Choice "A" is correct. Qualification as a financial expert is a judgmental issue is typically made by the Board of Directors. The Sarbanes-Oxley Act is silent as to what group has the authority to designate an individual a financial expert but in practice, the board most often makes that decision. The Act provides some guidance but does not prescribe specific qualifications.
Choice "b" is incorrect. The Act provides some guidance but does not prescribe specific qualifications. The achievement of the CPA license generally does not qualify an individual as a financial expert.
Choice "c" is incorrect. The Act provides some guidance but does not prescribe specific qualifications. The idea of a petition to the SEC is a distracter.
Choice "d" is incorrect. The Act provides some guidance but does not prescribe specific qualifications. In addition, the audit committee would likely not regulate or evaluate the expertise of its own membership. The Board of Directors would likely make the decisions regarding the designation of financial experts.