HIBB » Topics » Independence Discussions with Audit Committees

This excerpt taken from the HIBB DEF 14A filed Apr 29, 2005.
“Independence Discussions with Audit Committees” and considered the compatibility of nonaudit services with the auditors’ independence.

 

The Audit Committee discussed with the independent registered public accounting firm the overall scope and plans for their audits. The committee meets with the independent registered public accounting firm, with and without management present, to discuss the results of their examinations, their evaluations of the Company’s internal controls and the overall quality of our financial reporting.

 

The Audit Committee was consulted in connection with the Company’s conclusion, on March 9, 2005, to restate certain previously issued financial statements in relation to its accounting for certain types of leasing transactions and the Company’s announcement, on such date, that the previously issued consolidated financial statements as of and for the fiscal years ended January 31, 2004, and February 1, 2003, and for the previously issued interim financial information for fiscal year 2005 and fiscal year 2004. In connection with such restatement, the Company’s management also concluded that the control over financial reporting was not effective and that the control deficiency that resulted in the incorrect lease accounting represented a material weakness in internal control over financial reporting as of January 29, 2005. The Audit Committee received and considered the reports of management and the independent registered public accounting firm with respect to these matters.

 

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Based on the reports and discussions described above, the Audit Committee recommended to the Board of Directors that the audited financial statements, including the restated financial statements for the prior periods identified above, be included in the Company’s Annual Report on Form 10-K for the year ended January 29, 2005 for filing with the Securities and Exchange Commission.

 

Submitted on April 25, 2005 by the members of the Audit Committee of the Company’s Board of Directors.

 

 

 

H. Ray Compton, Chairman

 

Thomas A. Saunders, III

 

 

 

 

 

Ralph T. Parks

 

Alton E. Yother

 

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