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Audit Charter - 2010

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AUDIT COMMITTEE CHARTER Purpose This charter sets forth the authority and responsibilities of the Audit Committee of the Board of Directors of Univest Corporation of Pennsylvania and its subsidiaries. The Committee assists the Board in fulfilling its fiduciary responsibilities and its statutory responsibilities with respect to the regulatory requirements of the Sarbanes-Oxley Act and the listing standards of the NASDAQ Stock Exchange, including, but not limited to oversight and review of: • The financial reporting process and the integrity of that process, including audits of financial statements • The system of internal controls and the effectiveness of that system • The qualifications, engagement, compensation, and replacement of the independent public auditor • Ongoing performance oversight of the independent auditor and the internal audit function • Compliance with legal and regulatory requirements • Responsibility to establish procedures for complaints • Other special and ongoing activities directed by the Board of Directors On a regular basis, the Committee will report on its activities to the full Board of Directors and make recommendations as appropriate. Authority The Audit Committee has the authority to evaluate, engage, compensate, and replace the independent auditor and to approve all non-audit engagements with the independent auditor. In doing so, the Committee may consult with management but shall not delegate these ...

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Publié par	Mefig
Nombre de lectures	17
Langue	English

Extrait

AUDIT COMMITTEE CHARTER

Purpose

This charter sets forth the authority and responsibilities of the Audit Committee of the Board of Directors of

Univest Corporation of Pennsylvania and its subsidiaries.

The Committee assists the Board in fulfilling its fiduciary responsibilities and its statutory responsibilities with

respect to the regulatory requirements of the Sarbanes-Oxley Act and the listing standards of the NASDAQ

Stock Exchange, including, but not limited to oversight and review of:

•

The financial reporting process and the integrity of that process, including audits of financial statements

•

The system of internal controls and the effectiveness of that system

•

The qualifications, engagement, compensation, and replacement of the independent public auditor

•

Ongoing performance oversight of the independent auditor and the internal audit function

•

Compliance with legal and regulatory requirements

•

Responsibility to establish procedures for complaints

•

Other special and ongoing activities directed by the Board of Directors

On a regular basis, the Committee will report on its activities to the full Board of Directors and make

recommendations as appropriate.

Authority

The Audit Committee has the authority to evaluate, engage, compensate, and replace the independent auditor

and to approve all non-audit engagements with the independent auditor.

In doing so, the Committee may

consult with management but shall not delegate these responsibilities to management.

The independent auditor

shall report directly to the Audit Committee.

In discharging its oversight role, the Audit Committee is empowered to investigate any matter brought to its

attention with full access to all books, records, facilities, resources, and personnel of the Corporation and its

subsidiaries, including the power to retain independent counsel, accounting, or other consultants to provide

specialized advisement services.

Univest shall provide the appropriate funding for the compensation of such

consultants so employed by the Audit Committee.

The Committee may request any employee of the

Corporation’s independent auditor or other advisors to attend a meeting of the Committee or to meet with any

named members or consultant to the Committee.

Membership

The Audit Committee shall consist of no fewer than three members, each of whom shall be independent and

financially literate under the applicable guidelines of the SEC and NASDAQ.

At least one member of the

committee shall have accounting or related financial management expertise to meet the definition of a “financial

expert.”

Audit Committee members will serve at the discretion of the Board of Directors and may be removed at any

time. Members of the Univest Audit Committee shall not simultaneously serve on the audit committee of more

than two other public companies.

The composition of the Audit Committee and its independence will be reviewed annually by the Nominating

Committee with recommendations for changes made to the Board of Directors.

Meetings

The Committee will meet as often as necessary, but not less frequently than quarterly.

All Committee members

are expected to attend each meeting.

Periodically, the Committee will meet in separate executive sessions with

the internal auditor, the external auditor, and others it may deem appropriate, including consultants, outside

counsel, and Univest staff members qualified to provide expertise and insight into matters being discussed.

Minutes of all meetings will be kept by a member of the Committee or by a person designated by the

Committee.

All minutes shall be reported to the full Board of Directors.

Duties and Responsibilities

The committee should take the appropriate actions to set the overall corporate “tone” for quality financial

reporting, sound business risk practices, and ethical behavior.

The following shall be the principal recurring

processes of the audit committee in carrying out its oversight responsibilities.

The processes are set forth as a

guide with the understanding that the committee may supplement them as appropriate.

Policies address the

hiring of former employees of the independent auditor as required by regulation.

Independent Auditors

•

The independent auditors will report directly to the Audit Committee; they are ultimately accountable to

the full Board.

The Audit Committee shall be responsible for evaluating the firm’s qualifications and

staff experience, the hiring, compensation of, and for replacing the independent auditors, as appropriate.

Policies address the hiring of former employees of the independent auditor as required by regulation.

•

Meet with the independent auditors at the onset of the engagement to discuss the planning, scope, and

staffing of the audit, including coordination with internal audit.

Verify the independent audit firm is in

good standing with the PCAOB.

•

Discuss with the external auditor any disclosed relationships or services that may impact objectivity or

auditor independence.

Recommend the Board take appropriate action to satisfy independent auditor

requirements.

•

Discuss with management the timing for rotating certain partners of the independent auditor, including

the rotation of the audit firm itself.

•

Pre-approve all allowable non-audit services to be provided by the independent auditor, including the

fees and terms.

