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covered

English translation: see definition below...

07:50 Apr 19, 2006
English language (monolingual) [PRO]
Bus/Financial - Accounting / audit
English term or phrase: covered
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?
Franco Mori
Italy
Local time: 10:35
Selected answer:see definition below...
Explanation:

"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. "
Selected response from:

William [Bill] Gray
Norway
Local time: 10:35
Grading comment
Thanks again!!!
4 KudoZ points were awarded for this answer



SUMMARY OF ALL EXPLANATIONS PROVIDED
5 +5see definition below...
William [Bill] Gray


  

Answers


36 mins   confidence: Answerer confidence 5/5 peer agreement (net): +5
see definition below...


Explanation:

"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. "



    Reference: http://www.nysscpa.org/prof%5Flibrary/ethics/printversion.ht...
William [Bill] Gray
Norway
Local time: 10:35
Native speaker of: Native in EnglishEnglish
PRO pts in category: 6
Grading comment
Thanks again!!!

Peer comments on this answer (and responses from the answerer)
agree  Leny Vargas
23 mins
  -> Thank you.
agree  Gail Patricia Bulla - nee Charrion
36 mins
  -> Thank you.
agree  Isodynamia
23 hrs
  -> Thank you!
agree  Raging Dreamer
1 day 6 hrs
  -> Thank you!
agree  Alfa Trans (X)
1 day 9 hrs
  -> Thank you!
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