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{\fbiminor\f31507\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\f221\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\f222\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}
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{\f244\fbidi \fmodern\fcharset161\fprq1 Courier New Greek;}{\f245\fbidi \fmodern\fcharset162\fprq1 Courier New Tur;}{\f246\fbidi \fmodern\fcharset177\fprq1 Courier New (Hebrew);}{\f247\fbidi \fmodern\fcharset178\fprq1 Courier New (Arabic);}
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{\flomajor\f31514\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\flomajor\f31515\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\flomajor\f31516\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}
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{\fdbmajor\f31522\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\fdbmajor\f31523\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\fdbmajor\f31524\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}
{\fdbmajor\f31525\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\fdbmajor\f31526\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\fhimajor\f31528\fbidi \froman\fcharset238\fprq2 Cambria CE;}
{\fhimajor\f31529\fbidi \froman\fcharset204\fprq2 Cambria Cyr;}{\fhimajor\f31531\fbidi \froman\fcharset161\fprq2 Cambria Greek;}{\fhimajor\f31532\fbidi \froman\fcharset162\fprq2 Cambria Tur;}
{\fhimajor\f31535\fbidi \froman\fcharset186\fprq2 Cambria Baltic;}{\fbimajor\f31538\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\fbimajor\f31539\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}
{\fbimajor\f31541\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\fbimajor\f31542\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\fbimajor\f31543\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}
{\fbimajor\f31544\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\fbimajor\f31545\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\fbimajor\f31546\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}
{\flominor\f31548\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\flominor\f31549\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\flominor\f31551\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}
{\flominor\f31552\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\flominor\f31553\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\flominor\f31554\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}
{\flominor\f31555\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\flominor\f31556\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\fdbminor\f31558\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}
{\fdbminor\f31559\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\fdbminor\f31561\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\fdbminor\f31562\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}
{\fdbminor\f31563\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\fdbminor\f31564\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\fdbminor\f31565\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}
{\fdbminor\f31566\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\fhiminor\f31568\fbidi \fswiss\fcharset238\fprq2 Calibri CE;}{\fhiminor\f31569\fbidi \fswiss\fcharset204\fprq2 Calibri Cyr;}
{\fhiminor\f31571\fbidi \fswiss\fcharset161\fprq2 Calibri Greek;}{\fhiminor\f31572\fbidi \fswiss\fcharset162\fprq2 Calibri Tur;}{\fhiminor\f31575\fbidi \fswiss\fcharset186\fprq2 Calibri Baltic;}
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{\fbiminor\f31585\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\fbiminor\f31586\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}}{\colortbl;\red0\green0\blue0;\red0\green0\blue255;\red0\green255\blue255;\red0\green255\blue0;
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\fi-360\li1440\lin1440 }{\listlevel\levelnfc23\levelnfcn23\leveljc0\leveljcn0\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid67698693\'01\u-3929 ?;}{\levelnumbers;}\f10\fbias0\hres0\chhres0 
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\listhybrid{\listlevel\levelnfc0\levelnfcn0\leveljc0\leveljcn0\levelfollow0\levelstartat1\levelspace0\levelindent0{\leveltext\leveltemplateid67698703\'02\'00.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \hres0\chhres0 \fi-360\li835\lin835 }
{\listlevel\levelnfc4\levelnfcn4\leveljc0\leveljcn0\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid67698713\'02\'01.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \hres0\chhres0 \fi-360\li1555\lin1555 }
{\listlevel\levelnfc2\levelnfcn2\leveljc2\leveljcn2\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid67698715\'02\'02.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \hres0\chhres0 \fi-180\li2275\lin2275 }
{\listlevel\levelnfc0\levelnfcn0\leveljc0\leveljcn0\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid67698703\'02\'03.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \hres0\chhres0 \fi-360\li2995\lin2995 }
{\listlevel\levelnfc4\levelnfcn4\leveljc0\leveljcn0\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid67698713\'02\'04.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \hres0\chhres0 \fi-360\li3715\lin3715 }
{\listlevel\levelnfc2\levelnfcn2\leveljc2\leveljcn2\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid67698715\'02\'05.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \hres0\chhres0 \fi-180\li4435\lin4435 }
{\listlevel\levelnfc0\levelnfcn0\leveljc0\leveljcn0\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid67698703\'02\'06.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \hres0\chhres0 \fi-360\li5155\lin5155 }
{\listlevel\levelnfc4\levelnfcn4\leveljc0\leveljcn0\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid67698713\'02\'07.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \hres0\chhres0 \fi-360\li5875\lin5875 }
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\qj \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11694338\contextualspace \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid6504237\charrsid13664016 Enhanced Corporate}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4917850\charrsid13664016  Governance for Restaurant Comp}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6504237\charrsid13664016 anies: }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4996140 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6504237\charrsid13664016 The Role of Well Performing Audit Committees}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6764138\charrsid13664016 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15933875\charrsid13664016      }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 \tab 
During the past decade, a multitude of problems regarding accounting and financial reporting issues in the United States have become exposed to broad based scrutiny by regulators and the media. Many large publicly traded companies such as Enron, World Com
, Lehman Brothers and others have become bankrupt. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6764138\charrsid13664016 
In addition, General Motors in the manufacturing area and K-mart in the retailing sector have struggled as a result of poor management. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 
Many financial services companies were forced to merge or be rescued by federal government intervention. Criminal sanctions }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16329923\charrsid13664016 were brought forth which }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 caused the demise of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10186634\charrsid13664016 Arthur }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 Andersen}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10186634\charrsid13664016 , LLP}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 , which had been one of the world\rquote s largest public accounting firms. }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7950230\charrsid13664016  (Anderse}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16329923\charrsid13664016 n was later cleared of criminal actions about two to three years after it failed.) }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 All of this caused the global business community to become fully aware of the significance of high quality, ethical financial reporting. 
\par \tab During 2002}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5512896\charrsid13664016 , the Sarbanes-Oxley act was pa}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 ssed by the United States Congress and became law 
with President B}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10899319\charrsid13664016 ush\rquote }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 
s signature. The goal was to usher in an era of improved financial reporting for the United States. A continuing need for effective, high quality financial reporting has been kept in the forefront by issues regarding subprime lending an
d various types of sophisticated and exotic financial instruments. In order to attain the goal of effective, high quality financial reporting, all of the significant participants in the financial reporting process have to fulfill many responsibilities. }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6764138\charrsid13664016 For }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 publicly traded corporations, the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid15801966\charrsid13664016 list of significant participants typically includes}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016  the outside auditing firm, the internal auditors, senior management, }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7950230\charrsid13664016 and }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 the corporation}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16329923\charrsid13664016 \rquote s }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10899319\charrsid13664016  board}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6764138\charrsid13664016  of directors.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 

\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5512896\charrsid13664016      }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10899319\charrsid13664016  A}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 
n indispensible element of an effective financial accounting and re}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16329923\charrsid13664016 porting system is an }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4808722\charrsid13664016 
effectively operating}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016  audit committee of the corporate board interfacing in a suitable fashion with the internal audit function.  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5512896\charrsid13664016 One of the major responsibilities of the audit committee is to maintain oversight of the activities of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4808722\charrsid13664016 management\rquote s external}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5512896\charrsid13664016  and internal auditors}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338\charrsid13664016 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid10899319\charrsid13664016 The Development of Audit C}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid203680\charrsid13664016 ommittees
\par \tab }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 Audit committees have }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10899319\charrsid13664016 been }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid203680\charrsid13664016 required since 1978}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10899319\charrsid13664016  by the New York Stock Exchange}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 
 (NYSE) when it mandated that all corporations traded on the NYSE have an audit committee composed of members from th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5512896\charrsid13664016 eir boards of directors. At that}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016  point in time, the financial reporting community had }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15801966\charrsid13664016 recognized the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid203680\charrsid13664016  importance of audit committees to the financial reporting process. 
