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This excerpt taken from the VLG DEF 14A filed Oct 2, 2006. AUDIT AND
FINANCE COMMITTEE
REPORT2
The Audit and Finance Committee of the Company’s 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 Company’s
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 Company’s 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 firm’s independence.
The committee also considered whether non-audit services
provided by the independent accountants are compatible with
maintaining the accounting firm’s independence and has
determined that such fees are compatible with maintaining the
accounting firm’s independence.
Based upon the Committee’s discussion with management and
the independent accountants and the Committee’s 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
Company’s Annual Report on
Form 10-K
for the fiscal year ended June 30, 2006 to be filed with
the SEC.
* * * * *
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.
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