Financial literacy or financial expert

Abstract

Extracted from text ... Financial literacy or financial expert? By Jayne Mammatt | Ernest & Young In terms of the second King Report (King II), the majority of the audit committee should be financially literate, but the Sarbanes-Oxley Act in the US introduced the requirement for an audit committee to have a financial expert. But what did King mean by financial literacy, how does this differ from the US requirements, and what are the latest developments in the area in terms of our proposed new Companies Act? King II simply called for someone with a basic financial background and/or experience and qualification and a reasonable understanding of the ..