R is a new female trainee in your firm, SKK Ltd. Explain her about the permanent file and its main contents in relation to auditor's working papers.

Permanent File: The permanent file usually contains documents and matters of continuing importance of clients' business which will be required for more than one audit. The data in these files are the information, which is of continuous interest and relevant to succeeding audits. Data in this file can include the following: Statutory Documents: Memorandum of Association Articles of Association Certificate of Incorporation/Commencement of Business Registration documents under various statutory bodies Copies of documents of continuing importance and relevance to the auditor: Letter of engagement and Board Resolution for appointment of the auditor Record of communication with the retiring auditor Royalty Agreement/Technical collaboration Copies of important legal documents/contracts Addresses of the registered office and business: The Company's registered office address and all other units/premises, with a short description of the work carried on at such places. An organizational chart: details of all departments and sub-divisions thereof showing hierarchy of management. List of books and records with location: List of books and records maintained by the company and place of their location. Names, Positions, specimens of signatures and initials of persons responsible for books and document should also be included. An outline history of the organization. Analysis of significant ratios and trends. Internal Controls: Notes on internal control with Details of study & evaluation of internal controls in the form of record, questionnaires or flow charts etc. The business structure within a group and associated companies: List of all holding, Subsidiaries and associate companies. Company's advisors: list of the company's advisors such as bankers, merchant bankers, stockbrokers, solicitors, valuers, insurance brokers etc.