A case for iForem and the Deep Freeze Product? I say yes.

Sarbanes-Oxley Has Major Impact on Electronic Evidence

NEW RETENTION REQUIREMENTS

Sarbanes-Oxley imposes new requirements on public companies and their accounting and auditing teams with regard to the retention and destruction of certain financial records. There are three provisions that deal with electronic documents and should be of concern to corporations:

• Document alteration or destruction. Section 802 of the act amends the federal obstruction-of-justice statute by adding two new offenses. First, people who knowingly alter, destroy, mutilate, conceal or falsify any document or tangible object with the intent to impede, obstruct or influence proceedings involving federal agencies or bankruptcy proceedings may be fined, imprisoned up to 20 years or both.

• Mandatory document retention. Second, § 802 directs accountants to maintain certain corporate audit records or to review work papers for a period of five years from the end of the fiscal period during which the audit or review was concluded. It also directs the Securities and Exchange Commission (SEC) to promulgate, within 180 days, any necessary rules and regulations relating to the retention of relevant records from an audit or review. This section makes it unlawful knowingly and willfully to violate these new provisions -- including any rules and regulations promulgated by the SEC -- and imposes fines, a maximum term of 10 years' imprisonment or both.

• Obstruction of justice. Section 1102 expands the obstruction-of-justice statute that prohibits tampering with witnesses. Now acting or attempting "corruptly" to alter or destroy a record or other object "with the intent to impair the object's integrity or availability for use in an official proceeding" is punishable with fines and/or imprisonment of up to 20 years.