For issuers, how long do they have to finalize their workpapers following the release of the audit report?

Issuers are required to finalize their workpapers within 45 days following the release of the audit report. This timeframe is established to ensure that all necessary documentation and evidence supporting the audit conclusions and findings are completed promptly, facilitating transparency and accountability in the audit process. Finalizing workpapers within this period allows auditors to maintain the integrity of their work and ensures compliance with professional standards and regulatory requirements.

The 45-day window encourages timely reviews and potential modifications to the documentation while the audit is still fresh in the auditors' minds, promoting accuracy and comprehensive support for the audit report issued. This practice is essential in maintaining the quality of the audit and helps provide a reliable foundation for stakeholders relying on the financial statements.