On 5/22/08, David Ives <[log in to unmask]> wrote:
> My reading of the legislation seems to only point to 5 years (18 USCS
> 1520) or  7 years (17 CFR 210.2-06) (which is directed at accounting
> companies).  Yet it has been suggested to me by a consultant that a
> majority of businesses they work with have decided upon a 10 year
> retention time period.
Seven years seems to be the standard I've used and seen in other
organizations.  As you point out, 17 CFR only applies only to auditing
firms.  That though seems to be the prevailing direction.  As Whitaker
would say though, "you need to consider not only what the law says but
also your business needs."

I would be curious to understand the consultant's rational for a 10
year retention.  I know some accounting records in certain industries
(e.g. oil and gas) need to be retained for a 10 year period but for
SOX records, just doesn't make sense, to me anyway.

-- 
Bruce L. White, MBA, CRM, PMP
Houston, TX
e-mail: [log in to unmask]

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