Recordkeeping and Reporting

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About the Video

Agencies obtain data in many ways. One method is to require individuals and businesses to produce and maintain records. An agency may require that these records be held subject to review by the agency, or the record producer may be required to provide record. The former is known as recordkeeping and the latter is known as reporting. Most agencies, especially regulatory agencies, possess broad authority to require recordkeeping and reporting.

The authority of agencies to require reporting is not limited to instances when violation of a law is suspected. An agency may require reporting information to the agency simply so that the agency can educate itself or monitor compliance. The costs to individuals and businesses of maintaining records and reporting to the government can be high. The ...