With all the scandal about accountants post-Enron, I've heard that we are supposed to keep our e-mails for a long period of time. Is this true? What law says that? Thank you.

Rita Risser and Ann Kiernan respond:

The U. S. Securities and Exchange Commission (SEC) passed administrative rules that apply to any audits or reviews completed on or after October 31, 2003. The rules require accounting firms to retain for seven years certain records relevant to their audits and reviews of issuers' financial statements. Records to be retained include an accounting firm's work papers and certain other documents that contain conclusions, opinions, analyses, or financial data related to the audit or review. This would include relevant e-mails.

A complete description of the rule is here.