Federal corporate requirements for document retention

- One federal law that requires specific mention…is the Sarbanes-Oxly Act,…which was enacted to require corporations…to retain certain information…that the federal government determined was…either being inadvertently or intentionally destroyed,…thereby preventing it's use in any federal proceeding.…Under the Sarbanes-Oxley Act,…it's a crime to intentionally destroy records…relevant to a federal investigation,…prosecution, or bankruptcy filing.…Or to destroy records to impair their use…in any official proceeding.…

Or to attempt to obstruct, influence,…or impede an official proceeding.…Similarly, it is a crime to intentionally destroy records…regarding an audit of an issuer of securities…prior to 5 years after the audit.…The Sarbanes-Oxley Act applies not only to corporations,…but also to their accountants.…Requiring any accountant who conducts an audit…of an issuer of securities,…that's an issuer of stock,…to maintain all audit and review paperwork…for a period of 5 years from the end of the fiscal period…in which the audit or review was conclued.…