Companies Act 2014 section 1543

Organisation of work of statutory auditors and audit firms - audit files

Section 1543 sets out the record-keeping and audit file requirements that statutory auditors and audit firms must follow for each audit engagement.

• Auditors must maintain a client account record containing the client's name, address, place of business, the key audit partner (for firms), and fees charged for audit and non-audit services.
• An audit file must be created for each statutory audit and closed no later than 60 days after the date the auditor's report is signed.
• Independence-related data and documentation must be retained for a minimum of six years.
• All supporting documents for the auditor's report must be kept, and written complaints about audit performance must be recorded and retained.