Apr 19, 2006 07:50
18 yrs ago
1 viewer *
English term
covered
English
Bus/Financial
Accounting
audit
Could somebody explain to me in plain English what's the meaning of "covered" in the context below?
...the AICPA creates something called a ‘**covered** member.’” In fact, the AICPA did not create this notion. The **covered** member definition was patterned after and is essentially the same as the SEC’s “**covered** person” definition....
Is it something like "protected" or "belonging to an organization" or "having the benefits of..." or what else?
...the AICPA creates something called a ‘**covered** member.’” In fact, the AICPA did not create this notion. The **covered** member definition was patterned after and is essentially the same as the SEC’s “**covered** person” definition....
Is it something like "protected" or "belonging to an organization" or "having the benefits of..." or what else?
Responses
5 +5 | see definition below... | William [Bill] Gray |
Responses
+5
36 mins
Selected
see definition below...
"Covered member.
A covered member is—
a. An individual on the attest engagement team;
b. An individual in a position to influence the attest engagement;
c. A partner or manager who provides nonattest services to the attest client beginning once he or she provides ten hours of nonattest services to the client within any fiscal year and ending on the later of the date (i) the firm signs the report on the financial statements for the fiscal year during which those services were provided or (ii) he or she no longer expects to provide ten or more hours of nonattest services to the attest client on a recurring basis;
d. A partner in the office in which the lead attest engagement partner primarily practices in connection with the attest engagement;
e. The firm, including the firm’s employee benefit plans; or
f. An entity whose operating, financial, or accounting policies can be controlled (as defined by generally accepted accounting principles [GAAP] for consolidation purposes) by any of the individuals or entities described in (a) through (e) or by two or more such individuals or entities if they act together. "
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Comment: "Thanks again!!!"
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