Audit Committee Financial Experts

1. Will the presence of “audit committee financial experts” make a difference in terms of financial reporting quality? Why or why not? If yes, should all audit committee directors be “financial experts”?
2. In your opinion, who should be designated an “audit committee financial expert?” Do you expect differences based on different types of experts (i.e., someone with auditing experience vs. accounting managerial experience vs. non-accounting managerial experience)?

Notes:

 I only need answer for question #2, I added question #1 only for you to have an idea on how the complete assignment looks like. PLEASE ONLY ANSEWR QUESTION #2. Thanks.