of internal controls.  As a consequence, corporations are more frequently uncovering accounting-provision violations in connection with internal SOX reviews and are self-reporting these violations to regulators in hopes of mitigating penalties for noncompliance.

Because of heightened scrutiny of corporate bookkeeping practices and internal controls in the wake of SOX, now more than ever corporations and their advisors need to bear in mind the requirements of the FCPA accounting provisions in assessing the effectiveness and integrity of their internal financial processes, both in the U.S. and overseas.  To that end, this White Paper briefly reviews and summarizes the requirements of the accounting provisions, penalties for violations thereof, and the effects of the newly enacted SOX provisions on their enforcement.

Bookkeeping and Internal-Controls Requirements

The FCPA accounting provisions impose requirements on issuers to make and keep accurate books and records and to maintain and devise a system of internal accounting controls.  Every “issuer” regulated by the SEC is required to:

Make and keep books, records, and accounts that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the issuer.

Devise and maintain a system of internal accounting controls sufficient to provide reasonable assurances that:

  • Transactions are executed in accordance with management’s general or specific authorization.
  • Transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles or any other criteria applicable to such statements, and to maintain accountability for assets.
  • Access to assets is permitted only in accordance with management’s general or specific authorization.

The recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

In addition to the bookkeeping and internal-controls requirements contained in the statute, two rules adopted by the SEC under the FCPA also govern the accounting practices of issuers.   Rule 13b2-1 provides that “no person shall, directly or indirectly, falsify or cause to be falsified, any book, record or account subject to [the FCPA accounting provisions].”  By its terms, the rule applies to any “person” and not just to issuers and certain affiliated persons.  The rule expresses the SEC’s view that the requirement should extend not merely to the “issuer” itself, but “should apply to any person who, in fact, does cause corporate books and records to be falsified.” In addition to the bookkeeping and internal-controls requirements contained in the statute, two rules adopted by the SEC under the FCPA also govern the accounting practices of issuers.   Rule 13b2-1 provides that “[n]o person shall, directly or indirectly, falsify or cause to be falsified, any book, record or account subject to [the FCPA accounting provisions].”  By its terms, the rule applies to any “person” and not just to issuers and certain affiliated persons.  The rule expresses the SEC’s view that the requirement should extend not merely to the “issuer” itself, but “should apply to any person who, in fact, does cause corporate books and records to be falsified.”

Electronic Document and Records Management Systems Implementation Recommendations From The Front Line

According to the study of InekeDeserno, 2001, it provides information on the implementation of an Electronic Document Management System (EDMS) at the United Nations High Commissioner for Refugees (UNHCR). The document discusses the principal features of the system, integrated management of electronic documents, integration of classification schemes and records scheduling concerns. The paper also provides EDMS implementation recommendations.

Paper documents, incoming and outgoing were forwarded to the Archives Department for registration and filing. As users increasingly work electronically, this was no longer consistently done. Users filed more and more electronic documents on their personal drives. These documents were not stored according to the file classification scheme and only accessible by the individual who created them. Consequently, staff members who were replacing travelling colleagues could not access their documents, and thus carry out their work.

Records Management Literature: The Language of Collaboration

In the study of Antonella Bilotto,  2010,  the central issue related to records management in the corporate setting is often that neither the company owner nor the employees can agree on what records must be saved, which items can be shredded and in what order when a company faces the prospect of being dissolved.

Furthermore, collaborating and receiving buy-in from all parties: records manager, company owner and employees appear unrealistic. A review of the records management literature reveals a startling gap in articles analyzing the disposal of records when a company dissolves or merges with another organization. Matters related to this issue go to the very core of records management theory and practice: what records should or must be saved and who can records managers best work with corporations in this process?

There are several different approaches to this query underscored by articles from the past fifteen years. I divide this literature into three categories for comparative analysis: records management theory, records management case studies and those case studies that relate specifically to a company’s dissolve.

