Sarbanes Oxley Act Section 802

 

SEC. 802. CRIMINAL PENALTIES FOR ALTERING DOCUMENTS.
(a) IN GENERAL.—Chapter 73 of title 18, United States Code,
is amended by adding at the end the following:
 
‘‘ 1519. Destruction, alteration, or falsification of records
in Federal investigations and bankruptcy
 
‘‘Whoever knowingly alters, destroys, mutilates, conceals, covers
up, falsifies, or makes a false entry in any record, document, or
tangible object with the intent to impede, obstruct, or influence
the investigation or proper administration of any matter within
the jurisdiction of any department or agency of the United States
or any case filed under title 11, or in relation to or contemplation
of any such matter or case, shall be fined under this title, imprisoned
not more than 20 years, or both.
 
‘‘ 1520. Destruction of corporate audit records
 
‘‘(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.’’.
 
(b) CLERICAL AMENDMENT.—The table of sections at the beginning
of chapter 73 of title 18, United States Code, is amended
by adding at the end the following new items:
 
‘‘1519. Destruction, alteration, or falsification of records in Federal investigations
and bankruptcy.
‘‘1520. Destruction of corporate audit records.’’.

 

   

 

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