Retention period of working papers URGENT!!! Misleading information found

International Standard on quality Control 1 states: The needs of the firm for retention of engagement documentation, and the period of such retention, will vary with the nature of the engagement and the firm’s circumstances, for example, whether the engagement documentation is needed to provide a record of matters of continuing significance to future engagements. The retention period may also depend on other factors, such as whether local law or regulation prescribes specific retention periods for certain types of engagements, or whether there are generally accepted retention periods in the jurisdiction in the absence of specific legal or regulatory requirements. In the specific case of audit engagements, the retention period would ordinarily be no shorter than five years from the date of the auditor’s report, or, if later, the date of the group auditor’s report.

Thank you for your reply. The below is a question from BPP exam kit ACCA Recommends that working papers shoudl be retained for a minimum perod of 5 years a true b false I have chosen option A, but the answer according to BPP is B ACCA recommends a minimum retention period of 7 years very confused

Section B6 of the ACCA rule book states that audit working papers should be retained for at least 7 years. So, since you are attempting an ACCA exam, I suggest you go with 7.

Thank you