This excerpt taken from the RVBD DEF 14A filed Oct 3, 2007.
The Committee has the authority to undertake the specific duties and responsibilities listed below and will have the authority to undertake such other specific duties as the Board from time to time prescribes.
The Committee shall rely on the expertise and knowledge of the Companys management, the Companys independent auditors and, to the extent applicable, the Companys internal auditors (or other persons responsible for the Companys internal audit function) in carrying out its oversight responsibilities. Management of the Company is responsible for ensuring that the Companys financial statements are complete and accurate and prepared in accordance with generally accepted accounting principles. The Companys independent auditors are responsible for auditing the Companys financial statements. It is not the duty of the Committee to plan or conduct audits, to determine that the financial statements are complete and accurate and are prepared in accordance with generally accepted accounting principles, to conduct investigations, or to assure compliance with laws and regulations or the Companys internal policies, procedures and controls.