The Audit Committee’s purposes include:
- Reviewing the Company’s financial statements and reporting systems;
- Reviewing significant accounting and reporting issues including complex or unusual transactions;
- Reviewing the performance of external auditors;
- Overseeing the Company’s internal audit function;
- Monitoring the Risk Management function for the Company.
The Audit Committee carries out the duties and responsibilities set forth in its Charter. The principal responsibilities of the Committee are to provide assistance to the Board in fulfilling its responsibility in matters relating to the accounting and reporting practices of the Company, the adequacy of the Company’s internal control over financial reporting and disclosure controls and procedures; and the quality and integrity of the financial statements of the Company. The Audit Committee also monitors the Company’s compliance with recommendations made by the Company’s auditors as well as further development of Company policies and corporate governance systems.
The Audit Committee conducts or authorizes investigations into any matters within its scope of responsibilities. The Committee meets at least four times a year at each regularly scheduled meeting, which may be attended by independent auditors, internal auditors, legal counsel and risk compliance officers.
The independent auditor is ultimately accountable to the Board and the Audit Committee, as representatives of the Company’s Shareholders, and shall report directly to the Committee. The Committee has the ultimate authority and direct responsibility to select, appoint, evaluate, compensate and oversee the work, and, if necessary, terminate and replace the independent auditor.
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