Under the Corporations Act 2001, auditors of companies and registered schemes must keep audit working papers for at least 7 years. Clock starts: the date of the audit report.
All working papers prepared, considered or used for an audit or review under the Corporations Act.
2 provisions of the Corporations Act 2001 apply to these records. Each one is set out below.
The terms
Conditions and exceptions Caution
From the provisions:
- Auditor conducts an audit or review of a financial report, half-year report, or sustainability report
- An earlier date determined by ASIC under subsection (6)
- Audit firm conducts an audit or review of a financial report, half-year report, or sustainability report
- Defendant is a member of the firm at the relevant time
- Defence under subsection (5) for members unaware of the contravention or who take reasonable corrective steps
The law
Other terms that apply to these records
This page covers audit working papers on their own. The same file is often caught by other laws as well, with different periods and start dates. See why a legal term is not a schedule.
3 records. 3 sets of rules. They don't agree.
One business file can hold all of these at once.
Now do that for every record your organisation holds, and redo it when the law changes. ScheduleOne has done that work, and keeps it current.
See ScheduleOne →