From a European perspective, Antonella Bilotto, presents an analysis of records management history and theory from an Italian perspective in her article “The management of corporate records in Italy: traditional practice and methods and digital environment.” Authors of three additional articles offer further theoretical perspectives on records management compliance, compliance phobias and a risk management model. Mimi Dionne provides important theoretical background information for e-records management based upon her work implementing an email management program. Michael Nycyk uses an ethnographic approach in his case study analyzing one Australian construction company’s records management practices. Sophia Philipson analyzes the closure of a government agency and reflects on her role as records manager. Finally, James Fogerty presents five case studies from his experiences as the head of the acquisitions and curatorial department at the Minnesota Historical Society working with companies that downsize or outsource their functions.

The arguments Philipson and Fogerty present underscore that collaboration between records managers and company staff remains an achievable goal for practitioners. As the field of records management continues to evolve and as the electronic records management literature becomes infused with practice as well as theoretical approaches to collaboration issues, the gap between theory and practice will continue to close.

This body of literature supports the conclusion that providing company staff with the opportunity and the encouragement to participate the process buy in results in a positive experience for both records managers and employees.

Review of Related Study

Computerized SSC Record Keeping

This research study entitled “Computerized SSC Record Keeping” was conducted at Romblon State University-Cajidiocan Campus during the 1st Semester of the Academic Year 2011-2012.This study attempts to design a computerized record keeping helping the Supreme Student Council in record keeping as well as the students as they transact business in the SSC office as they secure the SSC Secretary’s signature. The system provides a fast, accurate and easy way of record keeping and retrieval of information.

The main objective of this study is to design, develop and operate a computerized SSC record keeping. The proponents made use of the descriptive survey type of research in knowing the perceptions of the students in the traditional way of keeping records as well as their expectations on the features of the proposed system. The researchers made use of questionnaires in data gathering. The experimental method of research was also applied in designing the proposed system. Further, this study was conducted and the proposed system was designed for the benefits of the Supreme Student Council officers and the students as their clientele.

Records Management for Museums and Galleries

According to C. Brunskill, P. Mellon and R. Demb, 2012, this study will doubtless prove to be a useful guide for those responsible for records management in the museum and gallery sector. The systematic management of records is an important activity for ‘information businesses’ such as museums and galleries, but is not always recognized as a core function. Record keeping activities are often concentrated on small groups of records, and staff charged with managing them may have limited experience in the field.

Records Management for Museums and Galleries offers a comprehensive overview of records management work within the heritage sector and draws on over a decade of experience in applying fundamental principles and practices to the specific circumstances of museums. It introduces readers to the institutional culture, functions, and records common to museums, and examines the legislative and regulatory environments affecting record-keeping practices. The book is comprised of eight chapters, including: a history of records keeping in the UK museum and gallery sector; the basics of records management; making a business case for records management; requirements of legislation for records management; how to conduct a records survey; strategy and action planning; how to develop a file plan, retention schedule and records management programme; and a guide to useful additional resources.

Readership: Anyone responsible for records management/keeping in a museum environment: professional, temporary, volunteer museum staff, etc. who want to learn more about the discipline in principle and in practice. It is suitable for individuals working in the public and private sectors, local and national institutions, both in the UK and North America.

Management Of School Records By Secondary School Principals In Delta State, Nigeria

In the study of N. Osakwe Regina, 2010, this study examined the management of school records by secondary school principals in Delta state, Nigeria. As a descriptive survey, the study population comprised all the 602 public secondary school principals. The 602 principals were used for the sample. A structured questionnaire was used to gather data which was subsequently analyzed using the mean scores and z-test statistics to answer the three research questions and test the three hypotheses, respectively. The findings revealed that secondary school principals differ in their management of school records in terms of gender, experience and school location. Based on these findings, it was recommended that government should provide adequate funds and facilities for the effective management of school records, there should be adequate training and retraining for principals through in-service programmes, conferences, seminars and workshops also effective supervision of school principals is necessary irrespective of gender, experience and school location.

Alfresco 3 Records Management

The Alfresco Records Management feature set is so complete that it is one of the very limited number of systems, and the only Open Source solution, that has been fully certified for Records Management use by the US Department of Defense. Record keeping is important because accurate records are really the only way that organizations can demonstrate compliance with regulatory requirements. The amount of regulation that organizations must comply with has gone up dramatically over the last decade, and the complexity of record management has increased proportionally.

