Pretty sure 7 yrs.....this is also the case for SOX. I know some materials may say 5 years, but I think this is the case for private. Overall, it's 7 years.
Joined: 14 Nov 2010 Location: United States
Online Status: Offline Posts: 144
Posted: 30 Nov 2011 at 20:29 | IP Logged
AU 339.32 The auditor should ....to retain and access
audit documentation for a period of time sufficient to
meet the needs of his or her practice and to satisfy any
applicable legal or regulatory requirements for records
retention. Such retention period, however, should not be
shorter than five years from the report release date.
Statutes, regulations, or the audit firm's quality control
policies may specify a longer retention period.
PCAOB AS3: RETENTION OF ....... AUDIT DOCUMENTATION
14. The auditor must retain audit documentation for seven
years from the date the auditor grants permission to use
the auditor's report in connection with the issuance of
the company's financial statements ( report release date
), unless a longer period of time is required by law. If
a report is not issued ......, then....for seven years
from the date that fieldwork was substantially completed.
If the auditor was unable to complete the engagement,
then ....for seven years from the date the engagement
ceased.
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot delete your posts in this forum You cannot edit your posts in this forum You cannot create polls in this forum You cannot vote in polls in this forum
Active Topics 
Memberlist 
Search 
Help
Register 
Login
Topic: Workpaper Retention
Topic Closed)
