This excerpt taken from the MBRX DEF 14A filed Apr 25, 2005.
PURPOSE AND POLICY
The primary purpose of the Audit Committee (the Committee) of Metabasis Therapeutics, Inc. (the Company) shall be to act on behalf of the Companys Board of Directors (the Board) in fulfilling the Boards oversight responsibilities with respect to the Companys corporate accounting and financial reporting practices, the Companys systems of internal accounting and financial controls, audits of the Companys financial statements, the quality and integrity of the Companys financial statements and reports, and the qualifications, independence and performance of the certified public accountants engaged as the Companys independent outside auditors (the Auditors). The Committee shall also provide oversight assistance in connection with the Companys legal and ethical compliance programs as established by management and the Board.
The policy of the Committee, in discharging these responsibilities, shall be to maintain and foster an open avenue of communication between the Committee, the Auditors and management.