Concerning retention of working papers,the Sarbanes-Oxley Act:
A)Has no provisions.
B)Requires permanent retention.
C)Requires retention for at least 7 years.
D)Requires retention for a period of 4 or less years.

Question

Quizplus · Accepted Answer

The Sarbanes-Oxley Act requires retention of working papers for at least 7 years. This includes all documentation related to audits and reviews performed by public accounting firms, as well as any other records that could be material to the financial statements. The purpose of this requirement is to ensure that there is adequate documentation available in case of future investigations or legal proceedings.

Concerning Retention of Working Papers,the Sarbanes-Oxley Act