commercial

In the wake of high profile corporate failures like Enron for example a new law was introduced in the USA (the Sarbanes-Oxley Act of 2002) defining additional corporate governance and financial compliance requirements for US companies and non US companies which file reports in the US as well as their auditors, boards of directors and lawyers. One significant area that the law covers is how companies manage, retain and destroy their business records, particularly with regard to audit documentation which it states should be retained for 7 years.

Whilst the impact of this law may not directly affect your business, Sarbanes-Oxley is beginning to define best practice in this area for many commercial organisations across the world, and no less so in the UK - a quick search on Google is enough to confirm this.

An electronic document storage solution from thecabinetoffice not only gives all the benefits identified elsewhere on this site, it also paves the way for a more structured approach to document retention and destruction which will stand up to external scrutiny.