This excerpt taken from the PSMT 10-K filed Dec 26, 2007.
Audit Committee Report
The Audit Committee oversees the Companys financial accounting and reporting process and the audits of the financial statements of the Company. All committee members satisfy the definition of independent director set forth at Rule 4200(a)(15) of the Nasdaq Stock Markets listing standards. On July 15, 2004, the Board of Directors adopted an Amended and Restated Audit Committee Charter, a copy of which was attached to the Proxy Statement for the Companys 2005 Annual Meeting of Stockholders.
In fulfilling its oversight responsibilities, the committee reviewed and discussed with management the audited financial statements in the Annual Report, including a discussion of the quality, and not just the acceptability, of the accounting principles, the reasonableness of significant judgments, and the clarity of disclosures in the financial statements.
The Companys independent auditors, Ernst & Young LLP, are responsible for expressing an opinion on the conformity of its audited financial statements with generally accepted accounting principles. Ernst & Young met with the committee and expressed its judgment as to the quality, not just the acceptability, of the Companys accounting principles and discussed with the committee other matters as required under generally accepted auditing standards, including those matters required under Statement on Accounting Standards No. 61 or the Codification of Statements on Auditing Standards, AU Section 380. In addition, Ernst & Young discussed the auditors independence from the Company and from the Companys management and delivered to the committee those matters to be set forth in written disclosures as required by Independence Standards Board Standard No. 1.
The committee discussed with the Companys independent auditors the overall scope and plan of their audit. The committee meets with the independent auditors, with and without our management present, to discuss the results of their examinations, their evaluations of our internal controls, and the overall quality of our financial reporting.
In reliance on the reviews and discussions referred to above, the committee has recommended that the audited financial statements be included in the Annual Report on Form 10-K for the year ended August 31, 2007 for filing with the SEC.
This report of the Audit Committee shall not be deemed incorporated by reference by any general statement incorporating by reference this Proxy Statement into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except to the extent that the Company specifically incorporates this information by reference, and shall not otherwise be deemed filed under such acts.
Leon C. Janks
Katherine L. Hensley
Lawrence B. Krause
The Audit Committee of the Companys Board of Directors has selected Ernst & Young LLP to serve as the Companys independent registered accounting firm for the 2008 fiscal year, subject to the Company and Ernst & Young LLP agreeing on a mutually acceptable engagement letter. Representatives of Ernst & Young LLP are expected to be present at the Annual Meeting. Such representatives will have the opportunity to make a statement if they desire to do so and are expected to be available to respond to appropriate questions.
Audit and non-audit fees. The aggregate fees billed to us by Ernst & Young LLP, the Companys independent auditor, for the indicated services for each of the last two fiscal years were as follows:
Audit Committee Policy Regarding Pre-Approval of Audit and Permissible Non-Audit Services of Our Independent Auditors
Our Audit Committee has established a policy that generally requires that all audit and permissible nonaudit services provided by the Companys independent auditors will be pre-approved by the Audit Committee. These services may include audit services, audit-related services, tax services and other services. From the time that the recently adopted pre-approval requirements became effective, all permissible non-audit services provided by the Companys independent auditors have been pre-approved by the Companys Audit Committee. Our Audit Committee has considered whether the provision of services under the heading All Other Fees is compatible with maintaining the accountants independence and determined that it is consistent with such independence.
This excerpt taken from the PSMT 10-K filed Nov 29, 2007.
The information required by Item 14 is incorporated herein by reference from PriceSmart's definitive Proxy Statement for the Annual Meeting of Stockholders under the heading Independent Registered Public Accounting Firm.
This excerpt taken from the PSMT 10-K filed Nov 13, 2006.
The information required by Item 14 is incorporated herein by reference from PriceSmart's definitive Proxy Statement for the Annual Meeting of Stockholders currently scheduled for January 23, 2007 under the heading "Independent Registered Public Accounting Firm."
This excerpt taken from the PSMT 10-K filed Nov 29, 2005.
The information required by Item 14 is incorporated herein by reference from PriceSmarts definitive Proxy Statement for the Annual Meeting of Stockholders currently scheduled for January 24, 2006 under the heading Independent Registered Public Accounting Firm.