ARNA » Topics » Audit Committee

This excerpt taken from the ARNA DEF 14A filed May 14, 2009.

Audit Committee

The Audit Committee’s responsibilities include:

 

  (i) selecting and evaluating the performance of our independent auditors;

 

  (ii) reviewing the scope of the audit to be conducted by our independent auditors, as well as the results of their audit, and approving audit and non-audit services to be provided by them;

 

  (iii) reviewing and assessing our financial reporting activities, including our periodic reports, and the accounting standards and principles followed;

 

  (iv) reviewing the organization and scope of our internal system of financial controls and reporting;

 

  (v) reviewing and assessing our guidelines and policies with respect to risk assessment and management, our tax strategy and our investment policy;

 

  (vi) reviewing and approving related-party transactions; and

 

  (vii) overseeing our Code of Business Conduct and Ethics and our Policy on Filing, Receipt and Treatment of Complaints.

Our Board of Directors has determined that each of the Audit Committee members meets the independence and experience requirements included in the applicable NASDAQ listing standards and Rule 10A-3(b)(1) of the

 

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Securities Exchange Act of 1934, as amended, or the Exchange Act. Our Board of Directors has also determined that Mr. Schneider, the Chair of the Audit Committee, is an “audit committee financial expert” as defined in Item 407(d) of Regulation S-K.

The Audit Committee was established in accordance with Section 3(a)(58)(A) of the Exchange Act. Our Board of Directors has adopted a written charter for the Audit Committee, which is available on our website at www.arenapharm.com. The Audit Committee held seven meetings in 2008. The Audit Committee’s report is set forth below under “Audit Committee Report.”

This excerpt taken from the ARNA 10-K filed Apr 28, 2009.

Audit Committee

We have a separately designated standing Audit Committee, which was established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and is comprised of three directors: Messrs. Belcher, Schneider and Woods.

Our Board of Directors has determined that each of the Audit Committee members meets the independence and experience requirements included in the applicable NASDAQ listing standards and Rule 10A-3(b)(1) of the Exchange Act. Our Board of Directors has also determined that Mr. Schneider, the Chair of the Audit Committee, is an “audit committee financial expert” as defined in Item 407(d) of Regulation S-K.

This excerpt taken from the ARNA DEF 14A filed Apr 25, 2007.

Audit Committee

The Audit Committee’s responsibilities include:

(i)                   selecting and evaluating the performance of our independent auditors;

(ii)               reviewing the scope of the audit to be conducted by our independent auditors, as well as the results of their audit, and approving audit and non-audit services to be provided by them;

(iii)           reviewing and assessing our financial reporting activities, including our periodic reports, and the accounting standards and principles followed;

(iv)             reviewing the organization and scope of our internal system of financial controls and reporting;

(v)                 reviewing and assessing our guidelines and policies with respect to risk assessment and management, our tax strategy and our investment policy;

(vi)             reviewing and approving related-party transactions; and

(vii)         overseeing our Code of Business Conduct and Ethics and our Policy on Filing, Receipt and Treatment of Complaints.

Our Board of Directors has determined that each of the Audit Committee members meets the independence and experience requirements contained in the applicable NASDAQ listing standards and Rule 10A-3(b)(1) of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Our Board of Directors has also determined that Mr. Belcher, the Chairperson of the Audit Committee, is an “audit committee financial expert” as defined in Item 401(h) of Regulation S-K. Mr. Lavigne served as the Chairperson of the Audit Committee in 2006 and until he resigned from our Board of Directors in February 2007.

Our Board of Directors has adopted a written charter for the Audit Committee, which is available on our website at www.arenapharm.com. The Audit Committee held 11 meetings in 2006. The Audit Committee’s report is set forth below under “Audit Committee Report.”

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This excerpt taken from the ARNA DEF 14A filed Apr 26, 2006.
Audit Committee

The Audit Committee’s responsibilities include:

(i)            selecting and evaluating the performance of our independent auditors;

(ii)        reviewing the scope of the audit to be conducted by our independent auditors, as well as the results of their audit, and approving audit and non-audit services to be provided to us by them;

(iii)    reviewing and assessing our financial reporting activities, including our periodic reports, and the accounting standards and principles followed;

(iv)      reviewing the organization and scope of our internal system financial controls and reporting;

(v)          reviewing and assessing our guidelines and policies with respect to risk assessment and management, our tax strategy, and investment policy;

(vi)      reviewing and approving related-party transactions; and

(vii)  overseeing our code of business conduct and ethics and whistleblower policy.

The Board of Directors has determined that each of the Audit Committee members meets the independence and experience requirements contained in the applicable NASDAQ listing standards and Rule 10A-3(b)(1) of the Securities Exchange Act of 1934. The Board of Directors has also determined that Mr. Lavigne is an “audit committee financial expert” as defined in Item 401(h) of Regulation S-K. The Board of Directors has adopted a written charter for the Audit Committee, which is attached as Appendix A. Mr. Lavigne is the Chairperson of the Audit Committee. The Audit Committee held nine meetings in 2005.

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This excerpt taken from the ARNA DEF 14A filed Apr 22, 2005.

Audit Committee

        The Audit Committees' responsibilities include:

    (i)
    selecting and evaluating the performance of our independent auditors,

    (ii)
    reviewing the scope of the audit to be conducted by our independent auditors, as well as the results of their audit, and approving audit and non-audit services to be provided to us by them,

    (iii)
    reviewing the organization and scope of our internal system of financial reporting controls,

    (iv)
    reviewing and assessing our reporting activities, including our annual report, and the accounting standards and principles followed,

    (v)
    approving related-party transactions, and

    (vi)
    overseeing our code of business conduct and ethics and whistleblower policy.

        The Board of Directors has determined that each of the Audit Committee members meets the independence and experience requirements contained in the applicable NASDAQ listing standards and Rule 10A-3(b)(1) of the Securities Exchange Act of 1934. The Board of Directors has also determined that Mr. Lavigne is an "audit committee financial expert" as defined in Item 401(h) of Regulation S-K. We have adopted a written charter for the Audit Committee, which is available on our website at www.arenapharm.com. Mr. Belcher is the Chairperson of the Audit Committee. The Audit Committee held 11 meetings in 2004.

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