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This excerpt taken from the DKS DEF 14A filed Apr 20, 2009. Oversight
and Review of Accounting Principles and Practices and Internal
Controls.
15. The Audit Committee will, as it deems necessary,
exercise oversight of, and review and discuss with Management,
the Outside Auditors and the Internal Auditors:
A. significant financial reporting issues and judgments
made in connection with the preparation of the Company’s
financial statements, the clarity of the financial disclosures
made, changes in the Company’s accounting principles or
practices, the application of particular accounting principles
and disclosure practices by Management to new transactions or
events and the development, selection and disclosure of critical
accounting estimates and analysis of alternative assumptions or
estimates and the effect of such estimates on the Company’s
financial statements;
B. potential major changes in generally accepted accounting
principles and the effect of those changes on the Company’s
financial statements;
C. changes in accounting principles, financial reporting
policies and internal controls proposed to be implemented by the
Company;
D. significant litigation, contingencies and claims against
the Company and material accounting issues that require
disclosure in the Company’s financial statements;
E. information regarding any “second” opinions
sought by Management from an independent auditor with respect to
the accounting treatment of a particular event or transaction;
F. Management’s compliance with the Company’s
processes, procedures and internal controls;
G. the adequacy and effectiveness of the Company’s
internal accounting and financial controls and the
recommendations of Management, the Outside Auditors and Internal
Auditors for the improvement of accounting practices and
internal controls; and
H. disagreements between Management and the Outside
Auditors or the Internal Auditors regarding the application of
any accounting principles or any other matter and the Audit
Committee shall resolve any such disagreements.
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