This excerpt taken from the MLVF DEF 14A filed Dec 29, 2008.
Audit Committee. The Board of Directors has established an Audit Committee consisting of Messrs. Steimmetz, Hughes and Palmer. The Audit Committee reviews with management and the independent registered public accounting firm the systems of internal control, reviews the annual financial statements, including the Form 10-K and monitors Malvern Federal Bancorp's adherence in accounting and financial reporting to generally accepted accounting principles. The Audit Committee is comprised of three directors who are independent directors as defined in the Nasdaq listing standards and the rules and regulations of the Securities and Exchange Commission. The Board of Directors has determined that Mr. Steinmetz meets the qualifications established for an audit committee financial expert in the regulations of the Securities and Exchange Commission. The Audit Committee met one time in fiscal 2008. The Audit Committee charter as presently in effect is available on the Company’s website, www.malvernfederal.com.