\par \tab The National Commission of Fraudulent Financial Reporting}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5512896\charrsid13664016 , }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4917850\charrsid13664016 
usually referred to as the Treadway Commission, e}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 mphasized the importance of audit committees and }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2570612\charrsid13664016 
strongly}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016  recommended the adoption of audit committee reports in annual reports of corporations.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2570612\charrsid13664016 
 The Treadway Commission\rquote s recommendation was for the chairman of the audit committee to issue a report }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5512896\charrsid13664016 that would be included in}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid16332114\charrsid13664016  the corporate annual }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5512896\charrsid13664016 financial }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16332114\charrsid13664016 report.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016  A list of \'93good practice\'94 guidelines for corporate audit committees was set forth by th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338 
e Treadway Commission and are discussed in detail below.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338\charrsid13664016 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid16673957\charrsid13664016 Good Practice Guidelines \endash  General Guidelines
\par }\pard \ltrpar\qj \fi720\li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11694338\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 The list of \'93good practice\'94
 guidelines was divided into three categories: general guidelines, selection of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10899319\charrsid13664016 the independent outside auditor}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid203680\charrsid13664016 , and post-audit review. The size of the committee was among the items contained in the general guidelines. The good practice }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16673957\charrsid13664016 general }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 guidelines suggested that }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5512896\charrsid13664016 a corporate audit committee}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid203680\charrsid13664016  should have at a minimum three members; yet, }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5512896\charrsid13664016 it }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 
should not be too large as to inhi}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10899319\charrsid13664016 bit each member from being a}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 n activ
e participant in the deliberations of the committee. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16673957\charrsid13664016 The general guidelines also recommend that e}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 
ach corporate audit committee member should be an outside, independent director o}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5512896\charrsid13664016 f the corporate board, and the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid203680\charrsid13664016  terms of service on the audit committee should be staggered. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7227372\charrsid13664016 Regular m}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5512896\charrsid13664016 eetings of the audit committee}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7227372\charrsid13664016  and reporting to the corporate board of directors on a regular basis were}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016  also recommended by the Treadway Commission}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10899319\charrsid13664016 \rquote s good practice }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid16673957\charrsid13664016 general }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10899319\charrsid13664016 guidelines.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016  
\par }\pard \ltrpar\qj \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11694338\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 \tab }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid16673957\charrsid13664016 All recommendations in this paragraph are also part of the general guidelines of good practice. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4917850\charrsid13664016 
According to the National Commission of Fraudulent }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9135523 Financial }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4917850\charrsid13664016 Reporting (1987), t}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 he corporate audit committee should oversee the audits of both th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10899319\charrsid13664016 e internal and external auditor}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 . It is the corporate audit committee\rquote s responsibilit}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16656455\charrsid13664016 y}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid203680\charrsid13664016  that there is coordination between both groups of auditors. The internal and external auditors should specify to the corporate audit committee how each of their audit scopes could lead}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7950230\charrsid13664016  to the detection of fraud or i}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 dentify internal control }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid16656455\charrsid13664016 weaknesses.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4917850\charrsid13664016  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 
The head of the internal audit function or other designated internal audit person and the independent public accountant should meet privately with the audit committee. Should
 there be cases where the independent accountant needs to rely on the work of other independent accountants, the audit committee must require that their independent accountant reviews the work of any other outside auditors. The audit committee must consid
er the use of any additional outside auditors as an appropriate procedure. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13136199\charrsid13664016 T}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 
he corporate audit committee must review}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7950230\charrsid13664016 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016  for compliance with company policy}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7950230\charrsid13664016 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016  the expe}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16656455\charrsid13664016 nses }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 of corporate officers and their use of company assets. Both the external and internal audi
tors need to be cognizant that the corporate audit committee needs to be informed of any specific topical areas they discover }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16329923\charrsid13664016 that }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid203680\charrsid13664016 require}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16329923\charrsid13664016 s}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016  the attention of the audit committee. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid10517341 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid16673957\charrsid13664016 Good Practice Guidelines \endash  Selection of an Independent Accountant
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 \tab The }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16329923\charrsid13664016 process for the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid203680\charrsid13664016 selection of the independent public accountant by the corporate audit committee is }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16673957\charrsid13664016 the second category of guidelines }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 contained in the Treadway Commission good practice guidelines. The audit committee needs to review the propo
sed audit fee and the engagement letter of the independent public accountant. The audit committee also should o}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5512896\charrsid13664016 versee}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid203680\charrsid13664016  the level of audit partner participation and the level of audit staff participation for the proposed audit engagement. Should the audit co
mmittee select a new independent accountant, it needs to review the process to enable a smooth transition from the predecessor to the successor independent accountant. Because the selection of the independent outside auditor must usually be }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16656455\charrsid13664016 rat}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 ified by the shareholders, the review process helps to facilitate the needed shareholder notificati}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16332114\charrsid13664016 on and ratification vote. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338\charrsid13664016 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid16673957\charrsid13664016 Good Practice Guidelines \endash  Post-Audit Review
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 \tab }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16673957\charrsid13664016 The Treadway Commission}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid13330560\charrsid13664016  also}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16673957\charrsid13664016  recommended another group of important duties for the audit committees}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid16673072\charrsid13664016 . T}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16673957\charrsid13664016 hese duties pertain to the many steps that must be followed in a post audit review. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid203680\charrsid13664016 The Treadway Commission specifies that the audit committee be responsible for meetings with the corporation\rquote s legal counsel. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10041196\charrsid13664016 L}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 egal issues that could have a material impact on the corporation\rquote s financial statements should be discussed. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5512896\charrsid13664016  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 These duties pertain to the many steps that must be followed in a }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid16332114\charrsid13664016 post}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016  audit review. Management\rquote s explanations must be sought by the audit committee for any significant variances in the 
financial statements regarding all years of comparative financial statements presented. The audit committee should review the consistency of the management\rquote 
s discussion and analysis (M D & A) section of the annual report with the information disclosed in the annual report. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11993893\charrsid13664016 \tab 
Another task for the audit committee is to question the outside auditors and corporate management regarding any changes in the application of accounting principles and auditing standards that would have an effect on the financial statements. }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13586975\charrsid13664016 Corporate management needs to be questioned by the audit committee regarding the existence of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2176048\charrsid13664016 
 any items that may materially a}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13586975\charrsid13664016 ffect the financial statements. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11993893\charrsid13664016 
The audit committee should give special attention to any accounting accruals, significant reserves, estimates}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2176048\charrsid13664016 , }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid11993893\charrsid13664016 and changes in estimates}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5512896\charrsid13664016 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13136199\charrsid13664016  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid16329923\charrsid13664016 The post}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11993893\charrsid13664016 -audit review process needs to have the audit committee meet privately w}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5512896\charrsid13664016 ith the outside auditors. This meeting should be a}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11993893\charrsid13664016  discussion }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid10041196\charrsid13664016 of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11993893\charrsid13664016 the quality of the internal audit function and the quality of the corporate accounting and }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid13586975\charrsid13664016 finance staff. The outside auditors should discuss with the audit committee what the outside auditors\rquote  greatest concerns are pertaining to 
the audit and if they would like to discuss any other issues that have not already been discussed. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11993893\charrsid13664016 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13586975\charrsid13664016 \tab The management representation letter should be reviewed by the audit committee. The outside auditor needs to be questioned by the audit committee whether a
ny issues surfaced in obtaining the letter or receiving satisfactory coverage of issues set forth in the representation letter. The audit committee also needs to deal with another set of issues that could have come}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5512896\charrsid13664016  to light during the audit. Thes}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13586975\charrsid13664016 e other is
sues concern contingencies, litigation, other claims, judgments or assessments that were viewed by outside lawyers or in-house company legal staff. The resolution of these legal issues or contingencies and/or their disclosure in the corporation\rquote 
s financial statements must be determined by the audit committee.\tab 
\par \tab The audit committee needs to review the M D & A section of the corporate annual report with corporate man}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5512896\charrsid13664016 agement and the outside auditor. T}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid13586975\charrsid13664016 he consistency of the other information contained in the corporation\rquote s annual report with the financial statements must be determined by the audit committee}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5512896\charrsid13664016 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9857585\charrsid13664016   Any issues related to this must be discussed with the outside auditor. Th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid13586975\charrsid13664016 e audit committee must }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9857585\charrsid13664016 determine}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13586975\charrsid13664016 
 whether the outside auditor}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2176048\charrsid13664016 s need}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13586975\charrsid13664016  to meet with the corporation\rquote 
s full board of directors regarding answering }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2570612\charrsid13664016 any questions pertaining to the audit of the outside auditors.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2570612 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338\charrsid13664016 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid16673957\charrsid13664016 Good Practice Guidelines}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid11694338  - }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid16673957\charrsid13664016 
Audit Committee Chairman\rquote s Letter
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2570612\charrsid13664016 \tab }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16673957\charrsid13664016 The Treadway Commission recommended that the chairman of the audit comm
ittee should have a letter in the corporate annual report that would summarize the duties and activities of the audit committee.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2570612\charrsid13664016  Because the Treadway Commission\rquote 
s recommendations did not have the force of a }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10041196\charrsid13664016 Financial Accounting Standards Board (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2570612\charrsid13664016 FASB}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10041196\charrsid13664016 )}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2570612\charrsid13664016  or }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10041196\charrsid13664016 
Securities and Exchange Commission (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2570612\charrsid13664016 SEC}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10041196\charrsid13664016 )}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2570612\charrsid13664016  reporting requirement}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2176048\charrsid13664016 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2570612\charrsid13664016 
 only a very small number of corporate ann}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2176048\charrsid13664016 ual reports have ever included a}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2570612\charrsid13664016 
n audit committee chairman\rquote s letter. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9857585\charrsid13664016 However, t}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2570612\charrsid13664016 he functioning of the company\rquote 
s audit committee has been described by a significant majority of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9857585\charrsid13664016 listed companies }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2570612\charrsid13664016 in the company
\rquote s report of management}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4917850\charrsid13664016  (Kintzele, 1991). }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9568497\charrsid13664016 
 These companies believed it necessary to discuss their audit committee function in their annual reports, but they did not want to create a separate report in the form of an audit committee chairman\rquote 
s letter.  Those concerned about financial reporting on the functioning of the audit committee found the discussion in the report of management lacking much that was suggested to be written in the audit committee chairman\rquote s letter.
