We have an Audit Committee established in accordance with the requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Audit Committee represents and assists the Board in fulfilling its responsibilities for overseeing our financial reporting processes and the audit of our financial statements. Specific duties and responsibilities of the Audit Committee include, among other things:

Independent Registered Public Accounting Firm
  • appointing, overseeing the work of, evaluating and compensating the independent registered public accounting firm;
  • discussing with the public accounting firm relationships with HP and its independence;
  • overseeing the rotation of the independent registered public accounting firm's lead audit and concurring partners at least once every five years and the rotation of other audit partners at least once every seven years in accordance with SEC regulations; and
  • determining whether to retain or, if appropriate, terminate the independent registered public accounting firm.
Audit and Non-Audit Services; 
Financial Statements; 
Audit Report
  • reviewing and approving the scope of the annual independent audit, the audit fee, other audit services and the financial statements;
  • preparing the Audit Committee report for inclusion in the annual proxy statement; and
  • overseeing our financial reporting processes and the audit of our financial statements, including the integrity of our financial statements.
Disclosure Controls;
Internal Controls & Procedures;
Legal Compliance
  • reviewing our disclosure controls and procedures, internal controls, information security policies, internal audit function, and corporate policies with respect to financial information and earnings guidance; and
  • overseeing compliance with legal and regulatory requirements.
Risk Oversight
  • reviewing risks facing HP and management's approach to addressing these risks, including significant risks or exposures relating to litigation and other proceedings and regulatory matters that may have a significant impact on our financial statements; and
  • discussing policies with respect to risk assessment and risk management.
Related Party Transactions
  • overseeing relevant related party transactions governed by applicable accounting standards (other than related person transactions addressed by the NGSR Committee).
Annual Review/Evaluation
  • annually reviewing the Audit Committee's charter and performance.

The Board determined that each of Ms. Citrino, chair of the Audit Committee, and the other Audit Committee members (Mr. Bennett, Ms. Brown-Philpot, Ms. Burns and Mr. Suresh) is independent within the meaning of the NYSE and SEC standards of independence for directors and audit committee members and has satisfied the NYSE financial literacy requirements. The Board also determined that each of Mr. Bennett, Ms. Brown-Philpot, Ms. Burns, Ms. Citrino and Mr. Suresh is an "audit committee financial expert" as defined by the SEC rules.

The report of the Audit Committee is included on page 30.