Final answer:
Internal Auditors must retain books for the time prescribed by legal requirements, often influenced by tax laws, which is generally a minimum of 3 years in the U.S., but can vary depending on jurisdiction and specific company policies.
Step-by-step explanation:
The length of time that Internal Auditors (IAs) are required to maintain books or records depends greatly on the legal and regulatory framework of the jurisdiction in which the business operates, as well as the policies of the specific company or organization. Typically, organizations must keep financial documents for a certain number of years, which is often dictated by tax laws or industry regulations.
For example, in the United States, the Internal Revenue Service (IRS) requires businesses to keep records for at least 3 years. However, in cases of suspected fraud or tax evasion, they may need to be kept longer. Companies also establish their own internal policies for record retention which can be more stringent than legal requirements. It is critical for Internal Auditors to know their country's laws and their organization's policies.