Financial Expert

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  • February 15, 2012 at 11:09 pm #166471
    inddutch74
    Member

    maybe i am just confusing my self…but can current CFO of an issuer be an financial expert?

Viewing 9 replies - 1 through 9 (of 9 total)
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  • February 16, 2012 at 12:42 am #327528
    kmwgrace
    Member

    Can you clarify the question?

    ~ Kate... MTX!
    CPA exam on hold while I homeschool my 6 year old!

    February 16, 2012 at 1:30 am #327529
    Justinnnn
    Member

    What clarification? The question was straight-forward.

    Members of the audit committee must be on the board of directors but be otherwise independent. Only outside directors can be on the audit committee.Employees cannot be on the audit committee.

    A financial expert is a member on the audit committee with experience in internal control and other qualifications deemed necessary to serve as a resource to the audit committee.

    The CFO cannot be on the audit committee, and by default cannot be a financial expert (within the meaning related to corporate governance).

    REG 80 2/7/11
    FAR 91 10/8/11
    AUD 97 11/22/11
    BEC 96 2/4/12

    CPA 3/15/13

    February 16, 2012 at 3:36 am #327530
    Anonymous
    Inactive

    The financial expert SHOULD have their CPA. It not, there needs to be an explanation why.

    I think…been a while since I studied for BEC.

    February 16, 2012 at 4:13 am #327531
    Anonymous
    Inactive

    No a Financial Expert doesn't have to have to be a CPA just someone who has experience in Fiance/Accounting.

    February 16, 2012 at 4:25 am #327532
    Justinnnn
    Member

    Jack Don that is not entirely true. Financial expert does NOT have to be a CPA, and being a CPA does not guarantee the person is a financial expert for purposes of an audit committee.

    On the other hands, experience with internal controls is absolutely required.

    REG 80 2/7/11
    FAR 91 10/8/11
    AUD 97 11/22/11
    BEC 96 2/4/12

    CPA 3/15/13

    February 16, 2012 at 4:34 am #327533
    Mikey89
    Member

    Lmao, tell me how I was just lookin at this the other day. The “financial expert” has to be independent like justin said. Also the expert must know GAAP or be FAMILIAR with the industry. No where in the definition does it say the need the CPA or even EXPERIENCE in the field.

    Reg 4/18/12 78
    Far 7/30/12 74, 74, 75
    Bec 11/11/12 74, 78
    Aud TBD 51, 71, XX

    February 16, 2012 at 4:44 am #327534
    Mikey89
    Member

    gaap AND (not or) be familiar with the industry.

    Reg 4/18/12 78
    Far 7/30/12 74, 74, 75
    Bec 11/11/12 74, 78
    Aud TBD 51, 71, XX

    February 16, 2012 at 7:10 am #327535
    inddutch74
    Member

    Thanks Justinnnn

    February 24, 2012 at 5:47 am #327536
    Anonymous
    Inactive

    The financial expert must also have familiarity with internal controls

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