CONFIDENTIALITY AND REQUIREMENTS FOR
RETENTION OF AUDIT DOCUMENTATION
“! member shall not disclose any confidential information obtained in the course of a professional engagement except with the consent of the client.” Rule 301 of the code of Professional Conduct
Auditing standards require that records for audits of private companies be retained for a minimum of five years.
The Sarbanes-Oxley Act requires auditors of public companies maintain audit files not less than seven years.
SEC rules require public company auditors to maintain the following documentation:
Working papers or other documents
Memos, correspondence, communications, other documents, and records, including electronic records, related to the audit or review