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How Firms Report Financial Experts Varies Widely

Compliance Week | March 20, 2003

Pursuant to Section 407 of Sarbanes-Oxley, public companies will be required to annually disclose whether they have at least one "audit committee financial expert" on their audit committee, and if so, to disclose the name of that expert and whether the expert is independent of management.

The rules define an "audit committee financial expert" as a person who has an understanding of financial statements and GAAP; has experience preparing, auditing or analyzing financial statements; has an understanding of internal controls and procedures for financial reporting; and has an understanding of audit committee functions.

Companies that do not have an audit committee financial expert will be required to disclose this fact and explain why they have no such expert.

This week in Datamining, we look at recent filings related to this topic; specifically, we identify common disclosure wording used by companies to disclose that they do, do not, or soon will have an audit...

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