\par \tab Independent, outside directors are required by the different stock exchanges to serve as audit committee members.  Not being an employee of the corporation was the initial interpretation of an outside director.  Soon a class of \'93grey area\'94
 directors was identified.  Retired management, relatives of management, consultants hired by the corporation, and individuals serving}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16329923\charrsid13664016  as}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid9568497\charrsid13664016  interlocking directors on two or more corporations were considered \'93grey area\'94 directors.  The independent functioning of the audit committee could be at risk if \'93grey area\'94
 directors served on the committee.  A }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4808722\charrsid13664016 study (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4917850\charrsid13664016 Klein, 2002) }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid9568497\charrsid13664016 on the independence issue of a}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4917850\charrsid13664016 udit committees concluded that }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid9568497\charrsid13664016 audit committee independence increases with board size and board independence and decreases with the firm\rquote s growth opportunities and for firms that report consecutive losses.  In 1}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7494606\charrsid13664016 999 both the NYSE and the NASD (National Association of Securit}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16460304\charrsid13664016 ies}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7494606\charrsid13664016  Dealers)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9568497\charrsid13664016 
 declared requirements that permitted corporations the option of including non-outside directors on their audit committees if they conclude that it is in the best interest of the corporation to do so.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid11694338\charrsid13664016 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9568497\charrsid13664016 \tab A Blue Ribbon }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4808722\charrsid13664016 Committee was}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid9568497\charrsid13664016  established by the NYSE and the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7494606\charrsid13664016 NASD}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9568497\charrsid13664016 
 in 1998.  The committee attempted to address concerns of the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10041196\charrsid13664016 SEC }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9568497\charrsid13664016 
regarding audit committee accounting and reporting practices.  The Blue Ribbon Committee }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4917850\charrsid13664016 on Improving the Effectiveness of Corporate }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid14377914\charrsid13664016 Audit Committees (1999) }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9568497\charrsid13664016 issued its report and }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid14377914\charrsid13664016 ten major 
}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9568497\charrsid13664016 recommendations as follows:
\par {\listtext\pard\plain\ltrpar \s27 \rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9568497\charrsid13664016 \hich\af0\dbch\af0\loch\f0 1.\tab}}\pard\plain \ltrpar
\s27\qj \fi-360\li1080\ri115\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin115\lin1080\itap0\pararsid11694338\contextualspace \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 
\f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9568497\charrsid13664016 
Strict definitions of independence of directors serving on audit committees of listed companies should be adopted by the NYSE and NASD.
\par {\listtext\pard\plain\ltrpar \s27 \rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9568497\charrsid13664016 \hich\af0\dbch\af0\loch\f0 2.\tab}Larger companies should be required by the NYSE and NASD to have audit committees composed entirely of independent directors.

\par {\listtext\pard\plain\ltrpar \s27 \rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9568497\charrsid13664016 \hich\af0\dbch\af0\loch\f0 3.\tab}Larger companies should be required by the NYSE and NASD to have \'93financially literate\'94
 directors on their audit committees.
\par }\pard\plain \ltrpar\qj \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11694338\contextualspace \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4549662 \page 
\par {\listtext\pard\plain\ltrpar \s27 \rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9568497\charrsid13664016 \hich\af0\dbch\af0\loch\f0 4.\tab}}\pard\plain \ltrpar
\s27\qj \fi-360\li1080\ri115\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin115\lin1080\itap0\pararsid11694338\contextualspace \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 
\f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9568497\charrsid13664016 Each company should be required by the NSYE and 
NASD to adopt a formal audit committee charter and review its adequacy annually.
\par {\listtext\pard\plain\ltrpar \s27 \rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9568497\charrsid13664016 \hich\af0\dbch\af0\loch\f0 5.\tab}
Each company should be required by the SEC to disclose in its proxy statement whether it has adopted an audit committee charter, as well as other information.
\par {\listtext\pard\plain\ltrpar \s27 \rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9568497\charrsid13664016 \hich\af0\dbch\af0\loch\f0 6.\tab}Audit comm
ittee charters must state that the outside auditor is ultimately accountable to the board of directors and the audit committee for each company listed on the NYSE and NASD.
\par {\listtext\pard\plain\ltrpar \s27 \rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9568497\charrsid13664016 \hich\af0\dbch\af0\loch\f0 7.\tab}Companies listed on the NYSE and NASD should ensure that their charters mandate 
that their audit committees communicate with the outside auditor about independence issues, in accordance with Independence Standards Board regulations.
\par {\listtext\pard\plain\ltrpar \s27 \rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9568497\charrsid13664016 \hich\af0\dbch\af0\loch\f0 8.\tab}Generally accepted auditing standards should require that the outside auditor discuss with the audit committee the quality
\emdash not just the acceptability\emdash of accounting principles used.
\par {\listtext\pard\plain\ltrpar \s27 \rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9568497\charrsid13664016 \hich\af0\dbch\af0\loch\f0 9.\tab}The corporate annual report should i
nclude a letter from the audit committee clarifying that it has reviewed the audited financial statements with management and performed other tasks required by the SEC.
\par {\listtext\pard\plain\ltrpar \s27 \rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9568497\charrsid13664016 \hich\af0\dbch\af0\loch\f0 10.\tab}The outside auditor should be required by the SEC to perform an interim review under SAS No. 71, }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \i\f0\fs24\insrsid9568497\charrsid13664016 Interim Financial Information}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9568497\charrsid13664016 , before a company files its Form 10-Q.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid9568497 
\par {\listtext\pard\plain\ltrpar \s27 \rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid11694338\charrsid13664016 \hich\af0\dbch\af0\loch\f0 11.\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338\charrsid13664016 
\par }\pard\plain \ltrpar\qj \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11694338\contextualspace \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid9568497\charrsid13664016 The Panel on Audit Effectiveness
\par \tab }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9568497\charrsid13664016 The Panel on Audit Effectiveness}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid14377914\charrsid13664016 , usually referred to as the O\rquote Malley Panel,}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9568497\charrsid13664016  was created in 1999 by the Public Oversight Board which was th
e independent, private-sector body that oversaw the programs of the SEC Practice Section of the American Institute of Certified Public Accountants (AICPA).  The SEC had concerns about the deliberate efforts by corporate management to manipulate earnings. 
 This panel was created as a response to those concerns.  The Panel }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid14377914\charrsid13664016 on Audit Effectiveness (2000) }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9568497\charrsid13664016 
issued }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid14377914\charrsid13664016 a report with the following recommendations which relate to audit committees:}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9568497\charrsid13664016 \tab 
\par {\listtext\pard\plain\ltrpar \s27 \rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9568497\charrsid13664016 \hich\af0\dbch\af0\loch\f0 1.\tab}}\pard\plain \ltrpar
\s27\qj \fi-360\li1080\ri115\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls2\adjustright\rin115\lin1080\itap0\pararsid11694338\contextualspace \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 
\f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9568497\charrsid13664016 Increase emphasis on internal control.  Management should provide a wr
itten report on the effectiveness of internal control.  
\par {\listtext\pard\plain\ltrpar \s27 \rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9568497\charrsid13664016 \hich\af0\dbch\af0\loch\f0 2.\tab}Evaluate corporate reserves and review activity in them with the auditors and management.
\par {\listtext\pard\plain\ltrpar \s27 \rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9568497\charrsid13664016 \hich\af0\dbch\af0\loch\f0 3.\tab}Have a minimum of two face-to-face meetings with the auditors.  At least one meeting should be in priva
te.  Topics to be discussed include such issues as business risks, pressures on auditors, auditor performance, and any plans to hire audit firm personnel into high-level positions.
