US Postal Service 2009 Annual Report Download - page 22

Download and view the complete annual report

Please find page 22 of the 2009 US Postal Service annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 92

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92

20 | 2009 Annual Report United States Postal Service
James C. Miller III
Chairman, Audit and Finance
Committee
THE AUDITAND
FINANCE
COMMITTEE
Message From The Audit and Finance Com-
mittee assists the Board of
Governors in fulfi lling its fi -
duciary responsibilities. The Chair-
man of the Board selects the members
of the Committee. This year the Com-
mittee, whose current members in-
clude Governors Mickey D. Barnett,
Louis J. Giuliano, Thurgood Mar-
shall, Jr., and me, met eight times.
The Committee wishes to extend its
appreciation to former Governor
Katherine Tobin for her service and
leadership as Chairman through Au-
gust 2009, when she resigned to ac-
cept a new appointment at the U.S.
Department of Education. I joined
the Committee to serve as Chairman
upon Katherine’s resignation.
The Committee’s primary respon-
sibility is oversight of the integrity
of the Postal Service’s fi nancial state-
ments and the soundness of its inter-
nal accounting and control practices.
The certifi ed public accounting fi rm
responsible for the independent audit
of Postal Service fi nancial statements,
Ernst & Young LLP, reports to the
Board through the Committee. The
Postal Inspector General, who reports
to the Governors, is represented at all
Committee meetings.
During this fi scal year, the Commit-
tee focused on:
■ Management initiatives to stabi-
lize the Postal Service’s fi nancial
condition through comprehen-
sive cost-reduction programs and
revenue-enhancement efforts in
response to continued weakness
of the U.S. economy and the di-
version of letter mail to electronic
alternatives,
■ Monitoring progress toward
2010 compliance with Section
404 of the Sarbanes-Oxley Act of
2002 (SOX),
■ Reviewing efforts to increase the
effi ciency and effectiveness of in-
ternal controls, and
■ Successful fi ling of fi nancial re-
ports in compliance with Securi-
ties and Exchange Commission
(SEC) reporting rules.