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This excerpt taken from the ACI DEF 14A filed Mar 12, 2009. AUDIT
COMMITTEE REPORT
The Audit Committee oversees our financial reporting process on
behalf of the board of directors. Management is primarily
responsible for the financial statements and reporting process,
including the systems of internal controls, while the
independent registered public accounting firm is responsible for
performing an independent audit of our financial statements in
accordance with auditing standards generally accepted in the
United States and expressing an opinion on the conformity of
those financial statements with accounting principles generally
accepted in the United States.
In this context, the Audit Committee has reviewed our audited
consolidated financial statements and has met with and held
discussions with management, our internal auditors and with
Ernst & Young, LLP, our independent registered public
accounting firm, to discuss those financial statements and
related matters. The Audit Committee reviewed with our internal
and independent auditors the overall scope and plans for their
respective audits. The Audit Committee also met, at least
quarterly, with the auditors, with and without management
present, to discuss the results of their examinations, their
evaluations of our internal controls and the overall quality of
our financial reporting. The Audit Committee also reviewed with
the independent auditors their judgment as to the quality and
the appropriateness of our accounting principles and financial
controls and such other matters as are required to be discussed
with the Audit Committee under auditing standards generally
accepted in the United States.
Our independent registered public accounting firm also provided
to the Audit Committee the written disclosures proscribed by
applicable requirements of the Public Company Accounting
Oversight Board regarding independence, and the Audit Committee
discussed with the independent auditors that firm’s
independence, including those matters required to be discussed
by Statement on Auditing Standards No. 61, as amended by
Statement on Auditing Standards No. 90. The Audit Committee
considered whether the performance by Ernst & Young
LLP of non-audit services was compatible with their independence.
In reliance on the reviews and discussions referred to above,
the Audit Committee recommended to the board of directors, and
the board of directors approved, including the audited
consolidated financial statements in the Annual Report on
Form 10-K
for the year ended December 31, 2008 for filing with the
Securities and Exchange Commission. The Audit Committee has
retained Ernst & Young LLP as our independent
registered public accounting firm for 2009.
While the Audit Committee has the responsibilities and powers
set forth in its charter, it is not the duty of the Audit
Committee to plan or conduct audits or to determine that our
financial statements are complete and accurate or are in
accordance with generally accepted accounting principles. This
is the responsibility of management and the independent auditor.
Audit Committee
Frank M. Burke, Chairman James R. Boyd Patricia F. Godley Brian J. Jennings Thomas A. Lockhart A. Michael Perry Robert G. Potter
Table of Contents
This excerpt taken from the ACI DEF 14A filed Mar 20, 2008. AUDIT
COMMITTEE REPORT
The Audit Committee oversees our financial reporting process on
behalf of the board of directors. Management is primarily
responsible for the financial statements and reporting process,
including the systems of internal controls, while the
independent registered public accounting firm is responsible for
performing an independent audit of our financial statements in
accordance with auditing standards generally accepted in the
United States and expressing an opinion on the conformity of
those financial statements with accounting principles generally
accepted in the United States.
In this context, the Audit Committee has reviewed our audited
consolidated financial statements and has met with and held
discussions with management, our internal auditors and with
Ernst & Young, LLP, our independent registered public
accounting firm, to discuss those financial statements and
related matters. The Audit Committee reviewed with our internal
and independent auditors the overall scope and plans for their
respective audits. The Audit Committee also met, at least
quarterly, with the auditors, with and without management
present, to discuss the results of their examinations, their
evaluations of our internal controls and the overall quality of
our financial reporting. The Audit Committee also reviewed with
the independent auditors their judgment as to the quality and
the appropriateness of our accounting principles and financial
controls and such other matters as are required to be discussed
with the Audit Committee under auditing standards generally
accepted in the United States.
Our independent registered public accounting firm also provided
to the Audit Committee the written disclosures required by the
Independence Standards Board Standards No. 1 (Independence
Discussions with Audit Committees), and the Audit Committee
discussed with the independent auditors that firm’s
independence, including those matters required to be discussed
by Statement on Auditing Standards No. 61, as amended by
Statement on Auditing Standards No. 90. The Audit Committee
considered whether the performance by Ernst & Young
LLP of non-audit services was compatible with their independence.
In reliance on the reviews and discussions referred to above,
the Audit Committee recommended to the board of directors, and
the board of directors approved, including the audited
consolidated financial statements in the Annual Report on
Form 10-K
for the year ended December 31, 2007 for filing with the
Securities and Exchange Commission. The Audit Committee has
retained Ernst & Young LLP as our independent
registered public accounting firm for 2008.
While the Audit Committee has the responsibilities and powers
set forth in its charter, it is not the duty of the Audit
Committee to plan or conduct audits or to determine that our
financial statements are complete and accurate or are in
accordance with generally accepted accounting principles. This
is the responsibility of management and the independent auditor.
Audit Committee
Frank M. Burke, Chairman
James R. Boyd
Patricia F. Godley
Brian J. Jennings
Thomas A. Lockhart
A. Michael Perry
Robert G. Potter
Table of Contents
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