LeapFrog 2006 Annual Report Download - page 136
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• monitors the rotation of partners of the independent registered public accounting firm on LeapFrog’s
engagement team as required by law;
• confers with management and the independent registered public accounting firm regarding the
effectiveness of internal control over financial reporting;
• establishes procedures, as required under applicable law, for the receipt, retention and treatment of
complaints received by us regarding accounting, internal accounting controls or auditing matters and
the confidential and anonymous submission by employees of concerns regarding questionable
accounting or auditing matters;
• reviews the financial statements to be included in LeapFrog’s annual report on Form 10-K and
quarterly reports on Form 10-Q and other financial disclosures; and
• discusses with management and the independent registered public accounting firm the results of the
annual audit and the results of LeapFrog’s quarterly financial statements.
The Audit Committee is currently comprised of three directors: Messrs. McKee (Chair), Maron and Wang.
The Audit Committee met eight times during our 2006 fiscal year. The board has determined that all members of
LeapFrog’s Audit Committee are independent (as independence is defined in Section 303A.02 of the NYSE
listing standards). The Audit Committee has adopted a written Audit Committee Charter that is posted on our
website at www.leapfroginvestor.com.
Our board of directors has determined that Mr. McKee, the chairman of our Audit Committee, and
Mr. Wang each qualify as an “audit committee financial expert,” as defined in applicable SEC rules. The board
made a qualitative assessment of Messrs. McKee’s and Wang’s level of knowledge and experience based on a
number of factors, including their formal education and experience, in the case of Mr. McKee, as a chief
financial officer for a public reporting company, and in the case of Mr. Wang, as chief financial officer for
various privately held companies and as the chairman of the audit committee of a public reporting company.
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