Great article from the Criminal Defense Lawyers Los Angeles. Here is a snippet:
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Tags: Sarbanes-Oxley Articles & Information, 404, 404 audit, compliance, Sarbanes-Oxley, audit scope
Sarbanes-Oxley legislative rules dictate that audit-related documentation must be kept for 7 years. To that end, when the question arises "should I keep this?" the answer is going to typically be yes. Vibato recommends storing all of your internal audit documentation in a bankers box by year and marking on the outside with a Sharpie that the contents should not be destroyed before X year (X year equals this year + 7).
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CAQ comments on SEC study required by Dodd-Frank Act regarding SOX Section 404(b) compliance
Posted by
Bill Bockwoldton December 8, 2010
From the Center for Audit Quality (CAQ):
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Tags: Sarbanes-Oxley Articles & Information, 404, 404 audit, audit costs, Wall Street Reform, compliance, Sarbanes-Oxley, audit scope, external auditing
Read this article in full here: http://www.corporatefinancialweeklydigest.com/2010/11/articles/seccorporate-1/sox-404-a-sixthyear-evaluation/
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One of the best time savers for dealing with the mass-quantities of documentation produced in accounting departments is to store your hardcopy support in binders by month. Whenever we suggest this to new customers who have typically stored their documents in file cabinets spread amongst the various accounting staff we ALWAYS get the response that this sounds like a waste of time and a lot of work. On the contrary - hunting down documents is a waste of time a more work. Vibato recommends storing your month/quarter-end documents in binders that are tabbed out by topic (JE's, recons, bank statements, etc). A colored piece of paper can be used in lieu of tabs if you don’t have any available. What you will actually find when you start to use a binder is that you will have a heightened sense of how far along you are at any given moment and when you or your auditors need to reference old material, you'll know right were to go.
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