DY » Topics » Financial Statements and Related Disclosure

This excerpt taken from the DY DEF 14A filed Oct 30, 2008.
Financial Statements and Related Disclosure
6.   The Committee shall review the annual audited financial statements and quarterly financial statements with management and the independent auditor, including the Company’s disclosures under “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” before the filing of the Company’s reports with the Securities and Exchange Commission.
7.   The Committee or, upon delegation of this task to the Chair or the Chair’s designee, shall review with management earnings press releases before they are issued. The Committee shall review generally with management the nature of the financial information and earnings guidance provided to analysts and rating agencies.
8.   The Committee shall review with the independent auditor: (a) all critical accounting policies and practices to be used by the Company in preparing its financial statements, (b) all alternative treatments of financial information within GAAP that have been discussed with management, ramifications of the use of these alternative disclosures and treatments, and the treatment preferred by the independent auditor, and (c) other material communications between the independent auditor and management, such as any management letter or schedule


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of unadjusted differences. In addition, the Committee shall review with the independent auditor any audit problems or difficulties and management’s response.
9.   The Committee shall review with management and any outside professionals that the Committee considers appropriate, the effectiveness of the Company’s disclosure controls and procedures.
10.   The Committee shall review with management, the independent auditor team and any other outside experts that the Committee considers appropriate, important trends and developments in financial reporting practices and requirements and their effect on the Company’s financial statements.
11.   The Committee shall annually review the performance of the independent auditor, and, if in the Committee’s opinion it is warranted, recommend to the entire Board that the independent auditor’s lead audit partner or the independent auditor be changed.
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