 | This 2002 legislation creates new requirements for businesses and accountants to maintain corporate audit records or review working papers for 5 years beyond the year in which an audit is concluded. The new law also creates penalties for destroying or altering documents that are relevant to contemplated or ongoing investigations or official actions. Scan Solutions can help businesses and accounting firms and their clients comply with the law by | Establishing a retention and destruction schedule for audit documents that complies with federal law Storing audit records off site to limit the potential for tampering or inappropriate destruction Creating electronic versions of paper records to provide "back ups" of original documents in the event the originals are inadvertently lost, altered, or destroyed.
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