Audit trail
audit log
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An unalterable log that records who created, changed, approved or deleted which data and when.
An audit trail evidences the fulfilment of due diligence and retention duties and simplifies audits. It should be created automatically and remain available for the entire retention period.
In practice
In practice, an audit trail records not only changes to data but also approvals, exports, access to sensitive areas and changes to access rights. Entries carry the user, the time and the previous and new values, and users cannot edit or delete them. For reviews, the trail can be filtered by mandate, person or period, so that a reviewer can follow a decision from the first entry to its approval.
Distinctions and common mistakes
An audit trail is only useful if it is complete and protected. Typical weaknesses are logs that administrators can change, gaps where data is edited directly in the database and retention periods shorter than those of the underlying records.
Relevant in: Switzerland · Germany · Austria · EU-wide
Related terms
- Four-eyes principle
- Control principle under which important transactions, such as payments, are checked and approved by a second authorised person.
Mentioned in these guides
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- Software for the multi family officeMulti family office software: many families in parallel, strict data separation, risk assessment, audit trail, reporting, invoicing and client portal.
- Software for trustees and trust companiesSoftware for trustees: trusts, foundations and companies with settlors, protectors and beneficiaries, deadlines and audit-ready evidence of every assessment.
- Compliance software for independent wealth managersCompliance software for independent wealth managers: client due diligence, risk assessment, periodic reviews and an audit trail that supervisors can follow.