This excerpt taken from the OMX DEF 14A filed Mar 15, 2007.
The Audit Committee of the board of directors oversees our accounting and financial reporting processes, audits of OfficeMaxs financial statements, the system of internal controls established by management related to accounting, financial reporting, disclosure, and ethics and the integrity of OfficeMaxs financial statements. The committee also assists the board in the oversight of OfficeMaxs compliance with legal and regulatory requirements; the evaluation of the independence, performance, and qualifications of the independent public accounting firm; and the performance of OfficeMaxs internal audit function. It is comprised entirely of independent directors as required by the NYSE listing standards and by its own written charter. All of the committee members are financially literate, and Ms. Ruiz de Luzuriaga, the committee chair, and Ms. Bern qualify as audit committee financial experts as defined by the SEC.
The Audit Committee, formed in 1969, has had a charter since 1973. The committee periodically reviews and updates that charter based on changes in its responsibilities and changes in SEC regulations or NYSE listing standards.