This excerpt taken from the SNT DEF 14A filed Nov 2, 2007.
The purpose of the Audit Committee is to assist the Board of Directors (the Board) oversight of:
the quality and integrity of the Companys financial statements, financial reporting process and internal operating controls;
the Companys compliance with legal and regulatory requirements;
the independent auditors qualifications and independence; and
the performance of the Companys internal audit function and independent auditors.