Since its IPO, shares of couponing site Groupon have nosedived. One of the reasons has been questions about their accounting. They were forced to restate their fourth quarter earnings that resulted in an increase in operating expenses and a decrease in revenues. The SEC is also investigating the accounting practices of the company.

Groupon has now announced new members to its board and audit committee.. Daniel Henry and Robert Bass are the two new members. Both have experience in finance and Bass is a vice President at Deloitte.

It is crucial to have a strong financial and accounting presence on every board of directors. They have the experience to make sure the financial statements issued by the company are complete and follow GAAP. Whether there are serious problems at Groupon or not, investors get very uncomfortable when earnings have to  be restated. But some blame must also go the auditors who allowed the no-standard accounting to be used.