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Why not 7 years?
Lina - 09/2/2019, 11:17 pm

Can anyone please explain me why not the answer is 7 years? I'm getting confused on 5 yrs vs 7 yrs.

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Alla-91952 - 09/23/2019, 9:34 pm

AU-C Section 230.32
The auditor should adopt reasonable procedures 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.

Auditing Standard No. 3 - PCAOB
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.
Auditing Standard No. 3 - PCAOB

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