Pizza Hut 2011 Annual Report Download - page 104
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16MAR201218540977
3. Review on an annual basis a summary of significant comments and management’s responses
thereon from completed internal audits.
4. Review the appointment, performance and replacement of the Vice President, Audit (or anyone
of equivalent title and responsibility).
IX. Definition of Committee’s Roles
The Committee’s principal responsibility is one of oversight. The Company’s management is responsible
for preparing the Company’s financial statements, and the independent auditors are responsible for
auditing and/or reviewing those financial statements. While the Committee has the powers and
responsibilities set forth in this charter, it is not the responsibility of the Committee to plan or conduct
audits or to determine that the Company’s financial statements and disclosures are complete and accurate,
and present fairly the financial position, the results of operations and the cash flows of the Company, in
compliance with GAAP. This is the responsibility of management and/or the independent auditors. In
carrying out these oversight responsibilities, the Committee is not providing any expert or special
assurance as to the Company’s financial statements or any professional certification as to the independent
auditors’ work. Nor is it the responsibility of the Committee to conduct investigations or to assure
compliance with laws and regulations and the Company’s Worldwide Code of Conduct.
Proxy Statement
6