This excerpt taken from the WDR DEF 14A filed Mar 1, 2006.
Audit Committee. The Audit Committee (1) appoints, terminates, retains, compensates and oversees the work of the independent auditors, (2) pre-approves all audit, review and attest services and permitted non-audit services provided by the independent auditors, (3) oversees the performance of the Companys
internal audit function, (4) evaluates the qualifications, performance and independence of the independent auditors, (5) reviews external and internal audit reports and managements responses thereto, (6) oversees the integrity of the financial reporting process, system of internal accounting controls, and financial statements and reports of the Company, (7) oversees the Companys compliance with legal and regulatory requirements, (8) reviews the Companys annual and quarterly financial statements, including disclosures made in Managements Discussion and Analysis of Financial Condition and Results of Operations set forth in periodic reports filed with the SEC, (9) discusses with management earnings press releases, (10) meets with management, the internal auditors, the independent auditors and the Board, (11) provides the Board with information and materials as it deems necessary to make the Board aware of significant financial, accounting and internal control matters of the Company, (12) oversees the receipt, investigation, resolution and retention of all complaints submitted under the Companys Whistleblower Policy, (13) produces an annual report for inclusion in the Companys proxy statement, and (14) otherwise complies with its responsibilities and duties as set forth in the Companys Audit Committee Charter. The Audit Committee Charter and the Companys Whistleblower Policy can be found on the Corporate Governance page of the Corporate section of our website at www.waddell.com. The Audit Committee Charter is also attached as