For what minimum period should audit working papers be retained by audit firm?
AFor the period the audit firm is in existence.
BFor a period auditor opines them to be useful in servicing the client
CFor the time period the entity remains a client of the audit firm.
DFor a period of ten years
Correct answer
B. For a period auditor opines them to be useful in servicing the client
Explanation
For a period auditor opines them to be useful in servicing the client is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.