Under the Sarbanes-Oxley Act of 2002, it is a felony for an auditor to willfully fail to maintain proper records of audits and work papers for at least five years.
Option d
<u>Explanation:
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The Sarbanes-Oxley Act 2002 is a federal act providing rigorous auditing of government corporations ' banking regulations. Legislators also produced legislation to ensure safety for investors, employees and the community from accounting irregularities and dishonest financial practices.
Sarbanes-Oxley offers for a new act entitled "Corporate and Criminal Fraud Accountability Act 2002" (CCFA Act), which promises to change federal criminal law to the following:
Prohibit anyone from intentionally changing, damage, mutilation, and covering, cover-up, falsifying or accessing any documents in a matter that is within the competence of any government agency or any federal bankrupt case, obstructing or affecting an inquiry.
Forbid an auditor from intentionally or inadvertently not holding any inspection or examination papers relating to a government undertaking over a five-year period although it's not a felony for Sarbanes-Oxley to hold these working papers for at least 5 years, over seven years, the auditors must retain their records.
Communities will perhaps rather report a crime instead of "taking things into their own hands," because they want to avoid conflict or may have no true interest in what they're reporting.
