LXU » Topics » Audit Committee

This excerpt taken from the LXU DEF 14A filed May 8, 2008.

Audit Committee

The Company has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The members of the Audit Committee are Messrs. Bernard Ille (Chairman), Charles Burtch, Horace Rhodes, and Ray Ackerman. The Board has determined that each member of the Audit Committee is independent, as defined in the listing standards of the AMEX as of the Company’s fiscal year end. During 2007, the Audit Committee had nine meetings. The Audit Committee operates under a written charter. The Audit Committee Charter is available on our website at www.lsb-okc.com.

The Company’s Audit Committee assists the Board of Directors in monitoring the integrity of the financial statements of the Company, the independent registered public accounting firm’s qualifications and independence, the performance of the Company’s internal audit function and independent registered public accounting firm, and the Company’s compliance with legal and regulatory requirements. In carrying out these purposes, the Audit Committee, among other things:

 

   

appoints, evaluates, and approves the compensation of, the Company’s independent registered public accounting firm;

 

   

pre-approves all auditing services and permitted non-audit services; annually considers the qualifications and independence of the independent registered public accounting firm;

 

   

reviews recommendations of independent registered public accounting firm concerning the Company’s accounting principles, internal controls and accounting procedures and practices;

 

   

reviews and approves the scope of the annual audit;

 

   

reviews and discusses with the independent registered public accounting firm the audited financial statements;

 

   

reviews and discusses with the independent registered public accounting firm the unaudited quarterly financial statements; and

 

   

performs such other duties as set forth in the Audit Committee Charter.

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

Audit Committee

The Company has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The members of the Audit Committee are Messrs. Bernard Ille (Chairman), Charles Burtch, Horace Rhodes, and Ray Ackerman. The Board has determined that each member of the Audit Committee is independent, as defined in the listing standards of the AMEX as of the Company’s fiscal year end. During 2006, the Audit Committee had five meetings. The Audit Committee operates under a written charter. The Audit Committee Charter is available on our website at www.lsb-okc.com.

The Company’s Audit Committee assists the Board of Directors in monitoring the integrity of the financial statements of the Company, the independent registered public accounting firm’s qualifications and independence, the performance of the Company’s internal audit function and independent registered public accounting firm, and the Company’s compliance with legal and regulatory requirements. In carrying out these purposes, the Audit Committee, among other things:

 

   

appoints, evaluates, and approves the compensation of, the Company’s independent registered public accounting firm;

 

   

pre-approves all auditing services and permitted non-audit services; annually considers the qualifications and independence of the independent registered public accounting firm;

 

   

reviews recommendations of independent registered public accounting firm concerning the Company’s accounting principles, internal controls and accounting procedures and practices;

 

   

reviews and approves the scope of the annual audit;

 

   

reviews and discusses with the independent registered public accounting firm the audited financial statements;

 

   

reviews and discusses with the independent registered public accounting firm the unaudited quarterly financial statements;

 

   

performs such other duties as set forth in the Audit Committee Charter.

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