This excerpt taken from the TACT DEF 14A filed Apr 30, 2008.
Audit Committee Report
Under its charter, the Audit Committee is responsible for assisting the Board in fulfilling its responsibilities to oversee the internal control over financial reporting and quality and integrity of the Companys financial statements and accounting practices, the Companys compliance with legal and regulatory requirements, the independent registered public accounting firms qualifications and independence, and the performance of the Companys independent registered public accounting firm and internal audit function.
Management is responsible for preparing complete and accurate consolidated financial statements in accordance with generally accepted accounting principles. The independent registered public accounting firm is responsible for performing independent audits of the Companys consolidated financial statements and for issuing reports about those financial statements. The Audit Committee meets with the independent registered public accounting firm, the Chief Executive Officer, the Chief Financial Officer and the senior management of the Company to review the scope and the results of the annual audit, the amount of audit fees, the Companys
system of internal accounting controls over financial reporting, the financial statements contained in the Companys Annual Report to Stockholders and other related matters. Separate meetings are held with the independent registered public accounting firm and management.
In connection with its duties, the Audit Committee has taken the following actions: