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SOX - Sarbanes — Oxley Act

What does it mean?

  • Enhances corporate responsibility and financial reporting, and imposes new duties and significant penalties for noncompliance on public companies and their executives, directors, auditors, attorneys and securities analysts

Who is affected?

  • All companies that are required to file periodic reports with the SEC, as well as accounting, legal and records/information management professions within public companies traded on U.S. stock exchanges who work with companies on financial and corporate reporting

What is the impact? (penalties and fines)

  • Any individual who destructs, alters, or falsifies records with the intent to impede, obstruct, or influence an investigation will be fined, imprisoned not more than 20 years, or both.
  • Whoever knowingly and willfully destructs corporate audit records or any rule or regulation disseminated by the Securities and Exchange Commission will be fined, imprisoned not more than 10 years, or both

How to reach compliance?

  • Keep a record and information management policy, which details certain polices and procedures, including a document destruction policy focusing on how to stop destruction if an investigation is anticipated
  • Regularly review this policy with your attorneys, and update it accordingly

Contact Us and a Cintas Document Management expert will do a no-obligation evaluation of your facility's information management needs.