\par {\listtext\pard\plain\ltrpar \s27 \rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9568497\charrsid13664016 \hich\af0\dbch\af0\loch\f0 4.\tab}Request a report by management on the corporation\rquote s control environment 
and how that environment along with established policies and procedures help to prevent or detect financial statement fraud.
\par {\listtext\pard\plain\ltrpar \s27 \rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9568497\charrsid13664016 \hich\af0\dbch\af0\loch\f0 5.\tab}Ensure that there is cooperation between management and auditors, so that auditors\rquote 
 efforts relating to the detection of fraudulent financial reporting are successful.
\par {\listtext\pard\plain\ltrpar \s27 \rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9568497\charrsid13664016 \hich\af0\dbch\af0\loch\f0 6.\tab}The audit committee should determine the threshold amount to pre-approve non-audit services.
\par }\pard\plain \ltrpar\qj \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11694338\contextualspace \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid4549662 \page 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid9568497\charrsid13664016 Actions by the SEC
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9568497\charrsid13664016 \tab Corporations were being persuaded by such bodies as the Treadway Commission, the Blue Ribbon Committee and the O\rquote 
Malley Panel to adopt their recommendations.  These commissions and panels could only make recommendations, but the SEC sets regulations that corporations must follow.  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9527667\charrsid13664016 On }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9568497\charrsid13664016 December 15, 2000}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9527667\charrsid13664016  the SEC}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid9568497\charrsid13664016  issued a regulation requiring corporations in their proxy statements to provide a report from their audit committee. The report was to disclose whether the audit committee had recommended that the corporation
\rquote s audited financial statements be filed with the SEC.  Another disclosure was to state whether the audit committee had a written charter which stated specific duties of the committee.  The SEC required that every three years the charter would need
 to be submitted to the SEC.
\par \tab New listing standards for the NYSE, the American Stock Exchange and the NASDAQ were additionally approved by the SEC.  These standards require }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1932149\charrsid13664016 corporation\rquote s}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9568497\charrsid13664016  disclosure whether their audit committee members are independent of management and require that audit committee members have some financial expertise.
\par \tab The SEC was empowered by the Sarbanes-Oxley Act to establish the Public Company Accounting Oversight Board (PCAOB).  By April 2003 the board was functional.  The PCAOB sets s
tandards for auditing publicly traded companies and on a test basis reviews these audits performed by certified public accountants for conformance with these standards.  The establishment of many regulations was left by the Sarbanes-Oxley Act to the SEC.

\par \tab Final rules were adopted by the SEC on March 3, 2003 that require a public company to disclose whether its audit committee includes at least one member who is conside}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid14377914\charrsid13664016 
red a financial expert.  The Securities and Exchange Commission (2003)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9568497\charrsid13664016  defines an audit committee financial expert as possessing the following attributes}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\super\insrsid14377914\charrsid13664016 :}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9568497\charrsid13664016 
\par {\listtext\pard\plain\ltrpar \s27 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\insrsid9568497\charrsid13664016 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard\plain \ltrpar
\s27\qj \fi-360\li1080\ri115\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls3\adjustright\rin115\lin1080\itap0\pararsid11694338\contextualspace \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 
\f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9568497\charrsid13664016 an understanding of generally accepted accounting principles and financial statements;
\par {\listtext\pard\plain\ltrpar \s27 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\insrsid9568497\charrsid13664016 \loch\af3\dbch\af0\hich\f3 \'b7\tab}the ability to assess the general application of such principles in connection with accounting for e
stimates, accruals, and reserves;
\par {\listtext\pard\plain\ltrpar \s27 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\insrsid9568497\charrsid13664016 \loch\af3\dbch\af0\hich\f3 \'b7\tab}
experience in preparing, auditing, analyzing, or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues t
hat can reasonably be expected to be raised by the issuer\rquote s financial statements, or experience actively supervising one or more persons engaged in such activities;
\par {\listtext\pard\plain\ltrpar \s27 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\insrsid9568497\charrsid13664016 \loch\af3\dbch\af0\hich\f3 \'b7\tab}an understanding of internal controls and procedures for financial reporting; and
\par {\listtext\pard\plain\ltrpar \s27 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\insrsid9568497\charrsid13664016 \loch\af3\dbch\af0\hich\f3 \'b7\tab}an understanding of audit committee functions.
\par }\pard\plain \ltrpar\qj \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11694338\contextualspace \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid10899319\charrsid13664016 Comparison of S&P 100 and Large Restaurant Companies
\par }\pard \ltrpar\qj \fi720\li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11694338\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1932149\charrsid13664016 
The previous section of this paper provides an extensive review of the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10041196\charrsid13664016 role of audit committees in corporate gover}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid10186634\charrsid13664016 n}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10041196\charrsid13664016 ance}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1932149\charrsid13664016 
 in the United States.  It was intended to erect the background necessary to determine the extent to which companies in general, and restaurant companies in particular, are complying with audit committee mandates and recommendations. }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6578278\charrsid13664016 This }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4808722\charrsid13664016 background provides}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6578278\charrsid13664016 
 a basis for comparing certain aspects of the audit committees of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6644398\charrsid13664016 S&P}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6578278\charrsid13664016 
100 companies with those of the top 51 restaurant companies.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1932149\charrsid13664016 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9527667\charrsid13664016 A prior research projec}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid14377914\charrsid13664016 t (Kintzele, Ar}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid3374565 ndt, Kintzele & Kwiatowski, 2008}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid14377914\charrsid13664016 )}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9527667\charrsid13664016 
 reported on the audit committee disclosures of the S&P 100 companies for 2006. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid14377914\charrsid13664016 Table }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 1 present}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7950230\charrsid13664016 s a summary of the membership of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016  audit committees for both the S&P 100 companies and }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9527667\charrsid13664016 the top 51 restaurant companies in Value Line}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10186634\charrsid13664016 , Inc.,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid9527667\charrsid13664016  for 2008.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1932149\charrsid13664016 
 Recall that the Treadway Commission recommended at least three members for an audit committee. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 This table reveals that for the S&P }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6644398\charrsid13664016 100 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 
companies, just over half (51%) had three or four members on the audit committee while most (86%) of the restaurant companies had three or four members on the committee. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6578278\charrsid13664016 
All but one of the 51 restaurant companies met Treadway\rquote s recommendation for the minimum number of audit committee members.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 
 Forty nine percent of the S&P 100 companies had over five audit committee members, while only 12% of the restaurant companies had that many members. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid3875944\charrsid13664016 
Companies in the restaurant industry tend to have smaller audit committees than is the case for S&P 100 companies.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 
\par }\pard \ltrpar\qj \li0\ri0\sb100\sbauto1\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11694338\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid12220671 Table 1}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid14551579 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid12127298\charrsid8660088 Membership on Audit Committees}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid12127298 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid14551579\charrsid8660088 
\par \ltrrow}\trowd \irow0\irowband0\ltrrow\ts32\trgaph108\trleft-108\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid1576343\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc
\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2358\clshdrawnil \cellx2250\clvertalc\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl 
\cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil \cellx4410\clvertalc\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth3600\clshdrawnil \cellx8010\pard\plain \ltrpar
\qj \li0\ri0\sb100\sbauto1\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11694338\yts32\contextualspace \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid13784776 Number of members\cell S&P 100 2006\cell Restaurant companies}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid12127298\charrsid13784776 2008/2009\cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 
\f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af31507 \ltrch\fcs0 \insrsid12127298\charrsid13784776 \trowd \irow0\irowband0\ltrrow
\ts32\trgaph108\trleft-108\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid1576343\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrtbl 
\clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2358\clshdrawnil \cellx2250\clvertalc\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil \cellx4410\clvertalc\clbrdrt
\brdrs\brdrw10 \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth3600\clshdrawnil \cellx8010\row \ltrrow}\trowd \irow1\irowband1\ltrrow
\ts32\trgaph108\trleft-108\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid1576343\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2358\clshdrawnil \cellx2250\clvertalc\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil \cellx4410\clvertalc\clbrdrt
\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth3600\clshdrawnil \cellx8010\pard\plain \ltrpar
\qj \li0\ri0\sb100\sbauto1\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11694338\yts32\contextualspace \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid8660088 \cell %\cell %\cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 
\af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af31507 \ltrch\fcs0 \insrsid12127298\charrsid8660088 \trowd \irow1\irowband1\ltrrow
\ts32\trgaph108\trleft-108\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid1576343\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2358\clshdrawnil \cellx2250\clvertalc\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil \cellx4410\clvertalc\clbrdrt
\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth3600\clshdrawnil \cellx8010\row \ltrrow}\trowd \irow2\irowband2\ltrrow
\ts32\trgaph108\trleft-108\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid1576343\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrtbl 
\clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2358\clshdrawnil \cellx2250\clvertalc\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil \cellx4410\clvertalc\clbrdrt
\brdrs\brdrw10 \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth3600\clshdrawnil \cellx8010\pard\plain \ltrpar
\qj \li0\ri0\sb100\sbauto1\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11694338\yts32\contextualspace \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid13784776 Two\cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298 0}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid13784776 \cell }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298 2}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid13784776 \cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1
\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af31507 \ltrch\fcs0 \insrsid12127298\charrsid13784776 
\trowd \irow2\irowband2\ltrrow\ts32\trgaph108\trleft-108\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid1576343\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc\clbrdrt
\brdrs\brdrw10 \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2358\clshdrawnil \cellx2250\clvertalc\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil 
\cellx4410\clvertalc\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth3600\clshdrawnil \cellx8010\row \ltrrow}\trowd \irow3\irowband3\ltrrow
\ts32\trgaph108\trleft-108\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid1576343\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb
\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2358\clshdrawnil \cellx2250\clvertalc\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil \cellx4410\clvertalc\clbrdrt\brdrtbl \clbrdrl
\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth3600\clshdrawnil \cellx8010\pard\plain \ltrpar
\qj \li0\ri0\sb100\sbauto1\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11694338\yts32\contextualspace \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid13784776 Three or four\cell 51\cell 86\cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 
\af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af31507 \ltrch\fcs0 \insrsid12127298\charrsid13784776 \trowd \irow3\irowband3\ltrrow
\ts32\trgaph108\trleft-108\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid1576343\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb
\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2358\clshdrawnil \cellx2250\clvertalc\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil \cellx4410\clvertalc\clbrdrt\brdrtbl \clbrdrl
\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth3600\clshdrawnil \cellx8010\row \ltrrow}\pard\plain \ltrpar
\qj \li0\ri0\sb100\sbauto1\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11694338\yts32\contextualspace \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid13784776 Five or six\cell 44\cell 12\cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 
\af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af31507 \ltrch\fcs0 \insrsid12127298\charrsid13784776 \trowd \irow4\irowband4\ltrrow
\ts32\trgaph108\trleft-108\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid1576343\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb
\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2358\clshdrawnil \cellx2250\clvertalc\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil \cellx4410\clvertalc\clbrdrt\brdrtbl \clbrdrl
\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth3600\clshdrawnil \cellx8010\row \ltrrow}\pard\plain \ltrpar
\qj \li0\ri0\sb100\sbauto1\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11694338\yts32\contextualspace \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid13784776 Seven or eight\cell 5\cell 0\cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 
\af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af31507 \ltrch\fcs0 \insrsid12127298\charrsid13784776 \trowd \irow5\irowband5\ltrrow
\ts32\trgaph108\trleft-108\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid1576343\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb
\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2358\clshdrawnil \cellx2250\clvertalc\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil \cellx4410\clvertalc\clbrdrt\brdrtbl \clbrdrl
\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth3600\clshdrawnil \cellx8010\row \ltrrow}\trowd \irow6\irowband6\lastrow \ltrrow
\ts32\trgaph108\trleft-108\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid1576343\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2358\clshdrawnil \cellx2250\clvertalc\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil \cellx4410\clvertalc\clbrdrt
\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth3600\clshdrawnil \cellx8010\pard\plain \ltrpar
\qj \li0\ri0\sb100\sbauto1\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11694338\yts32\contextualspace \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid13784776 Nine or more\cell 0\cell 0\cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 
\af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af31507 \ltrch\fcs0 \insrsid12127298\charrsid13784776 \trowd \irow6\irowband6\lastrow \ltrrow
\ts32\trgaph108\trleft-108\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid1576343\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2358\clshdrawnil \cellx2250\clvertalc\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil \cellx4410\clvertalc\clbrdrt
\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth3600\clshdrawnil \cellx8010\row }\pard \ltrpar
\qj \fi720\li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11694338\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid14551579 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid14377914\charrsid13664016 Table }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 
2 provides information on the number of audit committee meetings held in a year. Whereas 75% of the S&
P 100 firms held nine or more meetings per year, only 19% of the restaurant companies met that many times per year. Most (61%) of the restaurant companies met 6 or }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16329923\charrsid13664016 fewer }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 times per year compared to only 13% of the S&P 100 firms.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6578278\charrsid13664016  All of the restaurant compan
ies met the recommendation of having at least three audit committee meetings per year.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 
\par }\pard \ltrpar\qj \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11694338\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4549662 \page 
\par }\pard \ltrpar\qj \li0\ri0\sb100\sbauto1\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11694338\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid12220671 Table 2 }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid14551579 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid12127298\charrsid8660088 Number of Audit Committee }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid12127298 Meetings in the Y}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid12127298\charrsid8660088 ear}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid12127298 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid14551579\charrsid8660088 
\par \ltrrow}\trowd \irow0\irowband0\ltrrow\ts32\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10\brdrcf19 \trbrdrl\brdrs\brdrw10\brdrcf19 \trbrdrb\brdrs\brdrw10\brdrcf19 \trbrdrr\brdrs\brdrw10\brdrcf19 \trbrdrh\brdrs\brdrw10\brdrcf19 \trbrdrv
\brdrs\brdrw10\brdrcf19 \trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid1576343\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrnone 
\clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth2358\clshdrawnil \cellx2250\clvertalc\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil \cellx4410\clvertalc\clbrdrt
\brdrs\brdrw10 \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth3600\clshdrawnil \cellx8010\pard\plain \ltrpar
\qj \li0\ri0\sb100\sbauto1\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11694338\yts32\contextualspace \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid8879897 Number of Meetings\cell S&P 100 2006\cell Restaurant companies 2008/2009\cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1
\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af31507 \ltrch\fcs0 \insrsid12127298\charrsid8879897 
\trowd \irow0\irowband0\ltrrow\ts32\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10\brdrcf19 \trbrdrl\brdrs\brdrw10\brdrcf19 \trbrdrb\brdrs\brdrw10\brdrcf19 \trbrdrr\brdrs\brdrw10\brdrcf19 \trbrdrh\brdrs\brdrw10\brdrcf19 \trbrdrv\brdrs\brdrw10\brdrcf19 
\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid1576343\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr
\brdrnone \cltxlrtb\clftsWidth3\clwWidth2358\clshdrawnil \cellx2250\clvertalc\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil \cellx4410\clvertalc\clbrdrt\brdrs\brdrw10 \clbrdrl
\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth3600\clshdrawnil \cellx8010\row \ltrrow}\trowd \irow1\irowband1\ltrrow\ts32\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10\brdrcf19 \trbrdrl\brdrs\brdrw10\brdrcf19 \trbrdrb
\brdrs\brdrw10\brdrcf19 \trbrdrr\brdrs\brdrw10\brdrcf19 \trbrdrh\brdrs\brdrw10\brdrcf19 \trbrdrv\brdrs\brdrw10\brdrcf19 
\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid1576343\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr
\brdrnone \cltxlrtb\clftsWidth3\clwWidth2358\clshdrawnil \cellx2250\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil \cellx4410\clvertalc\clbrdrt\brdrnone \clbrdrl
\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth3600\clshdrawnil \cellx8010\pard\plain \ltrpar
\qj \li0\ri0\sb100\sbauto1\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11694338\yts32\contextualspace \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid8879897 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298 %}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid8879897 \cell }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid12127298 %}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid8879897 \cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 
\rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af31507 \ltrch\fcs0 \insrsid12127298\charrsid8879897 \trowd \irow1\irowband1\ltrrow\ts32\trgaph108\trleft-108\trbrdrt
\brdrs\brdrw10\brdrcf19 \trbrdrl\brdrs\brdrw10\brdrcf19 \trbrdrb\brdrs\brdrw10\brdrcf19 \trbrdrr\brdrs\brdrw10\brdrcf19 \trbrdrh\brdrs\brdrw10\brdrcf19 \trbrdrv\brdrs\brdrw10\brdrcf19 
\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid1576343\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr
\brdrnone \cltxlrtb\clftsWidth3\clwWidth2358\clshdrawnil \cellx2250\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil \cellx4410\clvertalc\clbrdrt\brdrnone \clbrdrl
\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth3600\clshdrawnil \cellx8010\row \ltrrow}\trowd \irow2\irowband2\ltrrow\ts32\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10\brdrcf19 \trbrdrl\brdrs\brdrw10\brdrcf19 \trbrdrb
\brdrs\brdrw10\brdrcf19 \trbrdrr\brdrs\brdrw10\brdrcf19 \trbrdrh\brdrs\brdrw10\brdrcf19 \trbrdrv\brdrs\brdrw10\brdrcf19 
\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid1576343\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr
\brdrnone \cltxlrtb\clftsWidth3\clwWidth2358\clshdrawnil \cellx2250\clvertalc\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil \cellx4410\clvertalc\clbrdrt\brdrs\brdrw10 \clbrdrl
\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth3600\clshdrawnil \cellx8010\pard\plain \ltrpar
\qj \li0\ri0\sb100\sbauto1\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11694338\yts32\contextualspace \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid8879897 One or two\cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298 0}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid8879897 \cell }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298 0}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid8879897 \cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1
