Audit Committee Charter Final 2.4.08

KV Pharmaceutical Company Audit Committee Charter Purpose There shall be an Audit Committee (the “Committee”) of the Board of Directors of KV Pharmaceutical Company, a Delaware corporation (the “Company”). The Committee shall have responsibility to oversee the Company’s management, the internal auditors and the independent external auditors in regard to corporate accounting and financial reporting. The Committee has the authority to institute, conduct and oversee any investigation it deems appropriate, with full access to all books and records, facilities, personnel and outside advisors of the Company. The Committee is empowered to retain outside counsel, auditors or other experts in its discretion, and the Company shall provide any funding, as determined by the Committee, in connection with the Committee’s engagement of any outside counsel, auditor or other experts. The Committee’s primary purposes shall be as follows: • Be directly responsible for the appointment, compensation and oversight of the work of any independent external auditor employed by the Company (including resolution of disagreements between management and the independent external auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or related work; • Assist the Board in fulfilling its responsibilities to the shareholders, potential shareholders and the investment community with regard to the oversight of (1) the quality ...