This excerpt taken from the CT DEF 14A filed Apr 30, 2007.
The Audit Committee (the Committee) is appointed by the Board of Directors (the Board) to assist the Board in fulfilling its responsibility to oversee the quality and integrity of the Companys financial reporting and the audits of the financial statements of the Company. The Committees purpose is to:
· Assist the Boards oversight of:
· The integrity of the Companys financial statements and internal controls;
· The Companys compliance with legal and regulatory requirements;
· The Companys overall risk management profile;
· The independent auditors qualifications and independence; and
· The performance of the Companys internal audit function and independent auditors.
· Prepare the report of the Committee required by the rules of the Securities and Exchange Commission (the SEC) to be included in the Companys annual meeting proxy statement.