This excerpt taken from the S DEF 14A filed Mar 17, 2006.
1. Annually review and reassess the adequacy of this Charter.
2. Prepare the Audit Committee report to be included in Sprint Nextels annual proxy statement.
3. Review guidelines and policies with respect to risk assessment and risk management. Discuss major financial risk exposures and steps management has taken to monitor and control such exposures.
4. Conduct any investigation appropriate to fulfilling its responsibilities, using direct access to the independent registered public accounting firm as well as any Sprint Nextel employee as appropriate.
5. Annually evaluate the Audit Committees performance, using procedures established or approved by the Nominating and Corporate Governance Committee.
6. Perform any other activities consistent with this Charter, Sprint Nextels Bylaws and Articles of Incorporation and applicable law, as the Board considers appropriate and delegates to the Audit Committee.
7. Delegate authority to subcommittees when appropriate.