Page 57 - Auditing Standards

As of December 15, 2017

Note: When conducting an attestation engagement pursuant to Attestation Standard No. 1, Examination
Engagements Regarding Compliance Reports of Brokers and Dealers, or Attestation Standard No. 2,

Review Engagements Regarding Exemption Reports of Brokers and Dealers, the auditor may include the
documentation of significant findings or issues related to the attestation engagement in the engagement
completion document prepared in connection with the audit of the financial statements.

Retention of and Subsequent Changes to Audit Documentation

.14 The auditor must retain audit documentation for seven years from the date the auditor grants
permission to use the auditor's report in connection with the issuance of the company's financial statements
(report release date), unless a longer period of time is required by law. If a report is not issued in connection

with an engagement, then the audit documentation must be retained for seven years from the date that
fieldwork was substantially completed. If the auditor was unable to complete the engagement, then the audit
documentation must be retained for seven years from the date the engagement ceased.

.15 Prior to the report release date, the auditor must have completed all necessary auditing procedures
and obtained sufficient evidence to support the representations in the auditor's report. A complete and final

set of audit documentation should be assembled for retention as of a date not more than 45 days after the
report release date (documentation completion date). If a report is not issued in connection with an
engagement, then the documentation completion date should not be more than 45 days from the date that
fieldwork was substantially completed. If the auditor was unable to complete the engagement, then the

documentation completion date should not be more than 45 days from the date the engagement ceased.

.16 Circumstances may require additions to audit documentation after the report release date. Audit

documentation must not be deleted or discarded after the documentation completion date, however,
information may be added. Any documentation added must indicate the date the information was added, the
name of the person who prepared the additional documentation, and the reason for adding it.

.17 Other standards require the auditor to perform procedures subsequent to the report release date in
certain circumstances. For example, in accordance with AS 4101, Responsibilities Regarding Filings Under

Federal Securities Statutes, auditors are required to perform certain procedures up to the effective date of a
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registration statement. The auditor must identify and document any additions to audit documentation as a
result of these procedures consistent with the previous paragraph.

.18 The office of the firm issuing the auditor's report is responsible for ensuring that all audit

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