What is the time period an auditor is required to keep his audit working papers?
There is no specific statutory requirement imposed on the auditor but, it is good practice to follow the requirements of Section 167(1) and (2) of Companies Act 1965 which states that the retention period of accounting records in which every company, its directors and management are required to explain transactions and its financial position is seven (7) years after the completion of those transactions or operations to which the company’s accounts relate.
