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Edgar Filing: RYERSON TULL INC /DE/ - Form DEF 14A

AUDITOR MATTERS

Audit Fees

The aggregate fees billed by PricewaterhouseCoopers LLP rendered for the audit of our 2002 annual financial statements and for reviews of the financial statements included in our Forms 10-Q for 2002 were $320,723.

Financial Information Systems Design and Implementation Fees

PricewaterhouseCoopers LLP did not bill any fees for the professional services described in Paragraph (c)(4)(ii) of Rule 2-01 of Regulation S-X.

All Other Fees

The aggregate fees billed by PricewaterhouseCoopers LLP for services other than those described in the two preceding paragraphs for 2002 were $264,731, primarily for services rendered in connection with tax matters and the audit of employee benefit plans.

AUDIT COMMITTEE REPORT

The Audit Committee consists of four members of the Company s Board of Directors. Each member is independent, as that term is defined in Section 303.01 of the New York Stock Exchange Listed Company Manual. The Board of Directors adopted a written charter for the Audit Committee in April 2000, and adopted a revised charter in April 2001. The Audit Committee reviews and reassesses the adequacy of its charter at least annually or sooner if determined appropriate.

Beginning in 2003, the Audit Committee will hold seven regularly scheduled meetings each year. The Audit Committee reviews the Company s financial reporting process on behalf of the Board of Directors. Management and the independent auditors have the responsibility to plan and conduct audits, to determine whether the Company s financial statements are complete and accurate, and to assess whether they are presented in accordance with generally accepted accounting principles.

The Audit Committee has reviewed and discussed the audited financial statements for the fiscal year ended December 31, 2002, with management and with PricewaterhouseCoopers LLP, the independent auditors for the Company.

The Audit Committee has discussed with the independent auditors the matters required to be discussed by SAS 61 (Codification of Statements on Auditing Standards, AU §380).

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