LCUT » Topics » AUDIT COMMITTEE

This excerpt taken from the LCUT DEF 14A filed Apr 30, 2009.

AUDIT COMMITTEE

 

The Audit Committee is composed of three directors, each of whom is independent, as required by the Audit Committee charter and the listing requirements for The NASDAQ Stock Market, LLC and the SEC rules. The current members are William Westerfield (Chair), Michael Jeary and Cherrie Nanninga. The Board has determined that William Westerfield is an “audit committee financial expert,” as defined by the SEC rules. The Audit Committee held seven meetings during 2008.

 

The Audit Committee, among other things, regularly:

 

Considers the qualifications of and appoints the independent accountants of the Company and reviews the activities of the Company’s independent accountants;

 

Reviews and approves audit fees and fees for non-audit services rendered or to be rendered by the independent accountants, and reviews the audit plan and the services rendered or to be rendered by the independent accountants for each year and the results of their audit for the previous year;

 

Evaluates the Company's organization and its internal controls, policies, procedures and practices to determine whether they are reasonably designed to:

 

 

Provide for the safekeeping of the Company’s assets; and

 

 

Assure the accuracy and adequacy of the Company’s records and financial statements;

 

Reviews the activities of the Company’s internal audit function, including approving the internal audit plan and budget;

 

Reviews the Company’s financial statements and reports;

 

Monitors compliance with the Company’s internal controls, policies, procedures and practices;

 

Undertakes such other activities as the Board from time to time may delegate to it.

 

The complete text of the Audit Committee charter is set forth as Appendix B to this Proxy Statement.

 

This excerpt taken from the LCUT DEF 14A filed Apr 29, 2008.

AUDIT COMMITTEE

The Audit Committee is composed of three directors, each of whom is independent, as required by the Audit Committee charter and the listing requirements for The NASDAQ Stock Market, LLC and the SEC rules. The current members of the Audit Committee are William Westerfield (Chairman), Michael Jeary and Cherrie Nanninga. The Company's Board of Directors has determined that William Westerfield is an "audit committee financial expert," as defined by SEC rules. The Audit Committee held 6 meetings during 2007.

The Audit Committee, among other things, regularly:

·     

Considers the qualifications of and appoints the independent accountants of the Company and reviews the activities of the Company's independent accountants;


·     

Reviews and approves audit fees and fees for non-audit services rendered or to be rendered by the independent accountants, and reviews the audit plan and the services rendered or to be rendered by the independent accountants for each year and the results of their audit for the previous year;


·     

Evaluates the Company's organization and its internal controls, policies, procedures and practices to determine whether they are reasonably designed to:


·     

Provide for the safekeeping of the Company's assets; and


·     

Assure the accuracy and adequacy of the Company's records and financial statements;


·     

Reviews the activities of the Company's internal audit function, including approving the internal audit plan and budget;


·     

Reviews the Company's financial statements and reports;


·     

Monitors compliance with the Company's internal controls, policies, procedures and practices;


·     

Undertakes such other activities as the Board from time to time may delegate to it.


The complete text of the Audit Committee charter was set forth as an Appendix to the Company's 2006 Proxy Statement.

This excerpt taken from the LCUT DEF 14A filed Apr 30, 2007.

Audit Committee

The Audit Committee is composed of three directors, each of whom is independent, as required by the Audit Committee charter and the listing requirements for The NASDAQ Stock Market, LLC. The current members of the Committee are William Westerfield (Chairman), Cherrie Nanninga and Michael Jeary. The Company’s Board of Directors has determined that William Westerfield is an “audit committee financial expert,” as defined by SEC rules. The Audit Committee held ten meetings during 2006.

