Definition
Audit documentation, often called workpapers, is generally treated in professional standards as the property of the auditor, and some states recognize this in statute. That does not let a firm keep the client's own records. The AICPA Code treats records requests as part of the Acts Discreditable Rule (ET 1.400.200), and state boards of accountancy often set stricter terms for client-provided records and for member-prepared records. The firm still owes the client its original records on request, subject to the Code and state law.
Why it matters in an audit or review
Ownership questions arise when a client changes firms, a lender or regulator asks for files, or a fee dispute begins. A successor auditor may ask for access to the predecessor's documentation, which depends on client consent and the predecessor's judgment under the Code and AU-C 510.
Example
Illustrative: a client leaves the firm and requests its files. The firm returns the client's general ledger exports and original contracts, and keeps its own analyses and tick-marked schedules, subject to what the state board allows.
Common mistakes
- Refusing to return client-provided records during a fee dispute without checking state rules.
- Promising a client the audit file in an engagement letter.
Sources
- AICPA, AU-C section 230, Audit Documentation (ownership and confidentiality of audit documentation)
- AICPA, Code of Professional Conduct, ET 1.400.200, Records Requests: https://pub.aicpa.org/codeofconduct/ethics.aspx
- State board of accountancy rules on client records and working papers
Definitions paraphrase AICPA and FASB guidance; read the standard itself before relying on a requirement. Example figures are illustrative. This page is guidance, not professional advice. Report an error