\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af31507 \ltrch\fcs0 \insrsid12127298\charrsid8879897 
\trowd \irow2\irowband2\ltrrow\ts32\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10\brdrcf19 \trbrdrl\brdrs\brdrw10\brdrcf19 \trbrdrb\brdrs\brdrw10\brdrcf19 \trbrdrr\brdrs\brdrw10\brdrcf19 \trbrdrh\brdrs\brdrw10\brdrcf19 \trbrdrv\brdrs\brdrw10\brdrcf19 
\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid1576343\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr
\brdrnone \cltxlrtb\clftsWidth3\clwWidth2358\clshdrawnil \cellx2250\clvertalc\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil \cellx4410\clvertalc\clbrdrt\brdrs\brdrw10 \clbrdrl
\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth3600\clshdrawnil \cellx8010\row \ltrrow}\trowd \irow3\irowband3\ltrrow\ts32\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10\brdrcf19 \trbrdrl\brdrs\brdrw10\brdrcf19 \trbrdrb
\brdrs\brdrw10\brdrcf19 \trbrdrr\brdrs\brdrw10\brdrcf19 \trbrdrh\brdrs\brdrw10\brdrcf19 \trbrdrv\brdrs\brdrw10\brdrcf19 
\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid1576343\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr
\brdrnone \cltxlrtb\clftsWidth3\clwWidth2358\clshdrawnil \cellx2250\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil \cellx4410\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrnone 
\clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth3600\clshdrawnil \cellx8010\pard\plain \ltrpar\qj \li0\ri0\sb100\sbauto1\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11694338\yts32\contextualspace 
\rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid8879897 Three or four\cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid12127298 2}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid8879897 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298 37}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid8879897 
\cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\rtlch\fcs1 \af31507 \ltrch\fcs0 \insrsid12127298\charrsid8879897 \trowd \irow3\irowband3\ltrrow\ts32\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10\brdrcf19 \trbrdrl\brdrs\brdrw10\brdrcf19 \trbrdrb\brdrs\brdrw10\brdrcf19 \trbrdrr\brdrs\brdrw10\brdrcf19 
\trbrdrh\brdrs\brdrw10\brdrcf19 \trbrdrv\brdrs\brdrw10\brdrcf19 \trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid1576343\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc
\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth2358\clshdrawnil \cellx2250\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone 
\cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil \cellx4410\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth3600\clshdrawnil \cellx8010\row \ltrrow}\pard\plain \ltrpar
\qj \li0\ri0\sb100\sbauto1\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11694338\yts32\contextualspace \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid8879897 Five or six\cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298 11}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid8879897 \cell }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298 24}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid8879897 \cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1
\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af31507 \ltrch\fcs0 \insrsid12127298\charrsid8879897 
\trowd \irow4\irowband4\ltrrow\ts32\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10\brdrcf19 \trbrdrl\brdrs\brdrw10\brdrcf19 \trbrdrb\brdrs\brdrw10\brdrcf19 \trbrdrr\brdrs\brdrw10\brdrcf19 \trbrdrh\brdrs\brdrw10\brdrcf19 \trbrdrv\brdrs\brdrw10\brdrcf19 
\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid1576343\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr
\brdrnone \cltxlrtb\clftsWidth3\clwWidth2358\clshdrawnil \cellx2250\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil \cellx4410\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrnone 
\clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth3600\clshdrawnil \cellx8010\row \ltrrow}\pard\plain \ltrpar
\qj \li0\ri0\sb100\sbauto1\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11694338\yts32\contextualspace \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid8879897 Seven or eight \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298 11}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid8879897 \cell }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298 20}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid8879897 \cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1
\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af31507 \ltrch\fcs0 \insrsid12127298\charrsid8879897 
\trowd \irow5\irowband5\ltrrow\ts32\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10\brdrcf19 \trbrdrl\brdrs\brdrw10\brdrcf19 \trbrdrb\brdrs\brdrw10\brdrcf19 \trbrdrr\brdrs\brdrw10\brdrcf19 \trbrdrh\brdrs\brdrw10\brdrcf19 \trbrdrv\brdrs\brdrw10\brdrcf19 
\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid1576343\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr
\brdrnone \cltxlrtb\clftsWidth3\clwWidth2358\clshdrawnil \cellx2250\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil \cellx4410\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrnone 
\clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth3600\clshdrawnil \cellx8010\row \ltrrow}\pard\plain \ltrpar
\qj \li0\ri0\sb100\sbauto1\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11694338\yts32\contextualspace \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid8879897 Nine or ten\cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298 33}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid8879897 \cell }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298 12}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid8879897 \cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1
\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af31507 \ltrch\fcs0 \insrsid12127298\charrsid8879897 
\trowd \irow6\irowband6\ltrrow\ts32\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10\brdrcf19 \trbrdrl\brdrs\brdrw10\brdrcf19 \trbrdrb\brdrs\brdrw10\brdrcf19 \trbrdrr\brdrs\brdrw10\brdrcf19 \trbrdrh\brdrs\brdrw10\brdrcf19 \trbrdrv\brdrs\brdrw10\brdrcf19 
\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid1576343\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr
\brdrnone \cltxlrtb\clftsWidth3\clwWidth2358\clshdrawnil \cellx2250\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil \cellx4410\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrnone 
\clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth3600\clshdrawnil \cellx8010\row \ltrrow}\trowd \irow7\irowband7\ltrrow\ts32\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10\brdrcf19 \trbrdrl\brdrs\brdrw10\brdrcf19 \trbrdrb
\brdrs\brdrw10\brdrcf19 \trbrdrr\brdrs\brdrw10\brdrcf19 \trbrdrh\brdrs\brdrw10\brdrcf19 \trbrdrv\brdrs\brdrw10\brdrcf19 
\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid1576343\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr
\brdrnone \cltxlrtb\clftsWidth3\clwWidth2358\clshdrawnil \cellx2250\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil \cellx4410\clvertalc\clbrdrt\brdrnone \clbrdrl
\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth3600\clshdrawnil \cellx8010\pard\plain \ltrpar
\qj \li0\ri0\sb100\sbauto1\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11694338\yts32\contextualspace \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid8879897 More than ten\cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298 42}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid8879897 \cell }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298 7}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid8879897 \cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1
\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af31507 \ltrch\fcs0 \insrsid12127298\charrsid8879897 
\trowd \irow7\irowband7\ltrrow\ts32\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10\brdrcf19 \trbrdrl\brdrs\brdrw10\brdrcf19 \trbrdrb\brdrs\brdrw10\brdrcf19 \trbrdrr\brdrs\brdrw10\brdrcf19 \trbrdrh\brdrs\brdrw10\brdrcf19 \trbrdrv\brdrs\brdrw10\brdrcf19 
\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid1576343\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr
\brdrnone \cltxlrtb\clftsWidth3\clwWidth2358\clshdrawnil \cellx2250\clvertalc\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil \cellx4410\clvertalc\clbrdrt\brdrnone \clbrdrl
\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth3600\clshdrawnil \cellx8010\row \ltrrow}\trowd \irow8\irowband8\lastrow \ltrrow\ts32\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10\brdrcf19 \trbrdrl\brdrs\brdrw10\brdrcf19 
\trbrdrb\brdrs\brdrw10\brdrcf19 \trbrdrr\brdrs\brdrw10\brdrcf19 \trbrdrh\brdrs\brdrw10\brdrcf19 \trbrdrv\brdrs\brdrw10\brdrcf19 
\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid1576343\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr
\brdrnone \cltxlrtb\clftsWidth3\clwWidth8118\clshdrawnil \cellx8010\pard\plain \ltrpar\qj \li0\ri0\sb100\sbauto1\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11694338\yts32\contextualspace \rtlch\fcs1 
\af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid8879897 *Percentages do not equal 100% due to rounding.\cell }\pard\plain \ltrpar
\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af31507 \ltrch\fcs0 
\insrsid12127298\charrsid8879897 \trowd \irow8\irowband8\lastrow \ltrrow\ts32\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10\brdrcf19 \trbrdrl\brdrs\brdrw10\brdrcf19 \trbrdrb\brdrs\brdrw10\brdrcf19 \trbrdrr\brdrs\brdrw10\brdrcf19 \trbrdrh
\brdrs\brdrw10\brdrcf19 \trbrdrv\brdrs\brdrw10\brdrcf19 \trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid1576343\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc\clbrdrt
\brdrs\brdrw10 \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth8118\clshdrawnil \cellx8010\row }\pard \ltrpar
\qj \fi720\li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11694338\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4549662 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6578278\charrsid13664016 Other important}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016  audit committee disclosures are presented in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid14377914\charrsid13664016 Table }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 3.  This }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6578278\charrsid13664016 table }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid203680\charrsid13664016 reveals that 85% of the S&P 100 companies reported that they had a stated policy, for example, on how to deal with the situation when someone in the company reports }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid15801966\charrsid13664016 irregularities with}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016  the accounting function. This is often referred to as a \'93whistleblower\'94
 policy. However, in the case of the restaurant companies, 98% reported having a stated whistleblower policy. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15801966\charrsid13664016 For example, in the audit charter of the McDonald}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13136199\charrsid13664016 \rquote }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15801966\charrsid13664016 s}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6578278\charrsid13664016  Corporation}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9135523  (2008)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15801966\charrsid13664016 , under \'93}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13586975\charrsid13664016 Whistle blowing}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15801966\charrsid13664016  Procedures}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13586975\charrsid13664016 \'94 it}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15801966\charrsid13664016 
 states:  \'93
The Committee shall establish and maintain procedures for the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls or auditing matters and for the confidential, anonymous submission by e
mployees of the Company of concerns regarding questionable accounting or auditing matters.\'94}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 
\par When it came to the credentials of members of the audit committees, 86% of the S&P 100 companies surveyed indicated at least one member should be considered a \'93financial expert.\'94
