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Document Preview Audit Committee Charter |
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Title: |
Audit Committee Charter |
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Date: |
2004 |
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Size: |
Preview shows 5KB of 17KB total |
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Price: |
$40 |
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ID: |
#290781 |
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| 1. | PURPOSE |
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The primary function of the Glacier Water Services, Inc. (the Company) Audit Committee is to assist the Board of Directors (the Board) in fulfilling its oversight responsibilities by reviewing: the financial reports and other financial information provided by the Corporation to any governmental body or the public; the Corporations systems of internal controls regarding finance, accounting, legal and regulatory compliance and ethics that the Corporations management and the Board have established; the independent auditors qualifications and independence; and the Corporations auditing, accounting and financial reporting processes generally. The Audit Committee shall prepare the report required by the rules of the Securities Exchange Commission (the SEC) to be included in the Companys annual proxy statement. Consistent with this function, the Audit Committee should encourage continuous improvement of, and should foster adherence to, the Companys policies, procedures and practices at all levels. In performing its duties, the Audit Committee will maintain effective working relationships with the Board, the Companys management and the independent auditors. To effectively perform his or her role, each Audit Committee member will obtain an understanding of the detailed responsibilities of Committee Membership as well as the Companys business, operation and risks. The Audit Committees primary authority and responsibilities are to: |
| Serve as an independent and objective party to monitor the Companys financial reporting process and internal control system; |
| Review and appraise the audit efforts of the Companys independent auditors; and |
| Provide an open avenue of communication among the independent auditors, the Companys senior management, and the Board. |
| Have sole authority to appoint or replace the independent auditors (subject to stockholder ratification). |
| Be directly responsible for the compensation and oversight of the work of the independent auditor (including resolution of disagreements between management and the independent auditors regarding financial reporting) for the purpose of preparing or issuing an audit report or related work. The independent auditors shall report directly to the Audit Committee. |
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