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#1561320 - 06/07/11 01:06 PM Internal Audit workpaper record retention
Banker Offline
100 Club
Joined: Oct 2007
Posts: 128
Southeastern US
Is there a rule guiding how long internal audit workpapers should be retained? If not, what seems to be the acceptable time frame?

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Audit
#1561472 - 06/07/11 04:04 PM Re: Internal Audit workpaper record retention Banker
Dlynn58 Offline
Platinum Poster
Joined: Mar 2006
Posts: 788
Texas
Texas retention says 3 years for audit workpapers, 7 years for audit reports.

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#1561486 - 06/07/11 04:19 PM Re: Internal Audit workpaper record retention Dlynn58
Tater Offline
Platinum Poster
Joined: Jan 2006
Posts: 627
Missouri
Missouri is 5 years for all of it.
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#1561694 - 06/07/11 07:44 PM Re: Internal Audit workpaper record retention Tater
happyauditor Offline
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happyauditor
Joined: Nov 2004
Posts: 809
NY
We use 7 yrs for w/ps and reports. Not sure if it is a mandatory requirement. I do know at the time the decision was made our external auditor was consulted.
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#1561746 - 06/07/11 08:24 PM Re: Internal Audit workpaper record retention happyauditor
Skittles Offline
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Skittles
Joined: Sep 2002
Posts: 13,963
TN
Kentucky is 7 years also.
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#1562353 - 06/08/11 08:15 PM Re: Internal Audit workpaper record retention Skittles
DerrickAuditor Offline
Member
Joined: Mar 2008
Posts: 91
USA
Every state has a different retention period.

KY is 5 years for IA workpapers and 7 years for IA reports.

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#1562478 - 06/08/11 09:26 PM Re: Internal Audit workpaper record retention DerrickAuditor
osucpa Offline
Diamond Poster
Joined: May 2011
Posts: 1,400
Audit reports may be permanent, if they are included in either BOD or Audit Committee packets.

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