Auditing standards require that records for audits of private companies be retained for a minimum of seven years.

Name: Auditing standards require that records for audits of private companies be retained for a minimum of seven years.
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Quizplus · Accepted Answer

Auditing standards, specifically the AICPA standards for private companies, do not mandate a specific retention period, but the Sarbanes-Oxley Act requires public companies to retain audit records for seven years.

Auditing Standards Require That Records for Audits of Private Companies