Send us Feedback

CVS Caremark Corporation (CVS)
Analysis
SUMMARY
BULLS
BEARS
TOPICS
Data
DATA CENTRAL
STOCK CHART
Financials
SEC FILINGS
BALANCE
INCOME
CASH FLOW

CVS » Topics » Independent Auditors

This excerpt taken from the CVS DEF 14A filed Apr 4, 2007.

Independent Auditors

 

  • The Audit Committee shall be directly responsible for the appointment, compensation, retention and oversight of the work of any accounting firm engaged for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for the Company (subject, if applicable, to shareholder ratification). Each such accounting firm shall report directly to the Audit Committee.

 

  • The Audit Committee shall pre-approve the audit services and non-audit services to be provided by the Company’s independent auditor pursuant to pre-approval policies and procedures established by the Audit Committee. The Audit Committee may delegate its authority to pre-approve services to one or more Audit Committee members, provided that such designees present any such approvals to the full Audit Committee at the next Audit Committee meeting.

 

  • The Audit Committee shall review and approve the scope and staffing of the independent auditor’s annual audit plan(s).

 

  • The Audit Committee shall evaluate the independent auditor’s qualifications, performance and independence, and shall present its conclusions with respect to the independent auditor to the full Board on at least an annual basis. As part of such evaluation, at least annually, the Audit Committee shall:

 

  • obtain and review a report or reports from the Company’s independent auditor:

 

  • describing the independent auditor’s internal quality-control procedures;

 

  • describing any material issues raised by (i) the most recent internal quality-control review, or peer review, of the auditing firm, or (ii) any inquiry or investigation by governmental or professional authorities, within the preceding five years, regarding one or more independent audits carried out by the auditing firm; and any steps taken to deal with any such issues;

 

  • describing all relationships between the independent auditor and the Company consistent with Independence Standards Board Standard No. 1; and

 

  • assuring that Section 10A of the Securities Exchange Act of 1934 has not been implicated;

 

  • review and evaluate the lead partner of the independent auditor;

 

  • consider whether the audit engagement team partners should be rotated more frequently than is required by law, so as to assure continuing auditor independence;

 

C-2

Table of Contents
  • consider whether the independent auditor should be rotated, so as to assure continuing auditor independence; and

 

  • obtain the opinion of management and the internal auditors of the independent auditor’s performance.

 

  • The Audit Committee shall establish policies for the Company’s hiring of current or former employees of the independent auditor.

"Independent Auditors" elsewhere:

ULTRAPAR HOLDINGS INC (UGP)
UnitedHealth Group (UNH)
Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki