Question 5.6

You are working as an accountant in a reputable accounting firm that provides services to various clients. As part of your responsibilities, you are required to maintain accurate documentation and adhere to record retention policies.

In your role as an accountant, briefly explain two methods that you can employ to substantiate financial transactions. Additionally, explain two record retention requirements for audit and substantiation purposes?

(Approximate word count: 180 - 220 words).