At least one member of the audit committee should have significant, recent and relevant financial experience, for example as an auditor or a finance director of a listed company. It is highly desirable for this member to have a professional qualification from one of the professional accountancy bodies. The need for a degree of financial literacy among the other members will vary according to the nature of the company, but experience of corporate financial matters will normally be required. The availability of appropriate financial expertise will be particularly important where the company’s activities involve specialised financial activities
