Audit permanent file

Audit Definition: Permanent audit files are the files that keep the information used by auditors continuously

That information includes engagement later, client’s M&A, long-term contract or agreement, and board meeting minutes

The auditor must keep the documents or events based on nature and classification

In addition to this, file management is considered to be one of the rating factors by the regulators

The current audit file contains documents and support for the current year

It includes leads, account balance, supports, evidence, and any other documents prepared during client field or desk audits

Permanent file documentation that provides a structure for your permanent files and outlines the information required which is of continuing importance to an audit over a number of years

Current file documentation comprising of two separate packs of documentation for audit and group audit