Securities Advisory: Improper Influence of Audits and Retention of Auditor Records
6/26/2003
In response to the mandates of Sections 303(a) and 802 of the Sarbanes-Oxley Act of 2002, the Securities and Exchange Commission recently issued final rules regarding:
- the improper influence by officers, directors and persons acting under their direction on the conduct of an audit of an issuer's financial statements, and
- the retention by auditors of records relating to audits and reviews of financial statements.
The rules relating to improper influence on the conduct of an audit will take effect on June 27, 2003, and compliance with the rules relating to retention of audit records will be required for all audits and reviews that are completed after October 31, 2003.
