Short answer: An audit practice's workpapers are client information and, for public-company audits, records the SEC requires the auditor to retain for seven years. A license is realistic only for firm-owned material such as methodology, training and practice management, after review under your state board's confidentiality rule.
On this page
Retention rules for issuer audits
For seven years after concluding an audit or review of an issuer's financial statements, the accountant must retain records relevant to the audit or review (17 CFR 210.2-06). Licensing a copy doesn't change retention, but it shows how regulated these files are.
Confidentiality
State boards set the rule. Texas, for example, bars voluntary disclosure of client information without the client's written permission and lists contractors and affiliates among the third parties covered (22 Tex. Admin. Code § 501.75). See our Texas guide.
What could be in scope
- Firm-authored audit methodology and templates with no client data.
- Training and CPE materials the firm owns.
- Scheduling, staffing and budget-to-actual records stripped of client names.
- Quality-management policies.
Size
Mode lists minimum team sizes of 10+ employees for legal, 15+ for accounting, medical and finance, and 50+ for all other businesses, for companies based in the US, Canada, the UK or Australia with several years of records they own (Mode).
| Industry (U.S. firms, 2022) | All firms | 15+ staff | 30+ staff | 50+ staff | 100+ staff |
|---|---|---|---|---|---|
| Offices of CPAs (NAICS 541211) | 50,885 | 3,592 | 1,383 | 764 | 359 |
Source: U.S. Census Bureau, Statistics of U.S. Businesses 2022, detailed employment sizes. Firms (enterprises) by paid employees; contractors are not counted. Each column sums the Census size classes at or above that size.
Before you call a buyer
This is general information, not legal advice. Talk to your own attorney or compliance advisor before you share or license any records.
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Frequently asked questions
Are audit workpapers ever licensable?
They are built from client information. Treat them as out of scope unless counsel and your board's rules clearly allow it.
Does PCAOB registration change anything?
Registered firms have extra obligations. Ask counsel before any review.
Sources
- 17 CFR § 210.2-06, Retention of audit and review records (Cornell LII)law.cornell.edu
- 22 Tex. Admin. Code § 501.75, Confidential Client Communications (Cornell LII)law.cornell.edu
- Mode / BizBuyData referral pagebizbuydata.com
- U.S. Census Bureau, Statistics of U.S. Businesses 2022, detailed employment sizeswww2.census.gov
Referral-fee disclosure: we may be paid by a program if your company signs with it after using this site. General information only, not legal advice.
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