Retention of Records Relevant to Audits and Reviews
- Topics:
- Audits,
- Sarbanes Oxley Compliance
- Tags:
- Audit,
- Finance,
- Financial,
- Financial Accounting,
- Financial Statement,
- Financial Statements,
- Hinshaw & Culbertson
- Source:
- Hinshaw & Culbertson
FREE Registration is required
Overview: On January 22, 2003, the SEC, as mandated by Section 802 of the Act, added Rule 2-06 to Regulation S-X to require accountants who audit or review an issuer’s financial statements to retain certain records relevant to that audit or review. These records include work-papers and other documents that form the basis of the audit or review, and memoranda, correspondence, communications, other documents, and records (including electronic records), which are created, sent or received in connection with the audit or review, and contain conclusions, opinions, analyses, or financial data related to the audit or review. Rule 2-06 requires that these records be retained for seven years after the auditor concludes the audit or review of the financial statements, rather than the proposed period of five years from the end of the fiscal period in which an audit or review was concluded as originally proposed. Rule 2-06 addresses the retention of records related to the audits and reviews of not only issuers’ financial statements but also the financial statements of registered investment companies. Details follow in paper, reading required for amplification.
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Format: HTML | Date: Jan 2003 | Pages: 1
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