A6 - Audit Documentation

Question 1

How long should records be retained from an audit of an issuer? A non-issuer?

Answer 1

Seven years (PCAOB) for an issuer and five years (SAS) for a non-issuer

Question 2

How long after the report date does an issuer have to assemble the final audit documentation file? A non-issuer?

Answer 2

45 days for an issuer and 60 days for a non-issuer; after this period no documents may be deleted and added documents must be documented as such

Question 3

An auditor ordinarily uses a working trial balance resembling the financial statements without footnotes, but containing columns for:

Answer 3

Reclassifications and adjustments