MOLX » Topics » Audit Committee Report

This excerpt taken from the MOLX DEF 14A filed Sep 10, 2009.
Audit Committee Report
 
The Audit Committee assists the Board of Directors by providing oversight on the following matters relating to Molex’s financial reporting:
 
  •     the quality and integrity of the financial statements;
 
  •     the quality and integrity of the internal controls and other accounting, auditing and reporting practices and processes;
 
  •     the qualifications, independence and performance of the independent auditor;
 
  •     the legal compliance policies and legal matters that may have a material impact on the financial statements;
 
  •     the performance and activities of the internal audit program; and
 
  •     the policies and processes with respect to risk assessment and risk management.
 
Molex’s management is responsible for preparing the financial statements, establishing and maintaining the system of internal controls, and assessing the effectiveness of Molex’s internal control over financial reporting. E&Y is responsible for auditing the annual financial statements and expressing opinions on the conformity of the financial statements with U.S. generally accepted accounting principles and on the effectiveness of Molex’s internal control over financial reporting based on its audit.
 
In fulfilling its oversight responsibilities, the Audit Committee reviewed and discussed with management and E&Y the audited financial statements for the fiscal year ended June 30, 2009 and the reasonableness of significant estimates and judgments made in preparing the financial statements, as well as the clarity of the disclosures in the financial statements. The Audit Committee also discussed, with management and separately with E&Y, in executive sessions their evaluations of Molex’s internal control over financial reporting and the overall quality of Molex’s financial reporting.
 
The Audit Committee discussed with E&Y those matters required to be discussed by Statement on Auditing Standards No. 61, as amended (AICPA, Professional Standards, Vol. 1. AU Section 380), as adopted by the Public Company Accounting Oversight Board in Rule 3200T. In addition, E&Y has provided the Audit Committee with the written disclosures and the letter required by applicable


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requirements of the Public Company Accounting Oversight Board regarding the independent auditor’s communications with the Audit Committee concerning independence, and the Audit Committee and E&Y have discussed the auditors’ independence from Molex and its management, including the matters in those written disclosures. The Audit Committee also considered the non-audit services provided by E&Y and the fees and costs billed and expected to be billed by E&Y for those services. All of the non-audit services provided by E&Y have been approved by the Audit Committee in accordance with its pre-approval policy. When approving the retention of E&Y for these non-audit services, the Audit Committee has considered whether the retention of E&Y for these non-audit services is compatible with maintaining auditor independence.
 
In reliance on the reviews and discussions with management and E&Y referred to above, the Audit Committee recommended to the Board of Directors, and the Board approved, the inclusion of the audited financial statements in Molex’s Annual Report on Form 10-K for the fiscal year ended June 30, 2009 for filing with the SEC. The Audit Committee also approved the selection of E&Y as Molex’s independent auditors for the fiscal year ending June 30, 2010.
 
The Audit Committee
David L. Landsittel, Chairman
Michelle L. Collins
Robert J. Potter
 
Audit Committee Report
 
The Audit Committee acts on behalf of the Board of Directors by providing oversight on the following matters: the quality and integrity of Molex’s financial statements, internal controls and other accounting, auditing and reporting practices; the audits of Molex’s financial statements; compliance with legal and regulatory requirements; and the activities of the internal audit function. Molex’s management is responsible for preparing the financial statements, establishing and maintaining the system of internal controls, and assessing the effectiveness of Molex’s internal control over financial reporting. E&Y is responsible for auditing the annual financial statements and expressing opinions on the conformity of the financial statements with U.S. generally accepted accounting principles, and on the effectiveness of Molex’s internal control over financial reporting based on its audit.
 
In fulfilling its oversight responsibilities, the Audit Committee reviewed and discussed with management and E&Y the audited financial statements for the fiscal year ended June 30, 2008 and the reasonableness of significant estimates and judgments made in preparing the financial statements, as well as the clarity of the disclosures in the financial statements. The Audit Committee also discussed separately with Molex’s internal auditor and E&Y, with and without management present, their evaluations of Molex’s internal control over financial reporting and the overall quality of Molex’s financial reporting.
 
The Audit Committee discussed with E&Y such matters as are required to be discussed by Statement on Auditing Standards No. 61, Communication with Audit Committees, as amended. In addition, E&Y has provided to the Audit Committee the written disclosures required by Independence Standards Board Standard No. 1 (Independence Discussions with Audit Committees), and the Audit Committee and E&Y have discussed the auditors’ independence from the Company and its management, including the matters in those written disclosures. Additionally, the Audit Committee considered the non-audit services provided by E&Y and the fees and costs billed and expected to be billed by


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E&Y for those services. All of the non-audit services provided by E&Y have been pre-approved by the Audit Committee in accordance with its pre-approval policy. When approving the retention of E&Y for these non-audit services, the Audit Committee has considered whether the retention of E&Y for these non-audit services is compatible with maintaining auditor independence.
 
In reliance on the reviews and discussions with management and E&Y referred to above, the Audit Committee recommended to the Board of Directors, and the Board approved, the inclusion of the audited financial statements in Molex’s Annual Report on Form 10-K for the fiscal year ended June 30, 2008 for filing with the SEC. The Audit Committee also approved the selection of E&Y as Molex’s independent auditors for the fiscal year ending June 30, 2009.
 
