The Audit Committee is comprised of three independent and financially literate Directors within the meaning of applicable security laws. Among other things, the Audit Committee assists the Directors in fulfilling their responsibilities of oversight and supervision of the accounting and financial reporting practices and procedures, the adequacy of internal accounting controls and procedures, and the quality and integrity of financial statements. In addition, the Audit Committee is responsible for directing the auditors’ examination of specific areas, reviewing with the auditors the scope of the audit review and selecting potential independent auditors to be appointed by the shareholders.