Our Audit Committee serves as an independent and objective party to oversee the financial and reporting processes, the audits of the financial statements and the internal control system. Our Audit Committee appoints (subject to shareholder ratification), evaluates, and, when appropriate, replaces the independent registered public accounting firm engaged to audit our financial statements. The outside auditors report directly to our Audit Committee and the Audit Committee determines the compensation and other terms of the engagement, and oversees their work. The Audit Committee also reviews our procedures with respect to maintaining books and records, the adequacy and implementation of internal auditing, accounting, disclosure, and financial controls, and our policies concerning financial reporting and business practices. In addition, the Audit Committee is responsible for establishing procedures for the receipt, retention, and treatment of complaints received regarding accounting, internal accounting controls, or auditing matters and the confidential, anonymous submission by any employees of concerns regarding questionable accounting or auditing matters.
The Board of Directors has determined that each member of the Audit Committee meets all applicable independence and financial literacy requirements as defined in the NYSE MKT Company Guide. Furthermore, the Board has determined that Dr. G. Jay Gogue qualifies as an audit committee financial expert as defined in regulations adopted by the Securities and Exchange Commission.
See the Audit Committee Charter for further information regarding the Committee’s roles and responsibilities assigned to it by the Board of Directors.