This excerpt taken from the HFFC DEF 14A filed Oct 15, 2007.
Other Audit Committee Responsibilities
· Review and approve all transactions required to be disclosed under Item 404 of Regulation S-K.
· Establish procedures for the receipt, retention and treatment of complaints received by the Corporation regarding accounting, internal accounting controls or auditing matters.
· Establish procedures for the confidential, anonymous submission by the Corporations employees of concerns regarding questionable accounting or auditing matters.
· As and to the extent required by the SEC, prepare a report to the Corporations stockholders for inclusion in the Corporations proxy statement for its annual meeting of stockholders.
· Perform any other activities consistent with this Charter, the Corporations by-laws and governing law, as the Audit Committee or the Board deems necessary or appropriate.
· Maintain minutes of meetings and periodically report to the Board of Directors on significant results of the foregoing activities.
While the Audit Committee has the responsibility and powers set forth in this Charter, it is not the duty of the Audit Committee to plan or conduct audits or to determine whether the Corporations financial statements are complete, accurate and in accordance with generally accepted accounting principles. This is the responsibility of management and the Corporations independent auditor. Further, it is not the duty of the Audit Committee to conduct investigations or assume compliance with laws, regulations or the Corporations Code of Conduct and Ethics.