This excerpt taken from the HGSI DEF 14A filed Mar 22, 2006.
The primary purpose of the Committee is to assist the Board in fulfilling its oversight responsibilities with respect to (1) the integrity of the Corporations financial statements and other financial information provided by the Corporation to its stockholders, (2) the Corporations compliance with legal and regulatory requirements, (3) the Corporations relationship with their independent accountants, including their engagement, performance, qualifications and independence, (4) the performance of the Corporations internal audit function, internal controls and disclosure controls. The Committee shall prepare the report of the Committee included in the Corporations annual proxy statement as required by the Securities and Exchange Commission (the SEC). In addition, the Committee provides an avenue for communication between the independent accountants, financial management and the Board. The Committees responsibility is one of oversight, recognizing that the Corporations management is responsible for preparing the Corporations financial statements and that the independent accountants are responsible for auditing those financial statements. The independent accountants are ultimately accountable to the Committee and the Board for such accountants audit of the financial statements of the Corporation.