This excerpt taken from the VLG DEF 14A filed Oct 2, 2006.
AUDIT AND FINANCE COMMITTEE REPORT2
The Audit and Finance Committee of the Companys Board of Directors for the fiscal year ended June 30, 2006 was composed of the following non-employee directors: Robert P. Hespe, August E. Maier, Ben Exley, IV and F. Walter Riebenack.
The committee has reviewed and discussed the Companys consolidated audited financial statements for the year ended June 30, 2006 with management and the independent accountants. The committee discussed with the independent accountants matters required to be discussed by Statement on Auditing Standards No. 61 (Communications with Audit Committees).
The Companys independent accountants also provided to the committee the written disclosure required by Independence Standards Board Standard No. 1 (Independence Discussions with Audit Committees), and the committee discussed with the independent accountants the accounting firms independence. The committee also considered whether non-audit services provided by the independent accountants are compatible with maintaining the accounting firms independence and has determined that such fees are compatible with maintaining the accounting firms independence.
Based upon the Committees discussion with management and the independent accountants and the Committees review of the representation of management and the report of the independent accountants to the committee, the committee recommended to the Board of Directors that the audited consolidated financial statements be included in the Companys Annual Report on Form 10-K for the fiscal year ended June 30, 2006 to be filed with the SEC.
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The foregoing report is provided by the following directors, who were members of the Audit and Finance Committee on June 30, 2006:
Robert P. Hespe, Chairman
F. Walter Riebenack
August E. Maier
Ben Exley, IV
2 This section is not soliciting material, is not deemed filed with the SEC and is not to be incorporated by reference in any filing of the Company under the Securities Act or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing.