Audit Committee
The Audit Committee assists the board of directors in fulfilling its
oversight responsibility with respect to:
- Abbott's accounting and financial reporting practices and the audit
process
- The quality and integrity of Abbott's financial statements
- The independent auditors' qualifications, independence and performance
- The performance of Abbott's internal audit function and internal
auditors
- Certain areas of legal and regulatory compliance
Each of the members of the Audit Committee is financially literate, as
required of audit committee members by the New York Stock Exchange. The board
of directors has determined that R.S. Austin is an "audit committee
financial expert."
The Audit Committee is governed by a written charter.
Members of the Audit Committee: R.S. Austin, chairman; D.A.L. Owen; S.C.
Scott, III; W.D. Smithburg and G.F. Tilton