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SQC 1 Amended!

August 22, 2009 1 comment

The Institute has reduced the time of holding engagement documents as mentioned in the SQC 1 has been reduced from 10 years to 7 years

ANNOUNCEMENT

 

Amendment to SQC 1 – Retention Period
for Engagement Documentation (Working Papers)

 

 

Paragraph 83 of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements, states as follows:

 

“83.     The needs of the firm for retention

            ……………….

            ………………

In the specific case of audit engagements, the retention period ordinarily is no shorter than ten years from the date of the auditor’s report, or, if later, the date of the group auditor’s report.” (emphasis added)

 

The Council of the Institute of Chartered Accountants of India, at its 289th meeting held on August 19, 2009 at New Delhi, pursuant to the provisions of Rule 12 of the Chartered Accountants (Procedures of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007, has decided to amend paragraph 83 of the SQC 1 as follows:

 

“83.     The needs of the firm for retention

            ………………………………

            ………………………………………..

In the specific case of audit engagements, the retention period ordinarily is no shorter than seven years from the date of the auditor’s report, or, if later, the date of the group auditor’s report.” (emphasis added)

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