This excerpt taken from the LXK DEF 14A filed Mar 16, 2007.
The mission of the Finance and Audit Committee (the Committee) is to assist the Board of Directors (the Board) in fulfilling its oversight responsibilities with respect to:
In performing its duties, the Committee will maintain effective working relationships with the Board, and oversight of the independent auditors, the internal auditors, and the financial management of the Company. The independent auditors shall be ultimately accountable to the Committee, and the Committee shall have the ultimate authority and responsibility for their appointment, compensation and to assess their performance. To effectively perform his or her role, each Committee member will obtain an understanding of the responsibilities of Committee membership as well as the Companys business operations and risks.