RE:I keep reminding all of you?One would have thought that the performance of the Audit Committee and its failure to ensure timely reporting should be examined - how can they have any expectation of being accepted onto NASDAQ when they can't adhere to even basic reporting timelines!!
The Audit Committee:
The Audit Committee will consist of Messrs. Wayne Hellman, Joel Kanter and James D’Orta . The board has determined that all of the prospective members of the Audit Committee are “independent,” as defined by the NASDAQ listing standards and by applicable SEC rules. In addition, the Board has determined that Mr. Kanter is an audit committee financial expert, and will serve as its Chairman as that term is defined by the SEC rules, by virtue of having the following attributes through relevant experience: (i) an understanding of generally accepted accounting principles and financial statements; (ii) the ability to assess the general application of such principles in connection with the accounting for estimates, accruals, and reserves; (iii) experience preparing, auditing, analyzing, or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the Company’s financial statements, or experience actively supervising one or more persons engaged in such activities; (iv) an understanding of internal controls and procedures for financial reporting; and (v) an understanding of audit committee functions. The function of the Audit Committee relates to oversight of the auditors, the auditing, accounting, and financial reporting processes, and the review of the Company’s financial reports and information. In addition, the functions of the Audit Committee will include, among other things, recommending to the board the engagement or discharge of independent auditors, discussing with the auditors their review of the Company’s quarterly results and the results of their audit, and reviewing the Company’s internal accounting controls.
Joel Kanter (Chair)
Wayne Hellman
Jim D’Orta