Survey Results: Audit Committee Oversight and Subsidiaries



1. Who has the primary oversight responsibility (including pre-approval) for any services that your parent company's independent auditor provides its listed (e.g., with NYSE or NASDAQ) subsidiaries? (Total responses: n=17)
(select only one)
n=16 (94.12%) Parent company audit committee
n=1 (5.88%) Subsidiary audit committee / Subsidiary Board of Directors
n=0 (0.00%) Management
n=0 (0.00%) Other

2. Who has the primary oversight responsibility (including pre-approval) for any services that your parent company's independent auditor provides its non-listed subsidiaries? (Total responses: n=17)
(select only one)
n=15 (88.24%) Parent company audit committee
n=1 (5.88%) Subsidiary audit committee / Subsidiary Board of Directors
n=1 (5.88%) Management
n=0 (0.00%) Other

3. If your parent company audit committee has oversight responsibility described in any of the above questions, what are the criteria that trigger this oversight responsibility? (Total responses: n=17)
(select only one)
n=4 (23.53%) At least 50% beneficially owned by parent company
n=5 (29.41%) Consolidated subsidiary
n=0 (0.00%) Listed subsidiary
n=0 (0.00%) Non-listed subsidiary
n=3 (17.65%) Audit committee charter requirement
n=2 (11.76%) Audit committee preference
n=0 (0.00%) Other
n=3 (17.65%) Combination of one or more of the above
n=0 (0.00%) No such criteria

4. For any other registered accounting firm (excluding the parent company's independent auditor) that provides services for your parent company (but not its subsidiaries), who is responsible for the oversight of any such firm as it relates to audit, review, or attestation services?  (Total responses: n=16)
(select only one)
n=10 (62.50%) Parent company audit committee
n=0 (0.00%) Subsidiary audit committee / Subsidiary Board of Directors
n=5 (31.25%) Management
n=1 (6.25%) Other

5. For any other registered accounting firm (excluding the parent company's independent auditor) that provides services to the parent's subsidiaries, who is responsible for the oversight of any such firm as it relates to audit, review, or attestation services?  (Total responses: n=16)
(select only one)
n=4 (25.00%) Parent company audit committee
n=4 (25.00%) Subsidiary audit committee / Subsidiary Board of Directors
n=7 (43.75%) Management
n=1 (6.25%) Other

6. If your parent company audit committee has oversight responsibility (including pre-approval), who typically receives any required communications from its independent auditor related to the subsidiaries? (Total responses: n=15)
(select only one)
n=7 (46.67%) Parent company audit committee
n=2 (13.33%) Subsidiary audit committee / Subsidiary Board of Directors
n=6 (40.00%) Management
n=0 (0.00%) Other