What must business records include for regulated services?

Business records for regulated services must include contracts for regulated services because these documents outline the agreements and obligations between the service provider and the client. Contracts serve several important functions: they provide a clear definition of the services to be provided, specify the terms of engagement, outline payment arrangements, and detail the rights and responsibilities of both parties.

In regulated industries, maintaining accurate and complete records is crucial for compliance, as these contracts may be subject to audits or regulatory reviews to ensure that businesses operate within the established legal framework. They help demonstrate adherence to licensing and operational standards set by governing bodies, which is vital for maintaining a valid license to operate.

On the other hand, customer feedback, employee benefits documents, and marketing plans, while beneficial for a business’s operations and customer relations, do not fulfill the specific regulatory requirements that mandates the inclusion of contracts for providing regulated services in business records. Such records are central to proving compliance with rules governing the industry.