This excerpt taken from the ANF DEF 14A filed May 8, 2009.
Report of the Audit Committee for the Fiscal Year Ended January 31, 2009
Management of the Company has the responsibility for the preparation, presentation and integrity of the Companys consolidated financial statements, for the appropriateness of the accounting principles and reporting policies that are used by the Company and for the establishment and maintenance of systems of disclosure controls and procedures and internal control over financial reporting. The Companys independent registered public accounting firm, PricewaterhouseCoopers LLP (PwC), is responsible for auditing the Companys annual consolidated financial statements included in the Annual Report on Form 10-K and issuing an audit report on the effectiveness of the Companys internal control over financial reporting, and for reviewing the Companys unaudited interim consolidated financial statements included in the Quarterly Reports on Form 10-Q. The Audit Committees responsibility is to provide independent, objective oversight of the integrity of the Companys consolidated financial statements, the qualifications and independence of the Companys independent registered public accounting firm, the performance of the Companys internal auditors and independent registered public accounting firm and the annual independent audit of the Companys consolidated financial statements.
In fulfilling its oversight responsibilities, the Audit Committee met with management, internal audit and PwC throughout the year. Since the beginning of the fiscal year, the Audit Committee met with internal audit and PwC, with and without management present, to discuss the overall scope of their respective annual audit plans, the results of their respective audits, the effectiveness of the Companys internal control over financial reporting, including managements and PwCs reports thereon and the bases for the conclusions expressed in those reports, and the overall quality of the Companys financial reporting. Throughout that period, the Audit Committee reviewed managements plan for documenting and testing controls, the results of their documentation and testing, any deficiencies discovered and the resulting remediation of the deficiencies. In addition, the Audit Committee reviewed and discussed with PwC all matters required by auditing standards generally accepted in the United States, including those described in Statement on Auditing Standards No. 114, Communication with Audit Committees, as modified.
The Audit Committee has received the written disclosures and the letter from PwC required by applicable requirements of the Public Company Accounting Oversight Board regarding PwCs communications with the Audit Committee concerning independence, and has discussed with PwC that firms independence. The Audit Committee has concluded that PwCs provision of audit and non-audit services to the Company and its subsidiaries is compatible with PwCs independence.
Management and PwC have represented to the Audit Committee that the Companys audited consolidated financial statements as of and for the fiscal year ended January 31, 2009 were prepared in accordance with accounting principles generally accepted in the United States, and the Audit Committee has reviewed and discussed those audited consolidated financial statements with management and PwC.
Based on the Audit Committees discussions with management and PwC and its review of the report of PwC to the Audit Committee, the Audit Committee recommended to the Board that the Companys audited consolidated financial statements be included (and the Board approved such inclusion) in the Companys Annual Report on Form 10-K for the fiscal year ended January 31, 2009 filed with the SEC on March 27, 2009.