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Hi All
I have noticed that according to BPP text book the period for retention of paper work( documentation) according to acca is of 5 year
According to another source is 7 years
According to acca source found on website is not less than 6 years!
Can you please clarify?
Many thanks!!!Barbara
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 falseI have chosen option A, but the answer according to BPP is B
ACCA recommends a minimum retention period of 7 yearsvery 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.
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