Document ID: chunk:federal_register_of_legislation:F2020C00630:reg:25:p27
Version: federal_register_of_legislation:F2020C00630
Segment Type: reg
Provision Reference: reg 25 (pt 27/31)
Character Range: 86144–89226

members to restrict access to electronic engagement documentation to authorised users.

           * Appropriate back‑up routines for electronic engagement documentation at appropriate stages during the engagement.

           * Procedures for properly distributing engagement documentation to the engagement team members at the start of the engagement, processing it during engagement, and collating it at the end of the engagement.

           * Procedures for restricting access to, and enabling proper distribution and confidential storage of, hardcopy engagement documentation.

A59.         For practical reasons, original paper documentation may be electronically scanned for inclusion in engagement files.  In such cases, the firm's procedures designed to maintain the integrity, accessibility, and retrievability of the documentation may include requiring the engagement teams to:

           * Generate scanned copies that reflect the entire content of the original paper documentation, including manual signatures, cross‑references and annotations;

           * Integrate the scanned copies into the engagement files, including indexing and signing off on the scanned copies as necessary; and

           * Enable the scanned copies to be retrieved and printed as necessary.

           * There may be legal, regulatory or other reasons for a firm to retain original paper documentation that has been scanned.

Retention of Engagement Documentation (Ref: Para. 47)

A60.         The needs of the firm for retention of engagement documentation, and the period of such retention, will vary with the nature of the engagement and the firm's circumstances, for example, whether the engagement documentation is needed to provide a record of matters of continuing significance to future engagements.  The retention period may also depend on other factors, such as whether local law or regulation prescribes specific retention periods for certain types of engagements, or whether there are generally accepted retention periods in the jurisdiction in the absence of specific legal or regulatory requirements.

A61.         In the specific case of audit engagements, the retention period would ordinarily be no shorter than five years from the date of the auditor's report, or, if later, the date of the group auditor's report.

Aus A61.1 For audits or reviews of financial reports conducted under the Corporations Act 2001 (the Act), section 307B of that Act requires an auditor or member of an audit firm to retain all audit working papers prepared by or for, or considered or used by, the auditor in accordance with the requirements of the Australian Auditing Standards until:

(a) The end of seven years after the date of the audit report prepared in relation to the audit or review to which the audit working papers relate; or

(b) An earlier date determined by the Australian Securities and Investments Commission for the audit working papers.

Aus A61.2 Relevant law or regulation, other than the Corporations Act 2001, may require the retention of audit working papers for