VYFC » Topics » Financial Reporting

This excerpt taken from the VYFC DEF 14A filed Mar 23, 2007.

Financial Reporting

General

 

   

Review significant accounting principles and reporting issues, including recent professional and regulatory pronouncements, and understand their impact on the financial statements.

 

   

Ask management and the internal and external auditors about significant risks and exposures and the plans to minimize such risks.

Annual Financial Statements

 

   

Review the annual financial statements and determine whether they are complete and consistent with the information known to Committee members; assess whether the financial statements reflect appropriate accounting principles.

 

   

Pay particular attention to complex and/or unusual transactions such as restructuring charges and derivative disclosures.

 

A-2


   

Focus on judgmental areas such as those involving valuation of assets and liabilities, including, for example, the accounting for and disclosure of loan losses; warranty, product, and environmental liability; litigation reserves; and other commitments and contingencies.

 

   

Meet with management and the external auditors to review the financial statements and the results of the audit.

 

   

Consider management’s handling of proposed audit adjustments identified by the external auditors.

 

   

Review Management’s Discussion and Analysis and other sections of the annual report before its release and considers whether the information is adequate and consistent with members’ knowledge about the Company and its operations.

 

   

Review disclosures made by the Company’s chief executive officer and chief financial officer in connection with their certifications required by the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder to be contained in the Company’s reports on Form 10-K and 10-Q regarding (i) the effectiveness of the Company’s disclosure controls and procedures; (ii) any significant deficiencies or material weaknesses in the design or operation of the Company’s internal controls; (iii) any change in the in the Company’s internal controls over financial reporting that occurred during the most recent fiscal quarter and has materially affected, or is reasonably likely to materially affect, the Company’s internal controls over financial reporting; and (iv) any fraud involving management or other employees who have a significant role in the Company’s system of internal controls.

This excerpt taken from the VYFC DEF 14A filed Mar 28, 2006.

Financial Reporting

General

Review significant accounting principles and reporting issues, including recent professional and regulatory pronouncements, and understand their impact on the financial statements.

Ask management and the internal and external auditors about significant risks and exposures and the plans to minimize such risks.


Annual Financial Statements

Review the annual financial statements and determine whether they are complete and consistent with the information known to Committee members; assess whether the financial statements reflect appropriate accounting principles.

Pay particular attention to complex and/or unusual transactions such as restructuring charges and derivative disclosures.

Focus on judgmental areas such as those involving valuation of assets and liabilities, including, for example, the accounting for and disclosure of loan losses; warranty, product, and environmental liability; litigation reserves; and other commitments and contingencies.

Meet with management and the external auditors to review the financial statements and the results of the audit.

Consider management’s handling of proposed audit adjustments identified by the external auditors.

Review Management’s Discussion and Analysis and other sections of the annual report before its release and considers whether the information is adequate and consistent with members’ knowledge about the Company and its operations.

Review disclosures made by the Company’s chief executive officer and chief financial officer in connection with their certifications required by the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder to be contained in the Company’s reports on Form 10-K and 10-Q regarding (i) the effectiveness of the Company’s disclosure controls and procedures; (ii) any significant deficiencies or material weaknesses in the design or operation of the Company’s internal controls; (iii) any change in the in the Company’s internal controls over financial reporting that occurred during the most recent fiscal quarter and has materially affected, or is reasonably likely to materially affect, the Company’s internal controls over financial reporting; and (iv) any fraud involving management or other employees who have a significant role in the Company’s system of internal controls.

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