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EXHIBIT 99
CHARTER FOR THE
SIFCO AUDIT COMMITTEE
The Audit Committee will consist of a minimum of three outside, independent
directors, all financially literate, at least one experienced in finance and
accounting. The independent auditors will be ultimately accountable to this
committee and the full board.
The Audit Committee will:
- Operate under a formal charter, which it will review and
assess annually.
- Select, subject to shareholder approval, evaluate and, if
necessary, replace the independent auditors.
- Discuss with the independent auditors the scope and
thoroughness of their examinations and review the costs
associated therewith.
- If requested by the independent auditors or by management,
review and discuss with management and with the auditors the
quarterly financial statements (10-Q) prior to their
submission to the SEC.
- Review and discuss with the independent auditors and with
management the audited annual financial statements prior to
their SEC submission or release, including in such discussion
specific consideration of the quality of the company's
accounting principles applied to its financial reporting.
- Review with the full board the results of the independent
auditors' examination, as well as the Audit Committee's
evaluation thereof.
- Recommend to the board the inclusion of the annual financial
statements in the annual report on Form 10-K.
- Ensure that the independent auditors state annually, in
writing, any other relationships that they have with the
Company; and determine if any such relationship might
interfere with the auditors' independence.
- Review the need for internal auditors and make appropriate
recommendations to the board.
