Permanent file definition
/What is a Permanent File?
A permanent file is a set of records that serves as an ongoing reference for an organization's external auditors . The information in the file is intended to be accessed repeatedly in successive audits to assist the audit team in the conduct of their tasks. The file may contain the following documents:
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Articles of incorporation
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Bylaws
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Director list
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History of the client organization
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Internal controls documentation
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Organization chart
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Prior year's audit report
By maintaining these items in a permanent file, incoming auditors have a ready source of relevant information pertaining to a client. In order to keep this information relevant, the auditors will need to update the file whenever there is a change in the documentation, such as new accounting policies, articles of incorporation, and bylaws.
