You are an accountant with CPA, recently retired from your position as the financial director of Company A, which is a listed company. Company A operates in the heavy engineering industry. Prior to this, you had spent 10 years as an audit partner in a large accountancy firm.

You receive a phone call from a head-hunter, acting on behalf of a companys nominations committee. You have been recommended to the head-hunter as a suitable candidate for a very prominent non-executive role that is available at the moment. The company, Company B, is a listed company, seeking a non-executive director who will also serve as the chair of the companys audit committee. Company B is a well-known financial services company.

You have a reasonable pension, but the extra cash from this role would come in handy. Additionally, you are finding it difficult to fully unwind after years spent working to tight deadlines and coping with difficult challenges on a daily basis. Therefore, you find this potential opportunity very attractive.

Due to your prudent nature, you decided that it would be wise to give yourself some time to reflect fully on the issues before making a decision. You are keen to be put forward for this role, but you have a nagging doubt at the back of your mind: you have no work experience in the financial services sector. Twelve months ago your doubts may not have been so acute, but recent well-publicized events have certainly raised your awareness of the complexities of the transactions which many financial services companies undertake. You are caught between two stools: on one hand, there is little doubt that your business acumen will be of benefit to Company B; on the other hand, you feel that your lack of expertise in this sector will leave you struggling to contribute constructively at times.

1. Please state your decision process based on your integrity, objectivity and professional competence and due care. (9 marks)

2. State your final decision and considerations when you make the decision. (11 marks)