The permanent file section of the working papers that is retained for each audit client...

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Accounting

The permanent file section of the working papers that is retained for each audit client most likely contains:
Narrative descriptions of the transaction cycles and controls.
Review notes pertaining to questions and comments regarding the audit work performed.
Correspondence with the client's legal counsel concerning pending litigation.
A schedule of time spent on the engagement by each individual auditor.
Completeness.
Valuation and allocation.

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