DY » Topics » Financial Statements and Related Disclosure
This excerpt taken from the DY DEF 14A filed Oct 30, 2008.
Statements and Related Disclosure
The Committee shall review the annual audited financial
statements and quarterly financial statements with management
and the independent auditor, including the Companys
disclosures under Managements Discussion and
Analysis of Financial Condition and Results of Operations,
before the filing of the Companys reports with the
Securities and Exchange Commission.
The Committee or, upon delegation of this task to the Chair or
the Chairs 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
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
of unadjusted differences. In addition, the Committee shall
review with the independent auditor any audit problems or
difficulties and managements response.
The Committee shall review with management and any outside
professionals that the Committee considers appropriate, the
effectiveness of the Companys disclosure controls and
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 Companys financial statements.
The Committee shall annually review the performance of the
independent auditor, and, if in the Committees opinion it
is warranted, recommend to the entire Board that the independent
auditors lead audit partner or the independent auditor be
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