On 5/11/05, White, Bruce <[log in to unmask]> wrote:
>
> I've read the SOX requirements a number of times.  The way I read it, the
> seven year retention for audit records only applies audit firms; companies
> have the choice (although I suspect many will follow the seven year rule as
> well.)  I've seen other articles from "experts" quoting the same seven year
> requirement for all audit records.  Am I misinterpreting the Act?  Just
> curious...


not really now as I look at my handy-dandy John Montana publication on
S-Ox from ARMA the  relevant section of the Act is 103(a)(2)(A)(i)
<snip>
"...the Board shall include in the auditing standards that it adopts,
requirements that each registered public accounting firm shall -
prepare, and maintain for a period of not less than 7 years, audit
work papers, and other information related to any audit report, in
sufficient detail to support the conclusions reached in such
report;..."

The Board referred to is the Public Company Accounting Oversight
Board. Like you I would suspect that many companies will use the 7
year requirement since if there auditor's report may be questioned the
people questioning the audit would want to review the original
records.

Peterk
--
Peter Kurilecz
Richmond, Va

List archives at http://lists.ufl.edu/archives/recmgmt-l.html
Contact [log in to unmask] for assistance