How long does the audit team need to retain documentation
Once the auditors have completed their workpapers for a given client, they must retain that audit documentation for a certain period of time. The retention requirements of audit documentation are 5 years for nonissuers and 7 years for issuers. The start date is based on the report release date. The report release date is when the financial statements, which includes the audit report, are released to the general public.
When you finally reach the conclusion of the audit and send the audit report to your client, you’ll probably take a big sigh of relief! However, wrapping up the audit can be a giant pain in the ass. Wrapping up the audit is extremely important, so it is critical that the audit team performs this step correctly.
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