This excerpt taken from the CWTR DEF 14A filed May 8, 2006.
I. Audit Committee Purpose
The Audit Committee is appointed by the Board of Directors to assist the Board in fulfilling its oversight responsibilities. The Audit Committee shall strive to set the tone at the top for quality financial reporting and sound internal controls. The Audit Committees primary duties and responsibilities are to:
While the Audit Committee has the responsibilities and duties set forth in this Charter, it is not the responsibility of the Audit Committee to plan and conduct the audits or to determine that the Companys financial statements are complete and accurate and are in accordance with generally accepted accounting principles. The Audit Committees responsibility in this regard is one of oversight and review.
The Audit Committee has the authority to conduct any investigation appropriate to fulfilling its responsibilities, and it has direct access to the independent auditors as well as anyone in the organization. The Audit Committee has the ability to retain, at the Companys expense, special legal, accounting, or other consultants or experts it deems necessary in the performance of its duties.