| Final Rule: Retention of Records Relevant to Audits and Reviews (10079 words) |
 | To clarify the distinction between workpapers and other materials that would be retained, paragraph (b) of the final rule defines the term "workpapers." The legislative history to section 802 states that the term is to be used as it is "widely understood" by the Commission and by the accounting profession. |
| One commenter indicated that it was unclear whether section 802 of the Sarbanes-Oxley Act applies to such records and that, if such a requirement was imposed, it would go beyond those documents that are relevant to the audit or review or that contain the auditor's conclusions, opinions, or analyses. |
| The objective of the rule is to implement section 802 of the Sarbanes-Oxley Act in order to increase investor confidence in the audit process and in the reliability of reported financial information. |
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