![]() ![]() ![]() Use simple language and straightforward terms when drafting retention policies. In order to create a record retention policy that is truly comprehensive and represents the interests of your entire organization, you need input from multiple different voices, including your in-house legal counsel, finance department, accounting team and other various departmental managers and supervisors. Make data retention policy development a team effort.Although legal requirements come first, any data retention policies that you implement should also be designed in such a way that they streamline business-critical processes and promote efficiency. Determine what your business needs are.Make sure you are aware of and understand all the regulations that apply to your business and any legal obligations before you get started. Any public company found in violation of SOX’s data retention requirements is subject to fines, imprisonment or both.įor more information on the provisions outlined in SOX, please refer to our blog post on SOX compliance.įor even more examples of legal and regulatory record retention policy requirements, check out our blog post on email retention laws.Īlthough there’s no one-size-fits-all approach to data retention - requirements will vary depending on the size of your business, the industry in which you operate, the type of data you process and so on - there are a few best practices to follow when creating a data retention policy: 802(a)(2), include memoranda, correspondence, communications, electronic records and other documents, which are created, sent or received in connection to an audit or review. “Any accountant who conducts an audit of an issuer of securities to which section 10A(a) of the Securities Exchange Act of 1934 applies, shall maintain all audit or review workpapers for a period of five years from the end of the fiscal period in which the audit or review was concluded.” 802(a)(1) of the Sarbanes-Oxley Act (SOX): All records must be made readily for inspection by Department of Labor representatives. Records to compute pay, which include time cards, work and time schedules and records of additions to or reductions from wages, must be kept for two years. Department of Labor, the Fair Labor Standards Act (FLSA) requires employers to maintain records for a period of at least three years. ![]()
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