Title 18 — Crimes and Criminal ProcedureRelease 119-73

§1520 Destruction of corporate audit records

Title 18 › Part PART I— - CRIMES › Chapter CHAPTER 73— - OBSTRUCTION OF JUSTICE › § 1520

Last updated Apr 6, 2026|Official source

Summary

Accountants who audit companies covered by section 10A(a) of the Securities Exchange Act of 1934 must keep all audit and review workpapers for 5 years after the fiscal period in which the audit or review ended. The Securities and Exchange Commission must, within 180 days after notice and a chance to comment, make rules about keeping related records (including electronic files) that show conclusions, opinions, analyses, or financial data. The SEC can change those rules later after notice and comment. Anyone who knowingly and willfully breaks the 5‑year rule or the SEC’s related rules can be fined, jailed for up to 10 years, or both. This does not remove any other federal or state duties to keep or not destroy documents.

Full Legal Text

Title 18, §1520

Crimes and Criminal Procedure — Source: USLM XML via OLRC

(a)(1)Any accountant who conducts an audit of an issuer of securities to which section 10A(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78j–1(a)) applies, shall maintain all audit or review workpapers for a period of 5 years from the end of the fiscal period in which the audit or review was concluded.

(2)The Securities and Exchange Commission shall promulgate, within 180 days, after adequate notice and an opportunity for comment, such rules and regulations, as are reasonably necessary, relating to the retention of relevant records such as workpapers, documents that form the basis of an audit or review, memoranda, correspondence, communications, other documents, and records (including electronic records) which are created, sent, or received in connection with an audit or review and contain conclusions, opinions, analyses, or financial data relating to such an audit or review, which is conducted by any accountant who conducts an audit of an issuer of securities to which section 10A(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78j–1(a)) applies. The Commission may, from time to time, amend or supplement the rules and regulations that it is required to promulgate under this section, after adequate notice and an opportunity for comment, in order to ensure that such rules and regulations adequately comport with the purposes of this section.

(b)Whoever knowingly and willfully violates subsection (a)(1), or any rule or regulation promulgated by the Securities and Exchange Commission under subsection (a)(2), shall be fined under this title, imprisoned not more than 10 years, or both.

(c)Nothing in this section shall be deemed to diminish or relieve any person of any other duty or obligation imposed by Federal or State law or regulation to maintain, or refrain from destroying, any document.

Reference

Citations & Metadata

Citation

18 U.S.C. § 1520

Title 18 — Crimes and Criminal Procedure

Last Updated

Apr 6, 2026

Release point: 119-73