This excerpt taken from the ABII DEF 14A filed Oct 30, 2009.
AUTHORITY AND PURPOSE
The Audit Committee of Abraxis BioScience, Inc. (the Corporation) is appointed by the Corporations Board of Directors (the Board) to oversee the accounting and financial reporting processes of the Corporation and audits of the financial statements of the Corporation. The Audit Committee (the Committee) shall undertake those specific duties and responsibilities listed below and such other duties as the Board shall from time to time prescribe. All powers of the Committee are subject to the restrictions designated in the Corporations Bylaws and applicable law.