Pre-approval authority may be delegated to one or more members of the Audit

Committee; such approvals shall be presented to the full Audit Committee at its next meeting.

•

Oversee restrictions on the improper influence, coercion, manipulation, or purposeful misleading of the

independent auditor by employees, officers, and directors.

Review with the independent auditors any

problems encountered in the course of the audit engagement.

•

Review and approve the internal audit function’s responsibilities and performance, including

compensation, staffing, audit scope, and other matters of audit quality and integrity.

•

Report to the full Board the results of all significant Audit Committee evaluations, processes, and

findings, including implementation of recommended changes.

Internal Audit

•

Discuss with management the performance, staffing, and organizational structure of the internal audit

function, including staff qualifications and the provision of adequate resources necessary to fulfill its

duties.

Take into consideration the review of the Internal Audit function performed by the Independent

Auditor.

•

Discuss internal audit’s compliance with the Institute of Internal Auditors “Standards of Professional

Practice of Internal Auditing.”

•

Review internal audit’s annual risk assessment conducted through meetings with individual business

units and Risk Management.

•

Review significant reports to management prepared by internal audit, including management’s

responses and any difficulties encountered during the course of any internal audit, including access to

any requested information.

Periodically review performance vs. plan and approve any recommended

changes.

•

Discuss the adequacy of internal control requirements performed by Internal Audit, particularly related

to Section 404 of the Sarbanes-Oxley Act.

Financial Statements and Disclosures

•

Review with management and the external auditor the Corporation’s annual audited financial statements

and interim quarterly financial statements prior to the filing of the 10-K and 10-Q; review other public

communications associated with their filings, such as earnings press releases.

•

Review and discuss with the independent auditor financial reporting accounting principles as required

by SAS 61, as modified or supplemented, including, but not limited to:

all critical accounting principles and practices to be used, including the basis for any significant

changes

all alternative treatments of financial information within generally accepted accounting

principles that have been discussed with management, ramifications of the use of such

alternative disclosures and treatments, and the treatment preferred by the independent auditor

other material written communications between the external auditor and management, such as

any management letter or schedules of unadjusted differences

difficulties encountered in the course of the auditor work, including any restrictions on the

scope of activities or access to requested information, any significant disagreements with

management, and any communications with respect to accounting issues presented by the

engagement

significant deficiencies or material weaknesses in the design or operation of internal controls

over financial reporting and any employee-related fraud, including remediation issues

associated with internal controls

•

Review with management and the external auditor all matters required to be communicated to the

Committee under generally accepted auditing standards, including matters required to be discussed by

Statement on Auditing Standards No. 61 and 90, relating to the conduct of the audit, and any significant

disagreements with management.

•

Review and approve reports and disclosures of insider and affiliated-party transactions.

Internal Controls

•

Discuss with the independent auditors and internal audit any weaknesses or deficiencies identified

relating to financial reporting, internal controls, or other related matters, including information security

and control.

Identify material weaknesses and procedures and timeframes for correcting such

weaknesses.

•

Review reports from management on progress made in addressing and correcting any identified

deficiencies or weaknesses described above.

•

Review internal accounting control reports (management letters) submitted by the external auditor and

significant issues addressed in those letters.

•

Discuss with management its evaluation of the internal control structure and procedures for financial

reporting on a quarterly basis; assess management’s conclusions about the adequacy of such internal

controls and procedures, including any material deficiencies in such controls and procedures.

•

Discuss with management any major financial risk exposures and steps being taken to control or

mitigate those risks.

•

Discuss with the independent auditors and management significant accounting or reporting

developments proposed by the Financial Accounting Standards Board, PCAOB, or the Securities and

Exchange Commission that may impact the Corporation.

Compliance

•

Review with management the Corporation’s compliance program that provides for adherence to and

monitoring of compliance with applicable laws and regulations, including Corporate Governance

guidelines and the Code of Conduct.

•

Establish procedures for the receipt, retention, and treatment of complaints received by the Corporation

regarding accounting, internal accounting controls, or auditing matters, including the confidential or

anonymous submission of concerns regarding such matters.

•

Receive and review information from the Corporation’s Counsel on any legal matters that may have a

material impact on the financial statements of the Corporation.

Review any reports from Risk

Management that involve significant findings on matters resulting from examinations and investigations

by federal and state agencies, including action taken by management.

•

On a quarterly basis, review related party transactions, including the independent status of all Audit

Committee members.

Other

•

In discharging its responsibility, the Audit Committee may look to other resources for assistance within

the Corporation, outside of the internal audit function, to investigate any matter brought to its attention.

Those resources include one or more officers whom the Committee reasonably believes to be reliable

and competent in the matter presented.

•

Review and assess the adequacy of the Audit Committee Charter annually; request board approval and

ensure publication/disclosure of the Charter every three years or as required by law or regulation.

Summary

The primary responsibility of the Audit Committee is to oversee the Corporation’s financial reporting process

on behalf of the Board of Directors and to report the results of their activities to the Board.

Management is

responsible for the preparation and integrity of the Corporation’s financial statements, and the independent

auditor is responsible for auditing those financial statements.

Management and internal audit are responsible

for maintaining appropriate accounting and financial reporting policies and procedures, including internal

controls designed to comply with applicable accounting standards, laws and regulations.

Approved by the Audit Committee:

January 26, 2010

Approved by the Board of Directors:

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