Current trends are to adopt SOX. The driving force seems to be form the BIF
FOUR. If you hope to pass external audit next year you might want to start
looking at coming into compliance. I was asked what law required us to
comply with SOX. My response, based on discussions with auditors was, that
there is no law currently requiring compliance with SOX. There will be an
audit requirement in one form or another, so buckle up. The BIG FOUR don't
want to legislated any more than they are, so the are going to get tough.
Chris Flynn
-----Original Message-----
From: Train, TK [mailto:[log in to unmask]]
Sent: Friday, August 20, 2004 10:46 AM
To: [log in to unmask]
Subject: Re: SOX and Re: Retention for Private Sector Companies
Julie,
I agree with you.... and not only that.... but the requirements of SOX are
what any prudent company should be doing regardless.
My 2 cents on a gorgeous Friday!
TK Train, CRM, MIT
ECM Practitioner
Corporate RIM Manager
Qwest Communications, Inc.
303-458-2870
[log in to unmask]
-----Original Message-----
From: Records Management Program [mailto:[log in to unmask]] On Behalf
Of Colgan, Julie J.
Sent: Friday, August 20, 2004 11:37 AM
To: [log in to unmask]
Subject: SOX and Re: Retention for Private Sector Companies
A quick comment on SOX ... Even if you aren't a public company (publicly
traded), you might want to consider trying to meet the requirements of
Sarbanes anyway. Several private companies are working toward compliance in
the event they go public in the future; while they have the luxury of not
being tied to the enforcement deadlines. Also, some public companies are
requiring their vendors to be in compliance with sections of the Act as well
(trickle-down effect). Just something to think about on a Friday afternoon
...
Julie
Julie J. Colgan
Records Manager
Arnall Golden Gregory LLP
[log in to unmask]
-----Original Message-----
From: Jones, Virginia [mailto:[log in to unmask]]
Sent: Friday, August 20, 2004 1:20 PM
To: [log in to unmask]
Subject: Re: Retention for Private Sector Companies
Laura:
You may point out to your boss that it is difficult to determine retention
values for unknown record series. Without an inventory - how do you know
what types of records you have? Another piece of ammo for you - since you
are a private company, you may be required to meet Sarbanes-Oxley (is your
company publicly traded?). If so, you definitely need a thorough,
structured approach to determining retention values.
Ginny Jones
(Virginia A. Jones, CRM)
Records Manager
Information Technology Division
Newport News Dept. of Public Utilities
Newport News, VA
[log in to unmask]
> -----Original Message-----
> From: Laura Boldt [mailto:[log in to unmask]]
> Sent: Friday, August 20, 2004 12:42 PM
> To: [log in to unmask]
> Subject: Re: Retention for Private Sector Companies
>
>
> Thank you all for your input. I appreciate it. You are going to
> cringe at this statement, but if I told my boss that a records
> inventory needed to be done before the retention schedule was
> researched and written I would get laughed at. I'm trying to educate
> him on records management but he still has a long way to go. At least
> upper management finally realizes that our existing retention schedule
> is a joke and can get us in more trouble than it can prevent.
>
> Gary, as far as I know the time sheets are only used to record the
> employees time worked, but I will check this out.
>
> Laura
>
>
>
> >>> [log in to unmask] 8/20/2004 9:22:05 AM >>>
>
> Folks, again, maybe what we need to do is decide on a definition of
> "time sheets" before we start throwing around suggested retentions.
>
> David is making an excellent point here in showing that various states
> have set (and in most cases published) retention requirements.
> However, in my
> experience, I would not consider any of the examples cited
> here to be "time
> sheets"! I may be wrong (as usual, many people will say) but
> to me a "time
> sheet" is simply a printed or electronic form submitted by an
> employee or
> supervisor to a payroll department to show time worked.
>
> Of course this is why we do records inventories before we research
> retention periods. It's very, very hard to set a retention period if
> we don't know
> exactly what kind of record we're dealing with.
>
> Gary Vocks
> Records Management Officer
> Southern Illinois University
> School of Medicine
> Springfield, Illinois USA
>
> ----- Original Message -----
> From: "David Gaynon" <[log in to unmask]>
> To: <[log in to unmask]>
> Sent: Friday, August 20, 2004 10:52 AM
> Subject: Retention for Private Sector Companies
>
>
> In response to prior posts on retention for personnel and time sheets
> it is very important to be familiar with applicable laws and
> regulations. Often retention rules are not in state laws but rather
> administrative codes. I thought I would offer to examples for readers
> of the list.
>
> Minnesota Administrative Code 3315.1010 states the following
>
> 3315.1010 RECORDS. Subpart 1. Record keeping. Ea. employing unit shall
> establish, maintain, & preserve records w/ respect to individuals
> performing personal services for it, including individuals who perform
> or assist in performing the work of any employee of the employer if
> the employer had actual or constructive knowledge that the work was
> being performed. The records shall be preserved for a period of not
> less than 8
> yrs after the calendar year in which the remuneration for the
> services was
> paid or payable, , & shall show for ea. individual the
> following: A. name;
> B. social security number; C. days in which the individual performed
> personal services; D. location where services were performed; E. wages
> paid & wages due but not paid for personal services, showing
> separately:(1) money wages, excluding special payments;(2)
> wages paid &
> wages due but not paid, in any medium other than money,
> excluding special
> payments;(3) special payments such as bonuses, gifts, &
> prizes, showing
> separately money payments, other special payments, & the
> character of the
> payments; &(4) tips & gratuities paid to an employee by a customer &
> accounted for by the employee to the employer as defined in part
> 3315.0211, subparts 1 & 2; F. rate & base unit of pay; G.
> amounts paid as
> allowances or reimbursement for travel or other activity
> pertaining to the
> furtherance of the employing unit's business which were not
> included as
> wages. The account shall show ea. item of expense incurred
> during ea. pay
> period or calendar month; H. the date of separation & the reason, in
> detail, for the termination; ...
> Statutory Authority: Minn. Stat. § 268.021 History 13 SR 1057
>
> Or if you prefer West Virginia you might want to look at
>
> WV CSR § 85-9-4 (2004)
>
> § 85-9-4. Auditing; Classifications; & Inspections.
>
> 4.1. Preservation of records. Ea. employer subject to the workers'
> compensation law shall keep, preserve & maintain complete records
> showing in detail all expenditures for gross wages & the separation of
> such expenditures in the various classifications of the employer's
> business.
> The employer shall keep such additional information necessary
> to determine
> classification of the employer's activities as well as other
> information
> necessary for a risk assessment. Such records shall be
> preserved for not
> less than five (5) yrs after the respective times of the
> transaction upon
> which the records are based. ...
>
>
> 4.2. Pursuant to WV Code, § 23-2-2(a), ea. employer shall furnish the
> div., upon request, all information required by the div. to ascertain
> or verify the number of employees employed by the employer
> during a pertinent
> period, the names & social security numbers of the employees,
> the gross
> wages paid to employees during a pertinent period, occupations of
> employees, classification information, other information necessary for
> risk assessment, & payments owed to the div., as premium
> taxes, premium
> tax deposits, interest, fees, penalties, or to carry out the various
> purposes of the Act. ...
>
>
> Regards
>
> Dave Gaynon
> [log in to unmask]
>
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