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Date: | Wed, 11 May 2005 17:05:00 -0400 |
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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
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