In the Auditing world, document retention has always been an important issue. How long to retain documents, records, audit working papers have been the point of contention between auditors and for that matter companies. Recently, I was going through the bare text of the Sarbanes Oxley act. I found two sections which have a mention about document retention and related provisions. Below, I am discussing the 3 Sarbanes Oxley Sections:

Section 802 Destruction of Corporate Records - Under Section 802, SOX reuires that Public auditors maintain audit and review workpapers for a minimum period of seven years. Section 802 also deals with destruction, alteration, falsification of records in Federal investigations and bankruptcy. The Section further states that "Whomever alters, destroys, mutilates, conceals, covers up, falsifies, or makes a false entry in any record, document, or tangible object relevant to any matter within the jurisdiction of any federal agency or any bankruptcy case shall be imprisoned not more than 20 years."

Section 1102 Impeding Official Proceeding - Section 1102 is a very harsh & stringent provision which states that "whoever alters, destroys, mutilates, or conceals a record, document or other object relevant to an official proceeding or otherwise obstructs or impedes any official proceeding shall be imprisoned for not more than 20 years."

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