Why record keeping requirement is necessary?

One of the responsibility of the trustee is to make sure proper super records and accurate tax are kept. A  person investing SMSFs money, then the investment will be fail means other trustees can take action against the fail of investment. However, the person investment decision has to be shown in meeting and then it must be signed by any other trustees. A Person should have the record that other trustees accept with the actions and they have to make certain documents available for SMSF auditor while audit the fund each year. A Person has to give accurate records for the government also for checking purposes. They have to keep the below mentioned records, at least for five years such as:
• Accessible and accurate accounting records, which explain financial position and transaction of the SMSF
• Annual operating statement
• Copies of SMSF annual returns
• Copies of required statements