Securities Law and Liabilities of CPAs Flashcards
1
Q
How long must auditors retain working papers?
A
7 years
2
Q
Is it a criminal offense under the Sarbanes Oxley Act of 2002 to dispose of audit working papers before 7 years has lapsed?
A
Yes, it is a criminal offense.
3
Q
What is a tort?
A
A tort is a wrong NOT involving breach of a contractual duty for which judicial relief may be granted in a civil suit.
