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While the audit committee charter is the foundation of a quality structure, the financial expert or experts are what give it functional integrity Without at least one member with highly develop financial dexterity, the committee cannot hope to function effectively in an increasingly sophisticated corporate world Section 407 of the
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Sarbanes-Oxley Act introduced the concept of requiring financial skills on a board The Act requires an audit committee to have at least one financial expert, as defined by the SEC Accordingly, the full board must make the determination regarding whether a director qualifies as an audit committee financial expert The SEC, in turn, has provided guidance by defining an audit committee financial expert as having the following attributes:
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An understanding of generally accepted accounting principles and financial statements The ability to assess the general application of such principles in connection with the accounting for estimates, accruals, and reserves Experience preparing, auditing, analyzing, or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant s financial statements, or experience actively supervising one or more persons engaged in such activities An understanding of internal controls and procedures for financial reporting An understanding of audit committee functions2
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Under the SEC s final rules, a person must have acquired these attributes through education and experience as a principal financial officer, principal accounting officer, controller, public accountant, or auditor experience in one or more positions that involve the performance of similar functions or supervision of these personnel or functions SEC rules also require that the name of the audit committee financial expert be disclosed in the annual report, normally Form 10-K (We discuss this disclosure further in 14) Concern about additional liability for directors designated the audit committee financial expert led the SEC to include a safe harbor provision in its rules designed to prevent the courts from inferring that such a designation affected the duties, obligations, or liability as an audit committee member or board member Alternatively, the safe harbor does not reduce the liability of the audit committee financial expert from that of any other board member While the rules only require one audit committee financial expert, all members should
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Minding the Numbers: The Audit Committee
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be financially literate How can a director ask penetrating questions of management and the auditors without a grounding in accounting, finance, or management controls The board can reduce the risk of aggressive financial reporting or fraudulent practices by recruiting and assigning the best financial minds available to the audit committee
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For many of the recent financial reporting frauds, there existed a person of conscience who tried to alert gatekeepers to a problem Congress set out to formalize a process for capturing these complaints at the board level Under Section 301 of the Sarbanes-Oxley Act, the audit committee is required to establish procedures for the following:
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The receipt, retention, and treatment of complaints received by the issuer regarding accounting, internal accounting controls, or auditing matters The confidential, anonymous submission by the employees of the issuer of concerns regarding questionable accounting or auditing matters3
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Corporate leaders who disregard ethical and legal conduct often devise incentives to encourage those around them to push the envelope and discourage or even punish those that resist or report questionable activities For corporate governance systems to identify such behavior, there must be a strong culture that rewards appropriate behavior and provides an effective means for reporting those it wishes to discourage Employees must trust their efforts to do the right thing will be supported and should they report problems, that their actions will be welcomed Establishing trust requires that whistle-blowing not lead to punitive measures; rather evidence that it is valued To encourage this culture, the Sarbanes-Oxley Act and SEC rules require companies to adopt a code of ethics for senior financial officers Stock exchange rules and Federal Sentencing Guidelines further require that companies adopt codes of business conduct for all employees to assist them in avoiding illegal and unethical conduct
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