The Audit Committee, among other things, regularly:

    considers the qualifications of and appoints the independent accountants of the Company; and

    reviews the activities of the Company's independent accountants;

    reviews and approves audit fees and fees for non-audit services rendered or to be rendered by the independent accountants, and reviews the audit plan and the services rendered or to be rendered by the independent accountants for each year and the results of their audit for the previous year;

    evaluates the Company’s organization and its internal controls, policies, procedures and practices to determine whether they are reasonably designed to:

      provide for the safekeeping of the Company's assets; and

      assure the accuracy and adequacy of the Company's records and financial statements;

    reviews the activities of the Company's outsourced internal audit function, including approving the internal audit plan and budget;

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    reviews the Company's financial statements and reports;

    monitors compliance with the Company's internal controls, policies, procedures and practices;

    undertakes such other activities as the Board from time to time may delegate to it.

The complete text of the Audit Committee charter was set forth as an appendix to the Company’s 2006 Proxy Statement.

This excerpt taken from the LCUT DEF 14A filed May 4, 2006.

Audit Committee

 

The Audit Committee is comprised of four directors, each of whom is independent, as required by the Audit Committee charter and the listing requirements for The Nasdaq Stock Market, Inc.  The current members are William Westerfield (Chairman), Howard Bernstein,  Cherrie Nanninga and Michael Jeary.  In addition, the Company’s Board of Directors has determined that William Westerfield is an “audit committee financial expert,” as defined by SEC rules.  The Audit Committee held eight meetings during 2005.

 

The Audit Committee, among other things, regularly:

 

                  reviews the activities of the Company’s independent accountants;

 

                  evaluates the Company’s organization and its internal controls, policies, procedures and practices to determine whether they are reasonably designed to:

 

                                          provide for the safekeeping of the Company’s assets; and

 

                                          assure the accuracy and adequacy of the Company’s records and financial statements;

 

                  reviews the activities of the Company’s outsourced internal audit function, including approving the internal audit plan and budget;

 

                  reviews the Company’s financial statements and reports;

 

                  monitors compliance with the Company’s internal controls, policies, procedures and practices;

 

                  undertakes such other activities as the Board from time to time may delegate to it;

 

                  considers the qualifications of and appoints the independent accountants of the Company; and

 

                  reviews and approves audit fees and fees for non-audit services rendered or to be rendered by the independent accountants, and reviews the audit plan and the services rendered or to be rendered by the independent accountants for each year and the results of their audit for the previous year.

 

The complete text of the Audit Committee charter is set forth at Appendix A to this Proxy        Statement.

 

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This excerpt taken from the LCUT DEF 14A filed May 1, 2006.

Audit Committee

 

The Audit Committee is comprised of four directors, each of whom is independent, as required by the Audit Committee charter and the listing requirements for The Nasdaq Stock Market, Inc.  The current members are William Westerfield (Chairman), Howard Bernstein,  Cherrie Nanninga and Michael Jeary.  In addition, the Company’s Board of Directors has determined that William Westerfield is an “audit committee financial expert,” as defined by SEC rules.  The Audit Committee held eight meetings during 2005.

 

The Audit Committee, among other things, regularly:

 

                  reviews the activities of the Company’s independent accountants;

 

                  evaluates the Company’s organization and its internal controls, policies, procedures and practices to determine whether they are reasonably designed to:

 

                                          provide for the safekeeping of the Company’s assets; and

 

                                          assure the accuracy and adequacy of the Company’s records and financial statements;

 

                  reviews the activities of the Company’s outsourced internal audit function, including approving the internal audit plan and budget;

 

                  reviews the Company’s financial statements and reports;

 

                  monitors compliance with the Company’s internal controls, policies, procedures and practices;

 

                  undertakes such other activities as the Board from time to time may delegate to it;

 

                  considers the qualifications of and appoints the independent accountants of the Company; and

 

                  reviews and approves audit fees and fees for non-audit services rendered or to be rendered by the independent accountants, and reviews the audit plan and the services rendered or to be rendered by the independent accountants for each year and the results of their audit for the previous year.

 

The complete text of the Audit Committee charter is set forth at Appendix A to this Proxy        Statement.

 

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