2011 US Code
Title 18 - Crimes and Criminal Procedure
Part I - CRIMES (§§ 1 - 2725)
Chapter 73 - OBSTRUCTION OF JUSTICE (§§ 1501 - 1521)
Section 1520 - Destruction of corporate audit records
View Metadata| Publication Title | United States Code, 2006 Edition, Supplement 5, Title 18 - CRIMES AND CRIMINAL PROCEDURE |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 18 - CRIMES AND CRIMINAL PROCEDURE PART I - CRIMES CHAPTER 73 - OBSTRUCTION OF JUSTICE Sec. 1520 - Destruction of corporate audit records |
| Contains | section 1520 |
| Date | 2011 |
| Laws in Effect as of Date | January 3, 2012 |
| Positive Law | Yes |
| Disposition | standard |
| Source Credit | Added Pub. L. 107-204, title VIII, §802(a), July 30, 2002, 116 Stat. 800. |
| Statutes at Large Reference | 116 Stat. 800 |
| Public Law Reference | Public Law 107-204 |
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(a)(1) Any accountant who conducts an audit of an issuer of securities to which section 10A(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78j–1(a)) applies, shall maintain all audit or review workpapers for a period of 5 years from the end of the fiscal period in which the audit or review was concluded.
(2) The Securities and Exchange Commission shall promulgate, within 180 days, after adequate notice and an opportunity for comment, such rules and regulations, as are reasonably necessary, relating to the retention of relevant records such as workpapers, documents that form the basis of an audit or review, memoranda, correspondence, communications, other documents, and records (including electronic records) which are created, sent, or received in connection with an audit or review and contain conclusions, opinions, analyses, or financial data relating to such an audit or review, which is conducted by any accountant who conducts an audit of an issuer of securities to which section 10A(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78j–1(a)) applies. The Commission may, from time to time, amend or supplement the rules and regulations that it is required to promulgate under this section, after adequate notice and an opportunity for comment, in order to ensure that such rules and regulations adequately comport with the purposes of this section.
(b) Whoever knowingly and willfully violates subsection (a)(1), or any rule or regulation promulgated by the Securities and Exchange Commission under subsection (a)(2), shall be fined under this title, imprisoned not more than 10 years, or both.
(c) Nothing in this section shall be deemed to diminish or relieve any person of any other duty or obligation imposed by Federal or State law or regulation to maintain, or refrain from destroying, any document.
(Added Pub. L. 107–204, title VIII, §802(a), July 30, 2002, 116 Stat. 800.)
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