The Sarbanes-Oxley (SOX) Act of 2002

SOX specifically states that electronic records must be saved for at least five years to ensure that the auditors and other regulators can easily obtain requested documents.

The Sarbanes-Oxley (SOX) Act of 2002 legislates how long and the manner which companies store their financial records. Created largely in response to the Enron and WorldCom scandals, the SOX act is designed to safeguard against accounting errors and other illegal financial activities. In placing a more rigorous requirement on financial reports the storing of the records becomes vitally important because the trail of transactions must be secure.

The regulated companies in choosing a storage method will therefore look to a format that will insure it can satisfy the legal requirements of the SOX, in other words, the increased use of online remote data storage facilities/programs.

As a data management software solution provider, Knorr Associates is not privy to the contents of the information stored in DataPipe. The customer must maintain responsibility for ensuring that it is in compliance as to what information is being kept and who in the organization (including independent auditors) has access. Knorr Associates has implemented safe guards and security to ensure the client has the ability to prevent access and maintain control over vulnerable data through secure login username and password access and settable permissions for each username.