• Retention of Records Relevant to Audits and Reviews
  • August 12, 2003 | Authors: John F. Cox; Bobby J. Hollis; Jeffrey M. Wittenberg
  • Law Firms: Jenner & Block LLP - Chicago Office ; Jenner & Block LLP - Washington Office ; Jenner & Block LLP - Chicago Office
  • As mandated by Section 802 of the Sarbanes-Oxley Act of 2002, on January 22, 2003, the SEC amended Regulation S-X to require accounting firms who audit or review an issuer's or investment company's financial statements to retain certain records related to the audit or review for seven years. Auditors must comply with the new rule for audits and reviews completed on or after October 31, 2003 or be subject to fines and imprisonment.