Alfresco 3 Records Management is a complete guide for setting up records programs within organizations. The book is the first and only one that describes Alfresco’s implementation of Records Management. It not only teaches the technology for implementing Records Management, but also discusses the important roles that both processes and people play in the building of a successful records program.

Alfresco 3 Records Management starts with a description of the importance of record keeping, especially from a regulatory compliance perspective. It then discusses Records Management best practices and standards, and goes on to describe step by step how to identify documents that need to be managed as records, how to use Alfresco Records Management software to set up the File Plan structure for organizing the storage of records, and then how to manage the lifecycle of the records.

The book provides detailed instructions for installing and configuring Alfresco Records Management. The topics covered include setting up a record File Plan, filing records, establishing record retention schedules, setting up security and permissions, assigning metadata, extending the content model, using advanced search techniques, and creating system activity audit reports. The book also provides “deep-dive” information from a developer’s perspective about how the Records Management module was implemented within the Alfresco Share platform.

Alfresco 3 Records Management covers features available in both the Community and Enterprise versions of Alfresco software. By the end of this book, you will be able to successfully develop a records policy and implement it within Alfresco Records Management

Farm Business Records

According to the study of Richard W. Carkner, 2010, a farm business large enough to adequately support a family is much too complex to manage from notes on a calendar or tablet. A detailed set of records is essential to making sound farm management decisions. This publication discusses the importance of farm records, explains the basics of bookkeeping, and outlines other major record keeping components and concepts including asset inventory, depreciation, profit and loss, enterprise accounting, and cash flow. While computer software to do farm records is readily available, a manual system is discussed here to better illustrate concepts. Understanding a manual system will directly transfer to understanding a computer based system. Computer based record systems are widely available and should be considered when setting up a record system. Software capability to support farm records has grown dramatically in recent years. Different software packages differ in complexity and price.

However, the output—balance sheets, cash flow, income statements and enterprise accounts—provide the information necessary for farm business planning and management. Computers can be used to generate these documents; however, information on process and accounting is often absent. This publication will focus on process and basic concepts necessary to understand computer-generated output.

Importance of Keeping Records

There are a number of reasons for keeping farm records. First, farm records are a management tool. Farm records allow you to measure how efficiently you are using resources and to determine whether or not you are making any money. They help you define and evaluate success as measured by income generated for family living, retirement, and other needs and desires. Financial success is measured by profitability; if the farm business is not profitable it is not sustainable. Farm records are also essential for planning and decision making. A second reason for keeping farm records is for income tax management. Good records simplify tax reporting and facilitate tax management to increase after-tax income. If you keep poor records, you may pay more taxes. A third reason for keeping farm records is for obtaining credit. A good set of farm records allows you to determine credit needs and support loan requests. Properly kept records provide bankers financial information they need for making credit decisions, and good records also demonstrate your management ability. Miscellaneous uses of farm records include pricing products for sale at a farmers’ market, estimating the value of a CSA share, evaluating land leases, deciding whether to hire services or buy equipment, avoiding embarrassment from bounced checks, and evaluating farm insurance needs.

Record Keeping as a Determinant of SMES

In the study of Kahhamza (Jan. 2014), the role played by small and medium enterprises (SMEs) in the development of the economy of any nation is of great significance. SMEs serve as a plat form for low income earners to contribute their quota toward the economic development of their countries. The purpose of a good recordkeeping system is to provide management information to use in operating the business. Because cash flow and profitability are closely tied to financial analysis, it is vital that the entrepreneur understand the external and internal financial factors that affect business. The recordkeeping system provides the foundations for monitoring and measuring the progress of the business. It provides a plan for fiscal control by monitoring and measuring sales, costs of goods sold, gross profits, expenses and taxes. The entrepreneur should be involved in setting up the recordkeeping system and the chart of accounts, which includes elements that are critical in managing the day-to-day operations of the specific business. The truth is there are few things more important to any business than keeping complete and accurate records. Without these records, there would not be information to make important decisions that affect the business such as hiring employees or even knowing which of your products or services are profitable or should be discontinued. Every successful business owner needs a goal system that allows them to use their time in the most efficient way possible.


The completed researches, studies, systems and articles presented above will serve as the basis and guide for the development of our project which is entitled Records and Document Management System.

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