[Almost Done]

I have an incomplete note that there is something that must be done within 60 days (all I wrote is “60 days to” i must have got sidetracked). Can anyone recall a rule where the auditor has 60 to do something? It might have to do with 60 days to report fraud to SEC if management ignores the request. Or 60 days to report something after issuance of the Audit Report. I just cant remember.

Any ideas? Has anyone heard of this?

BEC: Passed
REG: Passed
FAR: Passed
AUD: Passed

[Almost Done]

Disregard. I finally found it. The auditor has 60 days after the issue date of an audit report to issue a report on significant weaknesses in internal control. Just in case anyone is interested, that's the answer.

BEC: Passed
REG: Passed
FAR: Passed
AUD: Passed

[Anonymous]

For Working papers in permanent file,

If the firm want to delete from the file after the issuance of audit report, its allowed up to 60days. Not allowed to delete information after 60days of the issuance of audit report. For PCAOB, it allows to delete up to 45days.

please correct me If I am wrong.

[Almost Done]

@calCPA2013 Good catch, at first I wasn't sure about your response, but you are correct. Actually we are both correct, 60 days after the issuance of the audit report you must have issued a report on significant deficiencies/material weaknesses in internal control (not merely control deficiencies) AND the auditor can no longer delete info from the working papers/audit documentation.

Good luck on AUD

BEC: Passed
REG: Passed
FAR: Passed
AUD: Passed

[Author]

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