Does Stein Mart’s Audit Committee review internal controls?
Yes. The Audit Committee met nine times during fiscal 2008 and carefully monitored the staffing and budget for the Company’s internal audit group and monitored compliance with the Sarbanes Oxley §404 internal controls testing. The Audit Committee also met in executive session on four occasions separately with the Company’s independent certified public accountants without the presence of management and also in separate executive sessions with the company’s Chief Financial Officer and Senior Vice President of Internal Audit Safety and Security.
Related Questions
- Both the NYSE and the NASDAQ requirements for audit committee charters mention internal accounting controls. What exactly are these, and how can the audit committee oversee them?
- What are the responsibilities of the audit committee with respect to disclosure controls and procedures?
- Does the Audit committee review the performance of the external auditors?
