HIBB » Topics » Audit Committee

This excerpt taken from the HIBB DEF 14A filed May 2, 2007.

Audit Committee

 

The members of the Audit Committee are Mr. Yother, Chairman of the Committee, and Messrs. Parks and Saunders. During the fiscal year ended February 3, 2007, the Audit Committee met six times. Under the terms of its Charter, the Audit Committee meets no less than four times annually. Periodic meetings are also held separately with management and the independent registered public accounting firm to review disclosures in our SEC periodic filings. The Audit Committee represents and assists the Board with the oversight of: the integrity of our financial statements and internal controls; our compliance with legal and regulatory requirements; the independent registered public accounting firm’s qualifications and independence; the performance of our internal audit function; and the performance of the independent registered public accounting firm. In addition, the Committee is responsible for:

 

Appointing, compensating and overseeing the work of any independent registered public accounting firm we employ;

Resolving any disagreements between management and the auditor regarding financial reporting;

Pre-approving all auditing services, internal control related services and permitted non-audit services performed by the independent registered public accounting firm;

Retaining independent counsel, accountants or others to advise the Committee or assist in the conduct of an investigation;

Seeking any information it requires from employees, all of whom are directed to cooperate with the Committee’s requests, or external parties;

Meeting with our officers, external auditors, internal auditors or outside counsel, as necessary;

Evaluating our overall internal control structure, including consideration of the effectiveness of our internal control system and evaluation of management’s tone and responsiveness toward internal controls;

Reviewing our financial reporting, including interim, quarterly and annual SEC compliance reporting and evaluating management’s significant judgments and estimates underlying the financial statements;

Reviewing our compliance with loan covenants, legal compliance matters, including securities trading practices, and regulatory or governmental findings which raise material issues regarding our financial statements or accounting policies; and

Evaluating the Committee’s performance and reviewing the Committee’s charter on an annual basis and presenting the Board with recommended changes.

 

A copy of the Audit Committee Charter is available on our website at www.hibbett.com under the heading “Investor Information.” In addition, a printed copy of its Charter will be provided to any stockholder upon request submitted to Investor Relations at our address listed elsewhere in this Proxy Statement.

 

This excerpt taken from the HIBB DEF 14A filed May 1, 2006.
Audit Committee. The duties of the Audit Committee are to assist the board in fulfilling its oversight responsibilities relating to the integrity of our consolidated financial statements, our compliance with legal and regulatory requirements, our selection and determination of independent registered public accounting firm’s qualifications and independence and the performance of our independent registered public accounting firm.

 

The Audit Committee appoints, compensates, retains and oversees the work of the independent registered public accounting firm employed by us to conduct the annual audit examination of our consolidated financial statements. The members meet with the independent registered public accounting firm and financial management to review the scope of the proposed audit for the year, the audit procedures to be utilized, audit fees and at the conclusion of the audit, the audit reports. In addition, the Audit Committee reviews the consolidated financial statements, related footnotes, management’s report on internal control over financial reporting and the independent registered public accounting firm’s reports thereon, and makes related recommendations to the board as the committee deems appropriate.

 

The members of the Audit Committee are Mr. Yother, Chairman of the Committee, and Messrs. Parks and Saunders. The Audit Committee met nine times during the fiscal year ended January 28, 2006. The Board of Directors has adopted a written charter for the Audit Committee which it periodically reviews. The current version of the charter is available on our website at www.hibbett.com under “Investor Relations,” and is attached to this proxy statement as Exhibit C.

 

Our board has reviewed the composition of the Audit Committee and determined that the independence of and the financial literacy of its members meet the listing standards of the NASDAQ Stock Market and regulations of the Securities and Exchange Commission. In addition, our board has determined that Mr. Yother, who chairs the Audit Committee, by virtue of his career experiences serving in financial capacities of publicly traded companies as well as other experiences, qualifies as an “audit committee financial expert” within the meaning of applicable regulations of the SEC promulgated pursuant to the Sarbanes-Oxley Act of 2002. In addition, the board has determined that Mr. Saunders, who also sits on our Audit Committee, qualifies as an “audit committee financial expert” because of his financial experience with both private and public companies.

 

This excerpt taken from the HIBB DEF 14A filed Apr 29, 2005.
Audit Committee. The duties of the Audit Committee are to assist the board in fulfilling its oversight responsibilities relating to the integrity of our consolidated financial statements, our compliance with legal and regulatory requirements, our selection and determination of independent registered public accounting firm’s qualifications and independence and the performance of our independent registered public accounting firm.

 

The Audit Committee appoints, compensates, retains and oversees the work of the independent registered public accounting firm employed by us to conduct the annual audit examination of our consolidated financial statements. The members meet with the independent registered public accounting firm and financial management to review the scope of the proposed audit for the year, the audit procedures to be utilized, audit fees and at the conclusion of the audit, the audit

 

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reports. In addition, the Audit Committee reviews the consolidated financial statements, related footnotes, management’s report on internal control over financial reporting and the independent registered publicaccounting firm’s reports thereon, and makes related recommendations to the board as the committee deems appropriate.

 

The members of the Audit Committee are Mr. Compton, Chairman of the Committee, and Messrs. Parks, Saunders and Yother. Mr. Compton will step down as Chairman in May 2005 at which time he will be replaced by Mr. Yother. The Audit Committee met seven times during the fiscal year ended January 29, 2005. The Board of Directors has adopted a written charter for the Audit Committee which it periodically reviews. The current version of the charter is available on our website at www.hibbett.com under “Investor Relations.”

 

Our board has reviewed the composition of the Audit Committee and determined that the independence of and the financial literacy of its members meet the listing standards of the NASDAQ Stock Market and regulations of the Securities and Exchange Commission. In addition, our board has determined that Mr. Compton, who chairs the Audit Committee, and Mr. Yother who will replace Mr. Compton as chairman in May 2005, by virtue of their career experiences serving in financial capacities of publicly traded companies as well as other experiences, qualify as “audit committee financial experts” within the meaning of applicable regulations of the SEC promulgated pursuant to the Sarbanes-Oxley Act of 2002. In addition, the board has determined that Mr. Saunders, who also sits on our Audit Committee, qualifies as an “audit committee financial expert” because of his experience managing investments in private and public companies.

 

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