Betsy's Pretty Good Blog

Groupon accounting mess shows why you need a CPA on your audit committee

November 7, 2012

Apparently NASDAQ, where Groupon is listed, allows the “financial expert” required on the audit committee to be “CEOs who have supervised accounting or finance staff.” They don’t have to experts themselves. This is interesting because one of the goals of SOX was to make audit committees stronger and more effective. Doesn’t it seem obvious that having someone with REAL accounting/auditing experience would be the way to go? Like a CPA?

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John Yaeger commented on Jul. 16, 2012:
Right. There should be an expert on the field. I guess that was just an oversight that Groupon had.

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