This excerpt taken from the AIG DEF 14A filed Apr 6, 2007.
VI. Financial Disclosure
The Committee shall meet with the independent auditor and AIGs internal auditors, prior to the commencement of the annual audit, to review the planning and scope of the audit.
The Committee shall generally discuss the type and presentation of information to be included in earnings press releases, as well as financial information and earnings guidance provided to
analysts and rating agencies. It is not expected that the Committee will pre-approve each such release or guidance. The Committee shall discuss AIGs quarterly earnings press releases with
management and the independent auditor prior to public release.
The Committee shall discuss generally with management and the independent auditor the annual audited financial statements and the quarterly financial statements, including AIGs disclosures
under Managements Discussion and Analysis of Financial Condition and Results of Operations. The Committee shall also review AIGs disclosure controls and procedures with management
on a quarterly basis. The Committee shall recommend to the Board whether the audited financial statements should be included in AIGs Annual Report on Form 10-K.
The Committee shall discuss with management, the internal auditors, and the independent auditor major issues regarding accounting principles and financial statement presentations, including
(1) any significant change in AIGs selection or application of accounting principles, (2) any major issues relating to the adequacy of AIGs internal controls, (3) any audit steps adopted in light
of material control deficiencies, (4) the effect of regulatory and accounting initiatives on AIGs financial statements, (5) analyses prepared by management and/or the independent auditor
setting forth significant financial reporting issues and judgments made in connection with the preparation of AIGs financial statements and (6) any fraud, material or otherwise, that involved
management or other employees who have a significant role in AIGs internal controls and that have come to the attention of management, the internal auditors or the independent auditor.
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