2011 Annual Report - Carolina Farm Credit
2011 Annual Report - Carolina Farm Credit
2011 Annual Report - Carolina Farm Credit
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<strong>Carolina</strong> <strong>Farm</strong> <strong>Credit</strong>, ACA<br />
report of the audit committee<br />
<strong>Report</strong><br />
of the Audit Committee<br />
The Audit Committee of the Board of Directors (Committee) is comprised of the directors named below. No director who<br />
serves on the Committee is an employee of<br />
<strong>Carolina</strong> <strong>Farm</strong><br />
<strong>Credit</strong> (Association) and in<br />
the opinion of the Board of<br />
Directors, each<br />
is free of any<br />
relationship with the Association or management that would interfere with the director’s<br />
independent judgment on the<br />
Committee.<br />
The Committee has adopted a written charter that has been approved byy the Board of Directors. The<br />
Committee has<br />
reviewed and discussed the Association’s audited financial statements with management, which has<br />
primary<br />
responsibility for the financial statements.<br />
PricewaterhouseCoopers LLP (PwC), the Association’s independent certified public accountants for<br />
<strong>2011</strong>, is responsible<br />
for expressing<br />
an opinion on<br />
the conformity of the Association’s audited financial statements with accounting principles<br />
generally accepted in the United States of America. The Committee hass discussed with PwC the matters that are required to<br />
be discussed by Statement on<br />
Auditing Standards No. 114<br />
(The Auditor's Communication With Those Charged With<br />
Governance). PwC has provided to the Committee the written disclosures and the letter required by<br />
Independencee<br />
Standards Board Standard No. 1 (Independence Discussions with Auditt Committees), and the Committee has discussed<br />
with PwC thatt firm’s independence.<br />
<strong>2011</strong> <strong>Annual</strong> <strong>Report</strong> <strong>Carolina</strong> <strong>Farm</strong> <strong>Credit</strong><br />
The Committee has also concluded that PwC’s provision of non-audit services, if any, to the Association is compatible<br />
with PwC’s independence.<br />
Based on the considerations<br />
referred to above, the Committee recommended to the Board of Directors that the audited<br />
financial statements be included in the Association’s <strong>Annual</strong> <strong>Report</strong> forr <strong>2011</strong>. The foregoing report is provided by<br />
the<br />
following independent directors, who constitute the Committee:<br />
John M. Barnard<br />
Chairman of<br />
the Audit Committee<br />
Members of Audit Committee<br />
E. Bernard Beck<br />
Herbert R. Cheeks<br />
Joseph A. Lail<br />
Bobby<br />
J. Matthews, Jr.<br />
Lewis E. Smith<br />
L. Kim Starnes<br />
March 13, 2012<br />
21<br />
<strong>2011</strong>1 <strong>Annual</strong> <strong>Report</strong>t<br />
39
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