Economics · Audit File Retention and Assembly

Evaluate the following statements regarding the policies for assembly and retention of audit files under International Standards on Auditing (ISAs): 1. A policy of assembling final audit files within 60 days of the auditor's report aligns with the maximum administrative period allowed by ISAs. 2. It is incompatible with ISAs to make any administrative changes or deletions to the audit files after the assembly period is complete. 3. It is acceptable to make minor administrative modifications to an audit file after 60 days without strictly locking the files. 4. Disposing of audit files after only 3 years from the date of the auditor's report violates the minimum retention period required by ISAs.