Q:

How long do you have to keep accounting records?

A:

Quick Answer

The Sarbanes-Oxley Act of 2002 mandates accounting firms to retain financial statements and accounting documents for seven years, according to the U.S. Securities and Exchange Commission, or SEC. This includes records, documents and work papers related to the audit and review.

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Full Answer

The Sarbanes-Oxley Act aims to preserve financial and audit records for transparency and use in investigations. The SEC complies with this Act and requires this retention period of seven years after the conclusion of the audit of all issuers of securities and registered investment companies, explains its website. The rule also applies to domestic and foreign accounting firms auditing foreign issuers.

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