Your Ask Joey ™ Answer

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.


Back To All Questions

You might also be interested in...

  • How to Write a Research Essay in Accounting

    Writing a research paper will take the student from the start of the process through structuring and mapping your ideas, properly organising your research, exploring writing strategies, and networking- practice that will guarantee the creation of a successful research paper in accounting. No other discipline handling money is as panoramic as accounting for a reason;...

  • Write For Us

    Write For Us Submit your guest blog post! Universal CPA Review welcomes contributors to submit articles for publication on our website. Please review the following guidelines before submitting your article. Due to the high volume of submissions we receive daily, we cannot respond to each one individually. If your article is selected for publication, you...

  • Exams With Essays: How to Prepare Effectively

    “A good essay must have this permanent quality about it; it must draw its curtain round us, but it must be a curtain that shuts us in not out.” Virginia Woolf The essay is the main challenge for students during the exam. When faced with an essay, students most often panic, not knowing how to...