The Audit Committee:
David L. Landsittel, Chairman
Michelle L. Collins
Robert J. Potter
 

Audit Committee Report

The Audit Committee acts on behalf of the Board of Directors by providing oversight on the following matters: the quality and integrity of Molex’s financial statements, internal controls and other accounting, auditing and reporting practices; the audits of Molex’s financial statements; compliance with legal and regulatory requirements; and the activities of the internal audit function. Molex’s management is responsible for preparing the financial statements, establishing and maintaining the system of internal controls, and assessing the effectiveness of Molex’s internal control over financial reporting. E&Y is responsible for auditing the annual financial statements, and expressing opinions on the conformity of the financial statements with U.S. generally accepted accounting principles, on management’s assessment of the effectiveness of internal control over financial reporting, and on the effectiveness of Molex’s internal control over financial reporting based on its audit.

In fulfilling its oversight responsibilities, the Audit Committee reviewed and discussed with management and E&Y the audited financial statements for the fiscal year ended June 30, 2007 and the reasonableness of significant estimates and judgments made in preparing the financial statements, as well as the clarity of the disclosures in the financial statements. The Audit Committee also discussed separately with Molex’s internal auditor and E&Y, with and without management present, their evaluations of Molex’s internal control over financial reporting and the overall quality of Molex’s financial reporting.

The Audit Committee discussed with E&Y such matters as are required to be discussed by Statement on Auditing Standards No. 61, Communication with Audit Committee, as amended. In addition, E&Y has provided to the Audit Committee the written disclosures required by Independence Standards Board Standard No. 1 (Independence Discussions with Audit Committees), and the Audit Committee and E&Y have discussed the auditors’ independence from the Company and its management, including the matters in those written disclosures. Additionally, the Audit Committee considered the non-audit services provided by E&Y and the fees and costs billed and expected to be billed by E&Y for those services. All of the non-audit services provided by E&Y have been pre-approved by the Audit Committee in accordance with its Pre-Approval Policy. When approving the retention of E&Y for these non-audit services, the Audit Committee has considered whether the retention of E&Y for these non-audit services is compatible with maintaining auditor independence.

 

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In reliance on the reviews and discussions with management and E&Y referred to above, the Audit Committee recommended to the Board of Directors, and the Board approved, the inclusion of the audited financial statements in Molex’s Annual Report on Form 10-K for the fiscal year ended June 30, 2007, for filing with the Securities and Exchange Commission. The Audit Committee also recommended to the Board, and the Board has approved subject to shareholder ratification, the selection of E&Y as Molex’s independent auditors for the fiscal year ending June 30, 2008.

Audit Committee:

David L. Landsittel, Chairman

Michelle L. Collins

Robert J. Potter

This excerpt taken from the MOLX DEF 14A filed Sep 13, 2006.

Audit Committee Report

The Audit Committee reports to and acts on behalf of the Molex Board of Directors by providing oversight of the financial management, legal compliance programs, independent auditors, Ernst & Young LLP (E&Y), risk management processes and financial reporting controls and accounting policies and procedures of Molex. Molex’s management is responsible for preparing the financial statements and systems of internal control, and E&Y is responsible for auditing those financial statements and expressing its opinion as to whether the financial statements present fairly, in all material respects, the financial position, results of operations and cash flows of Molex in conformity with generally accepted accounting principles.

In this context, the Audit Committee has reviewed and discussed the consolidated financial statements for the fiscal year ended June 30, 2006 with management and E&Y. Management has represented to the Audit Committee that the financial statements were prepared in accordance with generally accepted accounting principles.

The Audit Committee has discussed with E&Y matters required to be discussed by Statement on Auditing Standards No. 61, Communication with Audit Committee, as amended. In addition, E&Y has provided to the Audit Committee the written disclosures required by Independence Standards Board Standard No. 1 (Independence Discussions with Audit Committees), and the Audit Committee and E&Y have discussed the auditors’ independence from Molex and its management, including the matters in those written disclosures. Additionally, the Audit Committee considered the non-audit services provided by E&Y and the fees and costs billed and expected to be billed by E&Y for those services. All of the non-audit services provided by E&Y have been pre-approved by the Audit Committee in accordance with its Pre-Approval Policy. When approving the retention of E&Y for these non-audit services, the Audit Committee has considered whether the retention of E&Y for these non-audit services is compatible with maintaining auditor independence.

The Audit Committee also has discussed separately with Molex’s internal auditor and E&Y, with and without management present, their evaluations of Molex’s internal accounting controls and the overall quality of Molex’s financial reporting.

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In further reliance on the reviews and discussions with management and E&Y referred to above, the Audit Committee recommended to the Board of Directors, and the Board approved, the inclusion of the audited financial statements in Molex’s Annual Report on Form 10-K for the fiscal year ended June 30, 2006, for filing with the Securities and Exchange Commission. The Audit Committee also recommended to the Board, and the Board has approved subject to stockholder ratification, the selection of E&Y as Molex’s independent auditors for the fiscal year ending June 30, 2007.

Audit Committee:

Douglas K. Carnahan, Chairman

Robert J. Potter

David L. Landsittel


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