LensCrafters 2007 Annual Report Download - page 97

> 96 | ANNUAL REPORT 2007
• supervises the activities of the external auditors and their supply of consulting services, other
auditing services or certificates.
• examines the periodic communications of the auditing company related to: (a) the accounting
critical criteria and practices to be utilized; (b) the alternative accounting methodologies
provided by the accounting principles generally accepted analyzed with the management, the
consequences of using these alternative methodologies and the related information as well as
the methodologies that are considered preferable by the auditing company; and (c) any other
relevant written communication exchanged by the auditing company with the management.
• recommends to the Board of Directors ways to resolve disputes between the management and
the auditing company about financial reporting.
• approves the procedures concerning: (i) the reception, the archiving and the treatment of
reports received by the auditing company concerning accounting matters, internal control
system matters of accounting nature or matters concerning the audit; and (ii) the confidential or
anonymous information from employees concerning dubious accounting or auditing matters.
• evaluates the requests to make use of the company charged with the auditing of the balance
sheet for permitted non-audit services and reports to the Board of Directors in such respect.
• approves the procedures drawn up by the person in charge of the Internal Auditing function for
the prior authorization of allowed non-audit services, analytically identified, and examines the
reports on the performance of the authorized services.
• examines the reports of the Chief Executive Officer and of the Chief Financial Officer relating to
any significant point of weakness in the planning or the performance of the internal controls
which may reasonably negatively affect the capacity to register, elaborate, summarize and
disclose financial reporting and the deficiencies revealed by the internal controls (Section 404
“Internal controls over financial reporting”).
• examines the reports of the Chief Executive Officer and of the Chief Financial Officer relating to
any fraud involving the management or the relevant officers in the context of the internal control
system.
According to the U.S. regulations, the Chairman of the Board of Statutory Auditors, Marco Reboa,
has been designed as Financial Expert of the Audit Committee.
To perform the above-mentioned duties, the Board of Statutory Auditors is endowed with the
appropriate skills and resources.
Set forth below is information regarding the offices held by each member of the Board of Statutory
Auditors in other listed companies of considerable size together with a brief profile of each
member.
Marco Reboa
Born in 1955, he graduated with a degree in Business Economics at Business University L.
Bocconi in Milan in the Academic Year 1977/78; he enrolled in the Register of the Chartered
Accountants of Milan in 1982 and he is auditor as per min. decree April 12, 1995. He has tenure of
second level as professor in the Faculty of Law in the Free University Institute Carlo Cattaneo of
Castellanza and he practices the non-subordinate profession in Milan attending in particular to
extraordinary finance operations. In recent years he has published volumes and articles with
regard to balance sheets, economic estimations and corporate governance. He is the director of
the Chartered Accountants’ Magazine.
He is a director of the Board of ENI S.p.A., Interpump Group S.p.A., IMMSI S.p.A. and Seat Pagine
Gialle S.p.A.; Chairman of the Board of Directors of Intesa Investimenti S.p.A.; and Auditor of
Lactalis Italia S.p.A. Group and Egidio Galbani S.p.A.