Monday, January 21, 2008

Mediocre Accountants Needed

Sarbanes-Oxley Act of 2002
Section 407(a), Rules Defining "Financial Expert"
  • The Commission shall issue rules...to require each issuer...to disclose whether or not...the audit committee of that issuer is comprised of at least 1 member who is a financial expert, as such term is defined by the Commission.
I don't know that much about the accounting profession. But, shouldn't every auditor of a large publicly traded corporation be a financial expert?

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