Corporate and Criminal Fraud Accountability:

The Accountant has to maintain all audit or review work papers for a minimum period of five years from the end of the fiscal period in which the audit or review was concluded. Other documentation shall be kept for a minimum period of seven years. Failure to maintain work papers and documentation shall attract penalties up to 10 years or fine or both.
If the records are destroyed, altered or falsified in a federal or bankruptcy investigation it will attract a penalty of up to 20 years.
The penalty for defrauding shareholders of public traded companies shall be punished with fine or imprisonment up to 25 years or both.
Certain debts incurred in violation of securities fraud laws are made non-dischargeable in bankruptcy cases.

White Collar Penalty:

• The penalties for wire and mail fraud is increased from 5 to 20 years.
• The penalties for violations of Employment Retirement Income Security Act, 1974 is up to $500,000 and 10 years in prison.

Sarbanes and Business Intelligence