The Audit Committee

The Audit Committee consists of Messrs. Scaggs, Lucente and Mannes, with Mr. Scaggs acting as chairman of the committee for fiscal year 2020 until December 16, 2020.  Mr. Lucente was appointed to the committee on November 20, 2019.  Mr. Mannes was appointed to the committee on December 16, 2020 and became chairman of the committee at that time.  Each member of the audit committee is financially literate, and the Board of Directors has determined that Mr. Mannes qualified as audit committee financial expert, as such term is defined by Securities and Exchange Commission rules. Mr. Molihan served on the committee and was its financial expert until his death on August 1, 2020.  All the directors appointed to the audit committee are independent members of the board of directors, as defined by Securities and Exchange Commission rules (Rule 10A-3 of the Securities Exchange Act of 1934) and the NYSE American corporate governance listing standards. The audit committee met four times during the fiscal year ended September 30, 2020.

The Audit Committee reviews the professional services and independence of our independent registered public accounting firm and our accounts, procedures and internal controls. The audit committee also recommends the firm selected to be our independent registered public accounting firm, reviews and approves the scope of the annual audit, reviews and evaluates with the independent registered public accounting firm our annual audit and annual consolidated financial statements, reviews with management the status of internal accounting controls, evaluates problem areas having a potential financial impact on us that are brought to the committee’s attention by management, the independent registered public accounting firm or the board of directors, and evaluates all of our public financial reporting documents.

The Audit Committee approved the appointment of Arnett Carbis Toothman to be our independent registered public accounting firm for the 2021 fiscal year.  A representative of Arnett Carbis Toothman is expected to attend the 2021 Annual Meeting of Stockholders.