What are the documentation requirements for an audit?
An example of an AI chatbot conversation about audit documentation requirements.
What are the documentation requirements for an audit?
The documentation requirements for an audit typically include financial statements, internal controls, and supporting documents.
Can you explain what supporting documents are?
Supporting documents are records that provide evidence for the financial statements, such as invoices, receipts, and contracts.
How long should we keep these documents?
It's generally recommended to keep audit documentation for at least seven years, but this can vary by jurisdiction.
What happens if we can't provide the required documentation?
If you can't provide the required documentation, it may lead to a qualified audit opinion or potential legal issues.
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