This excerpt taken from the LSTR DEF 14A filed Apr 3, 2006.
Reports to Board; Review of Committee Performance and Charter
a. The Committee shall, as and when it deems necessary or appropriate, report regularly to the Board and review with the Board any issues that arise with respect to:
i. the quality or integrity of the Corporations financial statements;
ii. the performance or independence of the Corporations independent auditor;
iii. the performance of the Corporations internal audit function; and
iv. the Corporations compliance with legal and regulatory requirements.
b. The Committee shall review and re-assess annually the adequacy of this Charter and recommend any proposed changes to the Board for approval.