An engagement letter states that a company should maintain documentation sufficient to support its assessment of ICFR for a period of:
A) ten years from the date of the audit report.
B) seven years from the date of the audit report.
C) five years from the date of the financial statements.
D) three years from the date of the financial statements.

Question

Quizplus · Accepted Answer

The PCAOB's Auditing Standard No. 5 requires auditors to retain documentation for seven years from the date of the audit report. This includes documentation related to the company's assessment of ICFR.

An Engagement Letter States That a Company Should Maintain Documentation