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#308074 - 01/25/05 04:33 PM Audit Work Paper Retention
Anonymous
Unregistered

What are your public accountants saying about the length of time internal audit should keep its audit work papers? Our State law says two years, external auditors say seven. I know SOX is at work here, but wanted to know if others have received similar comments from its PA.

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#308075 - 01/25/05 05:10 PM Re: Audit Work Paper Retention
LinMarie Offline
100 Club
LinMarie
Joined: Nov 2001
Posts: 243
I keep mine for six years.

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#308076 - 01/25/05 07:29 PM Re: Audit Work Paper Retention
Anonymous
Unregistered

It depends. For example, the ACH rules require self audit documentation to be available for six years. We keep all our audit work papers for six years plus current and go through the disposal process around this time of year for work papers now seven years old.

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#308077 - 01/26/05 08:04 PM Re: Audit Work Paper Retention
J2C Offline
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Joined: May 2004
Posts: 1,475
Big Brother knows and that's a...
7 here.
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#308078 - 01/26/05 11:15 PM Re: Audit Work Paper Retention
Anonymous
Unregistered

Your best route would be to follow your retention schedules for each compliance audit according to that reg's retention period and check your state banking code to see how long you keep internal control audits. Usually the state codes will reference that if anything is not specifcally listed, then the retention period is at the bank's discretion and there will be no penalty for not keeping something longer. Hope this helps.

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#308079 - 01/27/05 02:25 PM Re: Audit Work Paper Retention
J2C Offline
Diamond Poster
Joined: May 2004
Posts: 1,475
Big Brother knows and that's a...
Quote:

Your best route would be to follow your retention schedules for each compliance audit according to that reg's retention period and check your state banking code to see how long you keep internal control audits. Usually the state codes will reference that if anything is not specifcally listed, then the retention period is at the bank's discretion and there will be no penalty for not keeping something longer. Hope this helps.



I would check with your external audit firm first. We were trying to go by our state retention schedule and they said no, they wanted them for 7 years....
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