Need a records retention policy... (Score 1)

(IAAL) Most of the comments here relating records retention for audits or compliance purposes are dead on.

That said, nearly every company that I've worked at could benefit from a new or updated records retention policy. Typically, the mentality is to just keep everything until someone finally realizes that certain records are 27 years old and starts asking around: "hey, can we just delete this?"

The better approach is to actively look for stuff to toss, and do so on a monthly or quarterly basis. Not only is it cheaper to store, but for most industries, *not* having the records available for many common causes of litigation is beneficial.