Unfortunately, determining an appropriate retention period is not as straightforward as checking the expiration date of food items to clear out a refrigerator. One of the most dreaded, but satisfying, parts of spring cleaning is discarding long- neglected household items. The final version of documentation should be retained, rather than any superseded drafts. Engagement closure: Such as the firm's deliverables, including reports issued, management's representations, and assertions relied upon by the CPA, or work product transmittal letters. Workpapers may include analyses performed, evidence and explanation provided by the client, or correspondence that supports the practitioner's conclusions or findings. Engagement delivery: Records retained by the practitioner should establish a clear and complete documentation trail of the service the practitioner was engaged to provide and be of sufficient detail to enable reperformance by a similarly experienced professional.Administrative records: Such as fee and billing records, firm and individual licensing information, and CPE attendance records.
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