SURW » Topics » Audit Committee

This excerpt taken from the SURW DEF 14A filed Mar 25, 2008.

Audit Committee

        The Company's Audit Committee is composed of Messrs. Kittredge, Roberts and Valine, each of whom meets the independence and financial literacy standards within the meaning of the Nasdaq listing standards, the Securities and Exchange Commission, and the Company's own Corporate Governance guidelines. Mr. Kittredge, who currently serves as Chairman of the Audit Committee, is qualified as an independent "audit committee financial expert" under the rules adopted by the SEC pursuant to requirements of the Sarbanes-Oxley Act.

        The Audit Committee is responsible for oversight of the Company's financial accounting and reporting process, system of internal controls, audit process, and process for monitoring compliance with various other laws and regulations. The principal functions of the Audit Committee are to (i) appoint and engage the independent registered public accounting firm, (ii) review the scope of the audit and the audit procedure and non-audit services to be utilized and related fees, (iii) review with the independent registered public accounting firm and internal auditors the effectiveness of accounting and financial controls, and the adequacy of internal controls over financial reporting, (iv) discuss with the independent registered public accounting firm the results of their audit and review the Company's financial statements to be presented to shareholders to determine that the independent registered public accounting firm is satisfied with the disclosure and content of the financial statements, and (v) review independent registered public accounting firm independence issues and the adequacy of the Audit Committee Charter. The Audit Committee is also responsible for the preparation of the Audit Committee Report included in this Proxy Statement in accordance with the rules and regulations of the Securities and Exchange Commission. A copy of the Audit Committee Charter is available on the Company's website at http://www.surw.com/ir/corpgov/acc.php. The Audit Committee met seven times during 2007, and met in executive session at three of those meetings.

This excerpt taken from the SURW DEF 14A filed Mar 30, 2007.
Audit Committee
 
The Company has an Audit Committee composed of Messrs. Kittredge, Roberts and Valine, each of whom meets the independence and financial literacy rules requirements as defined by the Nasdaq listing standards and as imposed by the Securities and Exchange Commission. Mr. Kittredge, who currently serves as Chairman of the Audit Committee, has been determined by the Board of Directors to be qualified as an independent “audit committee financial expert” under the rules adopted by the SEC pursuant to requirements of the Sarbanes-Oxley Act.
 
The Audit Committee is responsible for oversight of the Company’s financial accounting and reporting process, system of internal controls, audit process, and process for monitoring compliance with laws and regulations. The principal functions of the Audit Committee are to (i) appoint and engage the independent registered public accounting firm, (ii) review the scope of the audit and the audit procedure and non-audit services to be utilized and related fees, (iii) review with the independent registered public accounting firm and internal auditors the effectiveness of accounting and financial controls, and the adequacy of internal controls over financial reporting (iv) discuss with the independent registered public accounting firm the results of their audit and review the Company’s financial statements to be presented to shareholders to determine that the independent registered public accounting firm is satisfied with the disclosure and content of the financial statements, and (v) review independent registered public accounting firm independence issues and the adequacy of the Audit Committee Charter. The Audit Committee also is responsible for the preparation of the Audit Committee Report included in the Proxy Statement in accordance with the rules and regulations of the Securities and Exchange Commission. A copy of the Audit Committee Charter is available on the Company’s website at http://www.surw.com/ir/corpgov/acc.php. The Audit Committee met eight times during 2006, and met in executive session at one of the meetings.
 
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