Section 338.5104. Retention of documents

(1) With the exception of documents related to a peer review, all individual licensees, firm licensees, individuals with practice privileges, and out-of-state firms shall retain sufficient documentation, in any form, with regard to services performed while engaged in the practice of public accounting, as well as evidence obtained and conclusions reached, for a period of not less than 5 years.

(2)  Documents related to a peer review shall be retained in accordance with the AICPA's professional standards and retention policies pursuant to R 338.5102(1)(a) or until final adjudication of a complaint related to a peer review, whichever is later.

(3)   Documentation shall be consistent with that required by professional standards or promulgated by the applicable nationally or internationally recognized professional standards setting organizations.

History: 2007 AACS; 2013 AACS.