Sec. 20-281k. Statements, records, schedules, working papers and memoranda incident to practice of public accountancy. Return of original records. Retention of certain workpaper.
Sec. 20-281k. Statements, records, schedules, working papers and memoranda incident to practice of public accountancy. Return of original records. Retention of certain workpaper. (a) All statements, records, schedules, working papers and
memoranda made by a licensee or partner, shareholder, officer, director or employee
of a licensee, incident to, or in the course of, rendering services to a client in the practice
of public accountancy, except the reports submitted by the licensee to the client and
except for records that are part of the client's records, shall be and remain the property
of the licensee in the absence of an express agreement to the contrary between the
licensee and the client. No such statement, record, schedule, working paper or memorandum shall be sold, transferred or bequeathed, without the consent of the client or his
personal representative or assignee, to anyone other than one or more surviving partners
or stockholders or new partners or stockholders of the licensee, or any combined or
merged firm or successor in interest to the licensee. Nothing in this section shall be
construed as prohibiting any temporary transfer of workpapers or other material necessary in the course of carrying out quality reviews.
(b) A licensee shall return a client's original records to his client or former client
upon the client's request and reasonable notice in accordance with the regulations of
the board and any accounting or other records belonging to, or obtained from or on
behalf of, the client that the licensee removed from the client's premises or received for
the client's account. The licensee may make and retain copies of such documents of the
client when such documents form the basis for work done by him. A licensee shall
provide such other records to a client or former client as the board may provide by
regulation.
(c) Nothing in this section shall require a licensee to keep any workpaper beyond
the period prescribed in any other applicable statute, except that any workpaper prepared
by a licensee in the course of an audit of a corporation the securities of which are registered under Section 12 of the Securities Exchange Act of 1934, as from time to time
amended, or that is required to file reports under Section 15(d) of the Securities Exchange
Act of 1934, as from time to time amended, shall be retained for the period described
in section 33-1332.
(P.A. 92-212, S. 16; P.A. 03-259, S. 43; P.A. 04-56, S. 4.)
History: P.A. 03-259 amended Subsec. (c) by adding exception to require workpaper prepared by licensee in course of
audit of publicly held corporation to be retained for period described in Sec. 33-1332; P.A. 04-56 amended Subsec. (c) by
replacing reference to "publicly held corporation" with provision re corporation subject to securities registration or reporting
requirements under the Securities Exchange Act of 1934 and by making a technical change, effective May 10, 2004.