BTFG » Topics » External Audit

This excerpt taken from the BTFG DEF 14A filed Apr 13, 2006.

External Audit

The Audit Committee shall be directly responsible for the appointment, compensation, and oversight of the work of any public accounting firm employed for preparing or issuing an audit report or related work. Each such public accounting firm shall report directly to the Audit Committee. The Committee shall have the sole authority to hire, determine funding for, evaluate, and fire the Independent Auditor. The Audit Committee shall:

 

    review the scope and approach of the annual audit with the Independent Auditor;

 

    review the Independent Auditor’s identification of issues and business and financial risks and exposures;

 

    confirm and assure the independence of the Independent Auditors on an annual basis;

 

    instruct the Independent Auditor to communicate and report directly to the Audit Committee any difficulties or disputes with management; and

 

    approve in advance all audit and non-audit services to be provided by the Independent Auditor which are permissible under the law.

The Audit Committee has adopted the BancTrust Financial Group Inc. Audit and Non-Audit Services, Pre-Approval Policy, which the Audit Committee shall administer.

To the extent permitted by applicable SEC rules, the Audit Committee is authorized from time to time to delegate to one or more of its members, or to establish reasonably detailed pre approval policies and procedures pursuant to which management, shall have the authority to engage permissible services from the Independent Auditors other than audit, review, and attest services, provided that all such decisions to engage any permissible non-audit service shall be reported to the full committee at its next scheduled meeting.

The Audit Committee shall not engage the independent auditors for non-audit services that would impair their independence as described in Section 210.2-01(c)(4) of SEC Regulation S-X.

 

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This excerpt taken from the BTFG DEF 14A filed Apr 8, 2005.

External Audit

 

The Audit Committee shall be directly responsible for the appointment, compensation, and oversight of the work of any public accounting firm employed for preparing or issuing an audit report or related work. Each such public accounting firm shall report directly to the Audit Committee. The Committee shall have the sole authority to hire, determine funding for, evaluate, and fire the Independent Auditor. The Audit Committee shall:

 

  review the scope and approach of the annual audit with the Independent Auditor;

 

  review the Independent Auditor’s identification of issues and business and financial risks and exposures;

 

  confirm and assure the independence of the Independent Auditors on an annual basis;

 

  instruct the Independent Auditor to communicate and report directly to the Audit Committee any difficulties or disputes with management; and

 

  approve in advance all audit and non-audit services to be provided by the Independent Auditor which are permissible under the law.

 

The Audit Committee has adopted the BancTrust Financial Group Inc. Audit and Non-Audit Services, Pre-Approval Policy, which the Audit Committee shall administer.

 

To the extent permitted by applicable SEC rules, the Audit Committee is authorized from time to time to delegate to one or more of its members, or to establish reasonably detailed pre approval policies and procedures pursuant to which management, shall have the authority to engage permissible services from the Independent Auditors other than audit, review, and attest services, provided that all such decisions to engage any permissible non-audit service shall be reported to the full committee at its next scheduled meeting.

 

The Audit Committee shall not engage the independent auditors for non-audit services that would impair their independence as described in Section 210.2-01(c)(4) of SEC Regulation S-X.

 

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