Sox Section 802

Firms must observe various statutory considerations when establishing recordkeeping policies including sarbanes oxley sox 802 which sets forth a variety of document maintenance requirements.

Sox section 802. Criminal penalties for altering documents. Sox specifies different data retention dates for different document types. The second strictly defines the retention.

A in general chapter 73 of title 18 united states code is amended by adding at the end the following. An over arching public company accounting board was also established by the act which was introduced amidst a host of publicity. The sarbanes oxley act of 2002 pub l.

The sarbanes oxley act is arranged into eleven titles. Sox section 802 focuses on business data retention and protection. Destruction alteration or falsification of records in federal investigations and bankruptcy.

Summary of section 802. Previously only accounting records contracts and other legal documents had record retention guidelines. Section 802 of the sarbanes oxley act 3 is intended to address the destruction or fabrication of evidence and the preservation of financial and audit records 4 we are directed under that section to promulgate rules related to the retention of records relevant to the audits and reviews of financial statements that issuers file with the commission.

Sox does not mandate private companies to comply but under section 802 whoever knowingly destroys alters or falsifies records with the intent to impede or influence a federal investigation may be fined and or imprisoned for no more than 20 years. 745 enacted july 30 2002 also known as the public company accounting reform and investor protection act in the senate and corporate and auditing accountability responsibility and transparency act in the house and more commonly called sarbanes oxley sarbox or sox is a united states federal law that set new or. This section also imposes penalties of fines and or imprisonment up to 10 years on any accountant who knowingly and wilfully violates the requirements of maintenance of all audit or review papers for a period of 5 years.

Section 802 of the sox act of 2002 contains the three rules that affect recordkeeping. The first deals with destruction and falsification of records. However section 802 defines mostly the what and not the how i e what type of business records should be stored and for how long but not how it should be done or where these records should be kept.