STEC » Topics » Review of Services and Audit by Independent Registered Public Accounting Firm

This excerpt taken from the STEC DEF 14A filed Apr 25, 2006.

Review of Services and Audit by Independent Registered Public Accounting Firm

 

  14. Have the sole authority and responsibility to appoint, evaluate, determine the compensation of and, where appropriate, replace the Independent Auditor. The Committee may, in its discretion, seek shareholder ratification of the Independent Auditor it appoints. The Independent Auditor shall report directly to the Committee, and the Committee’s responsibility includes the resolution of disagreements between management and the Independent Auditor regarding financial reporting.

 

  15. Consider and pre-approve all auditing and permissible non-audit services provided by the Independent Auditor. The Committee may delegate the authority to grant pre-approvals to one or more members of the Committee, whose decisions must be presented to the full Committee at its scheduled meetings.

 

  16. Reviewing with the Independent Auditor, as required by the rules and regulations of the SEC:

 

  a. All critical accounting policies and practices used by the Company;

 

A-4


  b. All alternative treatments of financial information within generally accepted accounting principles that have been discussed with Company management, ramifications of the use of such alternative disclosures and treatments, and the treatment preferred by the Independent Auditor; and

 

  c. Other material communications between the Independent Auditor and management, such as any management letters or schedule of unadjusted differences.
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