Permanent files contain all the data:
A) about the current audit and financial statements.
B) of a historical or continuing nature pertinent to the current audit.
C) of a historical or continuing nature about the client.
D) about the most recent audits.

Question

Quizplus · Accepted Answer

Permanent files contain all the data of a historical or continuing nature pertinent to the current audit. This includes information about the client's history, organization structure, ownership, and other important details that are required for the audit. These files are not restricted to or affected by the current financial year's audit, but rather are a cumulative record of important information about the client. Therefore, option B is the correct answer.

Permanent Files Contain All the Data