Unico, a natural resource company in the precious metals mining sector, has announced the formation of an audit committee of the board of directors to enhance the quality and independence of the board's oversight of the company's financial affairs.
The audit committee's primary function will be to oversee accounting, internal controls, and financial reporting processes, as well as to perform audits of the financial statements and other internal processes. Appointed for a one-year term as independent directors are Edward Winders; David Gillespie; and Ernest Kuhn, who will also serve as chairman of the audit committee for a one-year term.
Kuhn possesses more than thirty years of professional experience, covering all aspects of financial management. His experience includes a working knowledge of federal and Utah state government tax reporting requirements, GAAP required internal controls, auditing, fully computerized recordkeeping, and preparation of the financial segments of capital projects.
The board also formulated and approved a charter for the audit committee, which sets forth the committee's responsibilities and powers, in addition to those specified by applicable laws, rules, and regulations for public company audit committees. The charter will soon be posted to the company's Website.
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