15 U.S.C. § 7265: Disclosure of audit committee financial expert

The Commission shall issue rules, as necessary or appropriate in the public interest and consistent with the protection of investors, to require each issuer, together with periodic reports required pursuant to sections 78m(a) and 78 o (d) of this title, to disclose whether or not, and if not, the reasons therefor, the audit committee of that issuer is comprised of at least 1 member who is a financial expert, as such term is defined by the Commission. an understanding of generally accepted accounting principles and financial statements; the preparation or auditing of financial statements of generally comparable issuers; and the application of such principles in connection with the accounting for estimates, accruals, and reserves; experience with internal accounting controls; and an understanding of audit committee functions. propose rules to implement this section, not later than 90 days after July 30, 2002 ; and issue final rules to implement this section, not later than 180 days after July 30, 2002 .