What are the Legal Implications of Poor Record Keeping?
Poor record-keeping can lead to significant legal and financial repercussions, including:
Non-Compliance: Failing to comply with regulatory requirements can result in fines and legal actions. Litigation Risks: Poor records can weaken a company's position in legal disputes. Financial Penalties: Inaccurate records can lead to incorrect tax filings and financial penalties. Reputation Damage: Loss or mishandling of sensitive records can damage a company's reputation and erode customer trust.