This excerpt taken from the MRO DEF 14A filed Mar 10, 2008.
Independent Auditor Matters
Recommendation and Engagement of Independent Auditor. The Committee shall recommend annually to the Board of Directors the firm of
independent auditors to be nominated for ratification by the shareholders to audit the financial statements of the Company, and the Committee shall appoint, replace, compensate and oversee the work of the independent auditor (including resolution of
disagreements between management and the auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or related work.
Approval of Audit and Non-Audit Fees and Services of Independent Auditor.The Committee shall review the fees proposed for the coming
year and approve the final fees and expenses of the independent auditor for audit, audit-related, tax, and permissible non-audit services performed by the independent auditor for the past year, and approve in advance all audit, audit-related, tax
and permissible non-audit services to be performed by the independent auditor, however, in accordance with and as defined by applicable law, in no event shall the non-audit services include (i) bookkeeping or other services related to the
accounting records or financial statements of the Company, (ii) financial information systems design and implementation, (iii) appraisal or valuation services, fairness opinions, or contribution-in-kind reports, (iv) actuarial
services, (v) internal audit outsourcing services, (vi) management functions or human resources, (vii)
broker or dealer, investment adviser, or investment banking services, (viii) legal services and expert services unrelated to the audit, and (ix) any other
service that the Board of Directors determines, by regulation, is impermissible. The chair of the Committee is hereby given authority to approve fees and expenses of the independent auditor for audit, audit-related, tax and permissible non-audit
services in an amount not to exceed $500,000.
Determination of Independence of Independent Auditor.The Committee shall annually review the independence letter issued by the independent
auditors under Independence Standards Board Standard No. 1, actively engage in a dialogue with the independent auditor with respect to any relationships disclosed in that letter, and report to the Board of Directors any appropriate action
necessary to maintain the auditors continuing independence.
Determination as to Performance of Independent Auditor.The Committee shall annually review a report by the independent auditor, which sets forth
(i) the firms internal quality-control procedures, (ii) any material issues raised by the most recent internal quality-control review or peer review of the firm, or by any inquiry or investigation by governmental or professional
authorities, within the preceding five years, respecting one or more independent audits carried out by the firm, and any steps taken to deal with any such issues, and (iii) (to assess the auditors independence) all relationships between
the independent auditor and the Company.
Determination of Compensation Amounts. The Committee shall determine for the Company the amount of compensation to (i) the independent
auditor employed by the Company for audit, audit-related, tax, and permissible non-audit services and (ii) independent counsel and other advisers necessary for the Audit and Finance Committee to carry out its duties.
Guidelines for Employment of Staff of Independent Auditor. The Committee shall establish guidelines for the Companys hiring of employees or
former employees of the independent auditor, which shall meet the requirements of applicable law and listing standards.