False, under the Sarbanes-Oxley act of 2002, accountants must retain working papers relating to an audit or review for seven years.
What is Sarbanes-Oxley act?
- The Sarbanes-Oxley Act of 2002 is a federal law that establishes extensive audit and financial regulations for publicly traded companies.
- Legislators have created laws to protect shareholders, employees, and the general public from accounting errors and fraudulent financial practices.
- In 2002, the US Congress passed the Sarbanes-Oxley Act (SOX) to protect shareholders and the public from corporate accounting errors and fraud and to improve the accuracy of corporate disclosures.
- The Sarbanes Oxley Act requires all financial reports to include an internal control report.
- This indicates that the company's financial information is accurate and appropriate controls are in place to protect financial information. An annual report is also required.
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