 For the restaurant companies, 98% reported at least one member should be a \'93financial expert.\'94  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6578278\charrsid13664016 Restaurant companies are doi}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7210780\charrsid13664016 ng considerably better than}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6644398\charrsid13664016  the S&P}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6578278\charrsid13664016 100 }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4808722\charrsid13664016 companies in}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6578278\charrsid13664016  regard to this recommendation. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid203680\charrsid13664016 In the audit charter of Denny\rquote s Corp}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9135523 oration (2008)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 
, the policy is stated as follows: \'93At least one member of the Committee shall be an \'93audit committee financial expert\'94 as defined by the SEC, and the company will make the disclosure required by the rules and regulations of the SEC wit
h respect to such matters.\'94
\par A big difference between the S&P 100 companies and the restaurant companies had to do with restrictions that committee members could not be on other public companies\rquote  audit committees.  The charter of the Cheesecake Factory}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid11694338  (2009) }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 states:  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15801966\charrsid13664016 \'93A}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid203680\charrsid13664016 
 member of the Committee may not serve on the audit committee of more than two public companies in addition to the Company without the prior determination by a majority of the independent directors of such board that such concurrent service would no
t impair the member\rquote s ability to serve effectivel}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5987253\charrsid13664016 y as a member of the committee.\'94}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6578278\charrsid13664016 
  In the case of the S&P 100 companies, 60% of those surveyed had such a policy whereas only 33% of the restaurant companies had one.  Restaurant companies are considerably behind the S&P }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6644398\charrsid13664016 100 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6578278\charrsid13664016 companies in this regard.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 
\par When discussing whether an audit committee member must be literate in financial matters, only 85% of the S&P 100 companies believed it was important enough to be stated in the charter whereas 100% of the restaurant companies formally stated such a policy.
}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10824383\charrsid13664016  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15801966\charrsid13664016 In the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 
 charter of Bob Evans}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9135523  (2009)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1932149\charrsid13664016 , for}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid3875944\charrsid13664016 
 example,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid3875944\charrsid13664016 t}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13586975\charrsid13664016 he}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016  following policy is stated:}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1932149\charrsid13664016   }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid203680\charrsid13664016 \'93All members of the Audit Committee must be able to read and understand fundamental financial statements including the Company\rquote s balance sheet, income statement, and cash flow statement.\'94}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid14973578\charrsid13664016   Clearly, the restaurant companies are taking the financial literacy recommendation seriously.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid203680\charrsid13664016 
\par }\pard \ltrpar\qj \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11694338\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4549662 \page 
\par }\pard \ltrpar\qj \li0\ri0\sb100\sbauto1\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11694338\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid12220671 Table 3}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid14551579 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid12127298\charrsid8660088 Additional Audit Committee }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid12127298 D}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid12127298\charrsid8660088 
isclosures in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid12127298 P}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid12127298\charrsid8660088 roxy }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid12127298 S}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \i\f0\fs24\insrsid12127298\charrsid8660088 tatements }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid12127298 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid12127298\charrsid8660088 
\par \ltrrow}\trowd \irow0\irowband0\ltrrow\ts32\trgaph108\trleft-108\trftsWidth3\trwWidth8928\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid7740819\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 
\clvertalc\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrtbl \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth3258\clshdrawnil \cellx3150\clvertalc\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrtbl \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrtbl 
\cltxlrtb\clftsWidth3\clwWidth1980\clshdrawnil \cellx5130\clvertalc\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrtbl \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth3690\clshdrawnil \cellx8820\pard\plain \ltrpar
\qj \li0\ri0\sb100\sbauto1\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11694338\yts32\contextualspace \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid8879897 \cell S&P 100 2006\cell Restaurant companies}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298  2008/2009}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid12127298\charrsid8879897 \cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 
\f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af31507 \ltrch\fcs0 \insrsid12127298\charrsid8879897 \trowd \irow0\irowband0\ltrrow
\ts32\trgaph108\trleft-108\trftsWidth3\trwWidth8928\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid7740819\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc\clbrdrt\brdrs\brdrw10 \clbrdrl
\brdrtbl \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth3258\clshdrawnil \cellx3150\clvertalc\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrtbl \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1980\clshdrawnil \cellx5130
\clvertalc\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrtbl \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth3690\clshdrawnil \cellx8820\row \ltrrow}\trowd \irow1\irowband1\ltrrow
\ts32\trgaph108\trleft-108\trftsWidth3\trwWidth8928\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid7740819\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc\clbrdrt\brdrs\brdrw10 \clbrdrl
\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth3258\clshdrawnil \cellx3150\clvertalc\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1980\clshdrawnil \cellx5130\clvertalc
\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth3690\clshdrawnil \cellx8820\pard\plain \ltrpar
\qj \li0\ri0\sb100\sbauto1\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11694338\yts32\contextualspace \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid8879897 Whistleblowers\cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298 85}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid8879897 \cell }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298 98}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid8879897 \cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1
\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af31507 \ltrch\fcs0 \insrsid12127298\charrsid8879897 
\trowd \irow1\irowband1\ltrrow\ts32\trgaph108\trleft-108\trftsWidth3\trwWidth8928\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid7740819\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc
\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth3258\clshdrawnil \cellx3150\clvertalc\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl 
\cltxlrtb\clftsWidth3\clwWidth1980\clshdrawnil \cellx5130\clvertalc\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth3690\clshdrawnil \cellx8820\row \ltrrow}\trowd \irow2\irowband2\ltrrow
\ts32\trgaph108\trleft-108\trftsWidth3\trwWidth8928\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid7740819\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc\clbrdrt\brdrtbl \clbrdrl
\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth3258\clshdrawnil \cellx3150\clvertalc\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1980\clshdrawnil \cellx5130\clvertalc\clbrdrt
\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth3690\clshdrawnil \cellx8820\pard\plain \ltrpar
\qj \li0\ri0\sb100\sbauto1\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11694338\yts32\contextualspace \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid8879897 Financial Experts\cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298 86}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid8879897 \cell }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298 98}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid8879897 \cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1
\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af31507 \ltrch\fcs0 \insrsid12127298\charrsid8879897 
\trowd \irow2\irowband2\ltrrow\ts32\trgaph108\trleft-108\trftsWidth3\trwWidth8928\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid7740819\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc
\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth3258\clshdrawnil \cellx3150\clvertalc\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1980\clshdrawnil 
\cellx5130\clvertalc\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth3690\clshdrawnil \cellx8820\row \ltrrow}\pard\plain \ltrpar
\qj \li0\ri0\sb100\sbauto1\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11694338\yts32\contextualspace \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid8879897 Other Committee Memberships\cell 60\cell 33\cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 
\rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af31507 \ltrch\fcs0 \insrsid12127298\charrsid8879897 \trowd \irow3\irowband3\ltrrow
\ts32\trgaph108\trleft-108\trftsWidth3\trwWidth8928\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid7740819\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc\clbrdrt\brdrtbl \clbrdrl
\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth3258\clshdrawnil \cellx3150\clvertalc\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1980\clshdrawnil \cellx5130\clvertalc\clbrdrt
\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth3690\clshdrawnil \cellx8820\row \ltrrow}\trowd \irow4\irowband4\lastrow \ltrrow
\ts32\trgaph108\trleft-108\trftsWidth3\trwWidth8928\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid7740819\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc\clbrdrt\brdrtbl \clbrdrl
\brdrtbl \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth3258\clshdrawnil \cellx3150\clvertalc\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1980\clshdrawnil \cellx5130
\clvertalc\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth3690\clshdrawnil \cellx8820\pard\plain \ltrpar
\qj \li0\ri0\sb100\sbauto1\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11694338\yts32\contextualspace \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298\charrsid8879897 Membership Financial Literacy\cell 85\cell 100\cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 
\rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af31507 \ltrch\fcs0 \insrsid12127298\charrsid8879897 \trowd \irow4\irowband4\lastrow \ltrrow
\ts32\trgaph108\trleft-108\trftsWidth3\trwWidth8928\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid7740819\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalc\clbrdrt\brdrtbl \clbrdrl
