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“The Audit Committee Index® report identified an area of disparity and created and enabled discussion by the board members in an area that would have otherwise not been raised. We intend to do this again next year. It was really a wonderful tool for us”
- Vern LaForti, CFO, Overland Storage
Section 407 of The Sarbanes-Oxley Act of 2002 requires at least one financial expert to serve on the audit committee of the board. This legislation was codified in January 2003 by the Securities and Exchange Commission (SEC) when it issued Final Rule #33-8177, “Disclosure Required by Sections 406 and 407 of the Sarbanes- Oxley Act of 2002.”
In today’s uncertain climate, FEI members and other senior financial executives may wonder whether they should serve on a board of directors, and whether they should be identified as “the financial expert.”
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Phone: 480-998-1081
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Address: The Board Institute Inc.
4350 East Camelback Road,
Suite B200
Phoenix, Arizona 85018