SEC Adopts Final Rule Regarding Retention of Records Relevant to Audits and Reviews
- Topics:
- Regulatory issues
- Tags:
- Accounting Company,
- Audit,
- Finance,
- Financial,
- Financial Accounting,
- Record,
- SEC,
- Thelen Reid & Priest
- Source:
- Thelen Reid & Priest
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Overview: On January 24, 2003, the Securities and Exchange Commission issued a release adopting rules that require accounting firms to retain for seven years certain records relevant to their audits and reviews of issuers' financial statements. Records to be retained include an accounting firm's work-papers and certain other documents that contain conclusions, opinions, analyses, or financial data related to the audit or review. The final rules do not require the creation of any record; they simply require that existing records be maintained for the prescribed period of time. As noted in the release, the mandated retention of audit and review records is intended to curb the destruction, and assist in the availability, of records that may be relevant to investigations conducted under the securities laws, Commission rules or criminal laws. The record retention requirements in Rule 2-06 implement a congressional mandate set forth in Sarbanes-Oxley. Read the discussion on the provisions of rule 2-06 as provided by this referential.
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Format: HTML | Date: Jan 2003 | Pages: 1
