The 'Retention Period' for audit working papers is generally: MCQ with Answer and Explanation

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The 'Retention Period' for audit working papers is generally:

A. 10 years

B. 7 years (or as per SQC 1)

C. No requirement

D. 1 year

Answer: Option B

Solution (By JKExamLibrary)

As per ICAI's Standard on Quality Control, retention period is at least 7 years.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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The 'Audit Programme' is:

A. The audit report

B. The trial balance

C. The final accounts

D. A list of audit procedures to be performed

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Correct Answer: Option D

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The 'Limited Liability Partnership' (LLP) is governed by:

A. Partnership Act, 1932

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C. Limited Liability Partnership Act, 2008

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The 'Ethical Requirements' for professional accountants include:

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