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SOX Record Retention and Management Checklist

A comprehensive checklist for financial services companies to establish, implement, and maintain SOX-compliant record retention and management practices, focusing on preserving financial and audit-related documents.

SOX Record Retention and Management Checklist

by: audit-now
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About This Checklist

The SOX Record Retention and Management Checklist is a vital tool for financial services organizations to ensure compliance with Section 802 of the Sarbanes-Oxley Act. This comprehensive checklist guides companies through the process of establishing, implementing, and maintaining proper record retention policies and procedures. By adhering to this checklist, organizations can safeguard critical financial and audit-related documents, prevent document alteration or destruction, and maintain a clear audit trail. Regular use of this SOX record management checklist enables businesses to demonstrate due diligence in preserving financial records, enhance transparency, and mitigate risks associated with non-compliance.

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Industry

Financial Services

Standard

SOX Section 802 - Record Retention

Workspaces

Data Centers
Corporate offices
Archives

Occupations

Records Manager
Compliance Officer
IT Manager
Legal Counsel
Chief Information Officer
1
Is the document retention policy compliant with SOX Section 802?

Select the compliance status.

To ensure adherence to regulatory requirements for document retention.
2
Is there a scheduled review for document retention policies?

Indicate whether there is a review schedule.

To verify regular evaluation of retention policies.
3
What is the maximum retention period for financial records (in years)?

Enter the maximum retention period in years.

To assess compliance with legal retention requirements.
Min: 1
Target: 7
Max: 20
4
Describe how legal holds are implemented for documents.

Provide details on the implementation process.

To ensure that legal holds are effectively managed.
5
Is there an audit trail that tracks document access and modifications?

Select the status of the audit trail.

To ensure accountability and traceability of document management.
6
Are adequate data preservation measures in place for electronic documents?

Select the status of data preservation measures.

To ensure that electronic documents are safeguarded against data loss.
7
Is encryption utilized for sensitive electronic documents?

Indicate whether encryption is used.

To assess the security of sensitive financial information.
8
Describe the procedures for the disposal of electronic documents.

Provide details on document disposal procedures.

To ensure that electronic documents are disposed of securely.
9
How frequently are backups of electronic documents performed (in hours)?

Enter the backup frequency in hours.

To ensure that backups are conducted regularly to prevent data loss.
Min: 1
Target: 24
Max: 72
10
Are proper access control measures implemented for electronic documents?

Select the status of access control measures.

To ensure that only authorized personnel can access sensitive documents.
11
Are all employees trained on record retention policies and compliance?

Select the training compliance status.

To verify that staff is aware of and understands compliance requirements.
12
Is there a mechanism for reporting incidents related to document management?

Indicate whether an incident reporting mechanism is in place.

To ensure that all incidents are properly reported and managed.
13
How often are audits conducted on record retention practices (in months)?

Enter the frequency of audits in months.

To ensure regular assessment of compliance and governance.
Min: 1
Target: 6
Max: 12
14
What are the defined roles and responsibilities related to document management?

Describe the roles and responsibilities.

To ensure clear accountability for document management practices.
15
Is the organization in compliance with all relevant regulations regarding document management?

Select the compliance status.

To confirm adherence to applicable regulatory requirements.
16
How often are information governance policies reviewed?

Select the policy review frequency.

To ensure that policies are kept up-to-date and relevant.
17
Is there a data classification system in place for documents?

Indicate whether a data classification system exists.

To ensure that data is categorized appropriately for security and compliance.
18
What percentage of documents comply with the established retention schedule?

Enter the compliance percentage.

To assess adherence to the retention policy.
Min: 0
Target: 95
Max: 100
19
Describe the disaster recovery plan for document management.

Provide details on the disaster recovery plan.

To ensure that there are effective measures in place for data recovery.
20
Are third-party vendors compliant with your document management policies?

Select the compliance status of third-party vendors.

To ensure that external partners adhere to your compliance standards.

FAQs

SOX Section 802 covers a wide range of records including audit workpapers, correspondence, memoranda, electronic records, and other documents related to audits and reviews of financial statements.

SOX requires that audit and review workpapers be retained for at least seven years after the conclusion of the audit or review. Other relevant documents may have different retention periods based on their nature and relevance.

While the overall responsibility often lies with the compliance officer or legal department, implementation typically involves collaboration between IT, records management, finance, and other relevant departments.

SOX imposes severe penalties for knowingly altering, destroying, concealing, or falsifying records with the intent to impede, obstruct, or influence a federal investigation or bankruptcy proceeding.

Technology plays a crucial role in implementing SOX-compliant record retention practices, including the use of electronic document management systems, data backup solutions, and access control mechanisms to ensure the integrity and security of retained records.

Benefits

Ensures compliance with SOX Section 802 record retention requirements

Reduces risk of penalties associated with improper document destruction

Enhances audit readiness and facilitates smoother regulatory examinations

Improves overall information governance and data management practices

Strengthens legal defensibility in case of litigation or investigations