"Corporations Act 2001 s 307B audit working papers retained 7 years"
Corporations Act 2001 (Cth) s 307B requires audit working papers for financial or sustainability report audits or reviews to be retained for 7 years unless ASIC determines an earlier date.
This is a human-established fact, not a universal axiom. It is true within CTH as enacted by Federal Register of Legislation.
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Answer
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Verified against the current Federal Register text of the Corporations Act 2001 (Cth). Section 307B requires audit working papers prepared, considered, or used for relevant audits or reviews to be retained until 7 years after the auditor report, unless ASIC determines an earlier date. The provision covers individual auditors, audit companies, and members of audit firms, with strict-liability offence provisions and a defence for firm members who did not know of the contravention or took reasonable corrective steps. Electronic working papers count as retained only if convertible into hard copy.
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