FIVE YEARS OF THE PRESCRIBED PERIOD BETWEEN TWO SUCCESSIVE LOCAL AUDITS OF AN ORGANISATION HAVE BEEN FOUND ESSENTIAL , UNDER LAW CODE MANUAL.

STOCK REGISTER :-- Since the register will also include the stocks purchased locally and since audit must satisfy itself that the local purchases made have,in fast, been brought to the stock register , The register must be maintained for five years .(Counted from the date of the last entry ) which is generally the maximum interval between two successive local audits of an organisation . When a stock register is closed and new one opened,entries regarding closing balances should be carried forward to the new register .When a stock register is closed and a new one opened, entries regarding closing balances should be carried forward to the new register .The local purchases as found necessary to facilitate the provision made and audit of the local purchases with in a period of five years of the transactions made during the course of local audit has recommended.Indents on stationary office for which period of one year has been recommended required for the complete account of receipt and issue of the stationary articles will be maintained in the stock register , which is proposed to be preserved for five years.