\brdrtbl \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth3258\clshdrawnil \cellx3150\clvertalc\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1980\clshdrawnil \cellx5130
\clvertalc\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth3690\clshdrawnil \cellx8820\row }\pard \ltrpar
\qj \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11694338\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12127298 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid7158909\charrsid10517341 Conclusions and}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5785696\charrsid10517341  Recommendations
\par }\pard \ltrpar\qj \fi720\li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11694338\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7227372\charrsid13664016 
Over the last several years, many industries have been tainted by scandals and }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2967653\charrsid13664016 poor }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7227372\charrsid13664016 
management.  Specific examples include General Motors in the manufacturing area, K-Mart in the retailing sector and }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11149726\charrsid13664016 Lehman Brothers }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7227372\charrsid13664016 in the financial services industry. Audit committees can be effective vehicles to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5785696\charrsid13664016 assist in corporate governance. R}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4459143\charrsid13664016 estaurant companies appear }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5785696\charrsid13664016 to be adhering well to recommendations on the composition and }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4808722\charrsid13664016 operation audit}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5785696\charrsid13664016  committees and value their }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid4459143\charrsid13664016 role in enhancing corporate governance. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7227372\charrsid13664016  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2782008\charrsid13664016 
A reasonable conclusion is that good corporate governance, due }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5785696\charrsid13664016 in part }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2782008\charrsid13664016 to}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7227372\charrsid13664016  the strengths of the audit committees}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2782008\charrsid13664016 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5785696\charrsid13664016 
 in the restaurant industry has}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7227372\charrsid13664016  contributed to the lack of serious scandals in this sector of the economy. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7956619\charrsid13664016 A greater number }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4808722\charrsid13664016 of members}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7956619\charrsid13664016  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid4808722\charrsid13664016 on the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7956619\charrsid13664016  audit committees }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4808722\charrsid13664016 of the}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7956619\charrsid13664016  restaurant companies could provide more breadth and experience for those committees. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4459143\charrsid13664016  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid2782008\charrsid13664016 A limitation of this }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4808722\charrsid13664016 study that}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4459143\charrsid13664016 
 some of the higher percentages for the restaurant companies }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7227372\charrsid13664016 compared to the S&P}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6644398\charrsid13664016  100}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7227372\charrsid13664016  companies }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4459143\charrsid13664016 could be exp}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7227372\charrsid13664016 
lained by the two year time lag between the two studies.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2782008\charrsid13664016  Further research in this area 
could be done to compare restaurant and lodging companies with regard to the audit committee\rquote s role in corporate governance. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338 In the future, one would expect to see a 
closer relationship between the internal auditors and the audit committee. This would result in more value added to the financial reporting process.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4459143\charrsid13664016 
\par }\pard \ltrpar\qj \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11694338\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid4996140 \page 
\par }\pard \ltrpar\qc \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11694338\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4996140\charrsid4598537 References
\par }\pard \ltrpar\ql \fi-720\li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11694338\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4996140\charrsid12220671 Bob Evans Farms Inc. (2009)}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4996140 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4996140\charrsid12220671  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid4996140\charrsid12220671 
Charter of the Audit Committee of the Board of Directors of Bob Evans Farms}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid4996140\charrsid8659722 , Inc. in proxy}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid4996140\charrsid12220671 
 statement for Annual Report.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4996140\charrsid12220671 Burger King Corporation. (2009)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4996140 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4996140\charrsid12220671  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid4996140\charrsid12220671 Corporate Responsibility Report. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4996140\charrsid12220671 Retrieved from}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid4996140  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4996140\charrsid12220671 http://www.bk.com/en/us/company-info/corporate-responsibility/corporate-governance.html}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338 .}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4996140\charrsid12220671 
\par Cheesecake Factory Incorporated. (2009)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4996140 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4996140\charrsid12220671  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid4996140\charrsid12220671 Audit Committee Charter in proxy statement for Annual Report.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4996140\charrsid12220671 
\par Denny\rquote s Corporation. (2008)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4996140 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4996140\charrsid12220671  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid4996140\charrsid12220671 
Audit Committee Charter}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4996140\charrsid12220671  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid4996140\charrsid12220671 in proxy statement for Annual Report.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid4996140\charrsid12220671 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4996140\charrsid5733865 Kintzele, M.R. (1991). The Use of Audit Committee Reports in Financial Reporting. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid4996140\charrsid5733865 
Internal Auditing,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4996140\charrsid5733865  6 (4), 16. 
\par Kintzele, P.L., Arndt, T.L., Kintzele, M.R., Kwiatowski, V.E. (2008). Audit Committees and Internal Auditors: Their Roles in Financial Reporting Today}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid4996140\charrsid5733865 . Internal Auditing, }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4996140\charrsid5733865 23 (3), 30-37.
\par Klein, A., (2002). Economic Determinants of Audit Committee Independence. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid4996140\charrsid5733865 The Accounting Review}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4996140\charrsid5733865 
, 77 (2), 435-542.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4996140\charrsid12220671 McDonald\rquote s Corporation. (2008)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4996140 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4996140\charrsid12220671 
 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid4996140\charrsid12220671 Audit Committee Charter}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4996140\charrsid12220671  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid4996140\charrsid12220671 in proxy statement for Annual Report.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid4996140 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11694338\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338\charrsid12220671 McDonald\rquote s Corporation. (2008)}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338\charrsid12220671  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid11694338\charrsid12220671 Statement of Corporate Governance
}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338\charrsid12220671 . Retrieved }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338\charrsid8659722 from }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338\charrsid12613608 
http://www.aboutmcdonalds.com/mcd/investors/}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338\charrsid8659722 corporate_governance.html}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid11694338 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338\charrsid12220671 
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National Commission of Fraudulent Financial Reporting. (1987)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338\charrsid12220671  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid11694338\charrsid12220671 Report of the National Commission on Fraudulent Financial Reporting}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338\charrsid12220671 . 179-192}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid11694338 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338\charrsid12220671 
\par Panel on Audit Effectiveness. (2000)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338\charrsid12220671  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid11694338\charrsid12220671 The Panel of Audit Effectiveness: Report and Recommendations}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338\charrsid12220671 .
\par Ruby Tuesday, Inc. (2009)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338\charrsid12220671  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid11694338\charrsid12220671 
Corporate Governance Guidelines}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338\charrsid12220671 . Retrieved from http://www.rubytuesday.com/investors/governance}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338 .}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338\charrsid12220671 
\par Securities & Exchange Commission. (2003)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338\charrsid12220671  Release No. 33-8177.
\par The Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit Committees. (1999)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338\charrsid12220671  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid11694338\charrsid12220671 Report and Recommendations of the Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit Committees}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid11694338\charrsid12220671 . 10-16.
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11694338\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338\charrsid12220671 Value Line, Inc. (2009)}{\rtlch\fcs1 
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\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11694338\charrsid13664016 
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