U-Haul 2004 Annual Report Download - page 54

of the Audit Committee and the Board, and his designation as an audit committee Ñnancial expert pursuant to
this SEC requirement does not aÅect the duties, obligations or liability of any other member of the Audit
Committee or the Board.
The Audit Committee meets each quarter with BDO Seidman, LLP and management to review
AMERCO's interim Ñnancial results before the publication of AMERCO's quarterly earnings press releases.
Management's and the independent auditors' presentations to and discussions with the Audit Committee
cover various topics and events that may have signiÑcant Ñnancial impact and/or are the subject of discussions
between management and the independent auditors. The Audit Committee is responsible for establishing
procedures for the receipt, retention and treatment of complaints received by the Company regarding
accounting, internal accounting controls or auditing matters, including the conÑdential, anonymous submis-
sion by Company employees, received through established procedures, of concerns regarding questionable
accounting or auditing matters.
Among other matters, the Audit Committee monitors the activities and performance of AMERCO's
external auditors, including the audit scope, audit fees, auditor independence matters and the extent to which
the independent auditors may be retained to perform non-audit services. AMERCO's independent auditors
provide the Audit Committee with the written disclosures and the letter required by Independence Standards
Board Standard No. 1, ""Independence Discussions with Audit Committees,'' and the Audit Committee
discusses with the independent auditors and management that Ñrm's independence.
In accordance with Audit Committee policy and the requirements of law, all services to be provided by
BDO Seidman, LLP are pre-approved by the Audit Committee. Pre-approval includes audit services, audit-
related services, tax services and other services. In some cases, pre-approval is provided by the full Audit
Committee for up to a year, and relates to a particular deÑned task or scope of work and is subject to a speciÑc
budget. In other cases, the Audit Committee has the delegated authority to pre-approve additional services,
and such pre-approvals are then communicated to the full Audit Committee. To avoid certain potential
conÖicts of interest, the law prohibits a publicly traded company from obtaining certain non-audit services
from its auditing Ñrm. We obtain these services from other service providers as needed.
The Audit Committee has reviewed and discussed the consolidated Ñnancial statements for Ñscal year
2004 with management and the independent auditors; management represented to the Audit Committee that
the Company's consolidated Ñnancial statements were prepared in accordance with generally accepted
accounting principles; and the independent auditors represented that their presentations included the matters
required to be discussed with the independent auditors by Statement on Auditing Standards No. 61, as
amended, ""Communication with Audit Committees.'' This review included a discussion with management of
the quality, not merely the acceptability, of the Company's accounting principles, the reasonableness of
signiÑcant estimates and judgments, and the clarity of disclosure in the Company's Ñnancial statements,
including the disclosures related to critical accounting estimates. In reliance on these views and discussions,
and the report of the independent auditors, the Audit Committee has recommended to the Board, and the
Board has approved, the inclusion of the audited Ñnancial statements in the Company's Annual Report on
Form 10-K for the year ended March 31, 2004 for Ñling with the SEC.
Audit Committee:
John P. Brogan
James J. Grogan
John M. Dodds
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