Audit Committee Charter continued
- Discuss periodically with management and the independent auditor the corporation's policies regarding financial statement risk assessment and management and, as requested by the board of directors, other risk assessment and management related to the corporation.
- Meet separately, periodically, with management, the internal auditors (or other personnel responsible for the internal audit function) and the independent auditor.
- Establish procedures for the receipt, retention and treatment of complaints received by the corporation regarding accounting, internal accounting controls or auditing matters, including procedures for the confidential, anonymous submission by employees of concerns regarding questionable accounting or auditing matters.
- Review periodically the reports and activities of the internal audit function and the coordination of the internal audit function with the independent auditor.
- Review periodically the presentations of management and the independent auditor regarding the accounting and disclosure for related party transactions involving the corporation.
- Conduct an annual evaluation of its own performance.
- Report regularly to the board of directors on its oversight responsibilities set forth in Article I. The report may be made orally by the audit committee chairman or any other member of the committee designated by the committee chairman.
- Maintain minutes or other records of meetings and activities of the audit committee.
- Review and reassess this charter periodically. Report to the board of directors any suggested changes to this charter.
- Meet periodically with officers of the corporation responsible for legal and regulatory compliance by the corporation. On at least an annual basis, review with the corporation's tax director any tax matters that could have a significant impact on the corporation's financial statements.
The audit committee may from time to time perform any other activities or take any other action consistent with this charter, the corporation's charter and bylaws and applicable requirements, regulations or laws, as the audit committee or the board of directors deems necessary or appropriate, including without limitation the delegation of certain of its responsibilities to the audit committee chairman or one or more members of the audit committee.
ADOPTED BY THE BOARD OF DIRECTORS
OF COMPX INTERNATIONAL INC. ON
MAY 28, 2008.
/s/ A. Andrew R. Louis
A. Andrew R. Louis, Secretary