Global Compliance Program Report on Fiscal Year At Walmart, we are committed to ethics, compliance, and doing business the right way. I am pleased to share our second annual report on our global compliance program.
Committee Membership The Audit Committee should consist of no fewer than three members, as determined annually by the Board on the recommendation of the Nominating and Governance Committee; provided, however, that the Audit Committee may operate with fewer than three members as long as such composition complies with applicable laws, rules, regulations, Walmart s internal controls securities exchange listing standards.
Audit Committee members shall not serve simultaneously on the audit committees of more than two other public companies without the approval of the full Board. The members of the Audit Committee shall be appointed annually by the Board on the recommendation of the Nominating and Governance Committee.
Audit Committee members may be replaced by the Board at any time. Committee members may resign by giving written notice to the Board.
Committee Authority and Responsibilities The basic responsibility of the members of the Audit Committee is to exercise their business judgment to act in what they reasonably believe to be in the best interests of the Company and its shareholders.
The Audit Committee shall be responsible directly for the appointment subject, if applicable, to shareholder ratificationretention, termination, compensation and terms of engagement, evaluation, and oversight of the work of the Outside Auditor including resolution of disagreements between management and the Outside Auditor regarding financial reporting.
The Outside Auditor shall report directly to the Audit Committee.
It is the responsibility of: The Audit Committee shall pre-approve all audit services and non-audit services including the fees and terms thereof to be performed for the Company by the Outside Auditor to the extent required by and in a manner consistent with applicable law.
The Audit Committee shall meet as often as it determines necessary or appropriate, but not less frequently than quarterly. The Chairperson shall preside at each meeting and, in the absence of the Chairperson, one of the other members of the Audit Committee shall be designated as the acting chair of the meeting.
The Chairperson or acting chair may direct appropriate members of management and staff to prepare draft agendas and related background information for each Audit Committee meeting.
The draft agenda shall be reviewed and approved by the Audit Committee Chairperson or acting chair in advance of distribution to the other Audit Committee members. Any background materials, together with the agenda, should be distributed to the Audit Committee members in advance of the meeting.
All meetings of the Audit Committee shall be held pursuant to the amended and restated bylaws of the Company with regard to notice and waiver thereof, and written minutes of each meeting, in the form approved by the Audit Committee, shall be duly filed in the Company records.
Reports of meetings of the Audit Committee shall be made to the Board at its next regularly scheduled meeting following the Audit Committee meeting accompanied by any recommendations to the Board approved by the Audit Committee. The Audit Committee may form and delegate authority to subcommittees consisting of one or more members when appropriate.
The Audit Committee shall have the authority, to the extent it deems necessary or appropriate, to retain independent legal, accounting or other advisers.
The Company shall provide for appropriate funding, as determined by the Audit Committee, for payment of compensation to the Outside Auditor for the purpose of rendering or issuing an audit report and to any advisers employed by the Audit Committee, subject only to any limitations imposed by applicable rules and regulations.
The Audit Committee shall meet with management, the Internal Auditors and the Outside Auditor in separate executive sessions at least quarterly to discuss matters for which the Audit Committee has responsibility. The Audit Committee shall make regular reports to the Board. The Audit Committee and the Nominating and Governance Committee shall review and reassess the adequacy of this Charter annually and recommend any proposed changes to the Board for approval.The Audit Committee is appointed by the board of directors (the “Board”) of Walmart Inc.
(the “Company”) to: (1) assist the Board in monitoring (a) the integrity of the financial reporting process, systems of internal controls and financial statements and reports of the Company, (b) the performance of the Company’s global internal. Q: Which internal accounting controls can help prevent fraud?
A: This is a vast topic covered by countless books and consultants, so let’s narrow it down to employee fraud and theft. Aside from.
Internal controls are the plans and/or programs implemented to safeguard your company’s assets, ensure the integrity of its accounting records, and deter and detect fraud and theft. Segregation of duties is an important component of internal control that can reduce the risk of fraud from occurring.
In fulfilling its purpose, the Committee shall review: (a) the financial reports and other financial information of the Company; (b) the Company's systems of internal controls and procedures and disclosure controls and procedures; and (c) the Company's auditing, accounting and . Jan 15, · Wal-Mart Stores Inc.
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