This excerpt taken from the ALV 10-K filed Feb 19, 2010.
The Audit Committee appoints, at its sole discretion (subject to shareholder ratification), the firm of independent auditors that audit the annual financial statements.
The committee is also responsible for the compensation, retention and oversight of the work of the external auditors as well as for any special assignments given to the auditors.
The committee also reviews;
Each of the Audit Committee members possesses financial literacy and accounting or related financial management expertise.
Currently, two members are determined to qualify as audit committee financial experts.