Audit Committee

City officials have selected members for an Internal Audit Committee, a new body created last summer in the wake of a scandal involving the city's trash hauler and recycler. Certified public accountants Steven E. Meadows, David E. Sundstrom and Eric H. Woolery will be "citizen-representatives" on the panel. The new audit committee also includes City Council members Dan Slater and Mark Murphy, City Manager David L. Rudat and a finance expert yet to be hired by the city.

Best Buy Co. Inc. just can't catch a break. Chairman and founder Richard Schulze is jumping ship earlier than expected, taking with him a 20.1% stake in the struggling electronics retailer. Schulze, 71, told the company's board Thursday morning that he is resigning immediately. “I continue to believe in Best Buy and its future -- and care deeply about its customers, employees and shareholders,” he said in a statement. “There is an urgent need for Best Buy to reinvigorate growth by reconnecting with today's customers and building pathways to the next generation of consumers.” Originally, Schulze was to step down as chairman on June 21 and stay on as a director through June 2013, relinquishing his positions in the wake of a scandal involving former Chief Executive Brian Dunn.

The Newport-Mesa Unified School District is seeking seven people to serve on the new 15-member Audit Committee, which will work with district auditors in preparing audit reports. District officials said the committee will appraise the auditors and present the audit reports to school board members. Trustees, staff and representatives of employee organizations will fill eight posts on the committee. Anyone interested should send a letter no later than Feb.

After investigating former Chief Executive Brian Dunn's relationship with a female employee, an internalBest Buy Co.probe found “extremely poor judgment and a lack of professionalism” but no misuse of the electronics retailer's resources. Dunn will walk away from Best Buy with a severance package worth an estimated $6.6 million and a non-compete period that was raised to three years from one year, the company said Monday. Best Buy's board also said it elected a new chairman. The company had been looking into allegations about Dunn's personal conduct since before he resigned in April . The inquiry , which was launched by the retailer's audit committee and completed by an outside law firm, found that Dunn “violated company policy” and “negatively impacted the work environment” by carrying on with the employee.

A Securities and Exchange Commission-sponsored panel recommended Monday that corporate audit committees be fortified to counter stock-market pressures on companies to manipulate their earnings. "Strong, independent audit committees result in accountability," SEC Chairman Arthur Levitt said. "And there are few words more reassuring to investors than 'accountability.' " The 11-member panel, headed by New York lawyer Ira Millstein and retired Goldman, Sachs & Co. co-chairman John C.

Montebello school officials are looking for volunteers to serve on an 11-member committee to oversee the annual audit of district finances. The school board is expected to establish the audit committee and name some members at its meeting Tuesday . Three years ago, the Montebello Unified School District was ranked one of the most financially troubled school districts in the state. After major cuts, the district has been able to balance its books. Business Manager Glenn J.

The government agency in charge of the Alameda Corridor created an audit committee Thursday, but denied a seat on the panel to Los Angeles City Controller Rick Tuttle, who for months has advocated more stringent oversight of the $2.4-billion rail project. Instead, the board of the Alameda Corridor Transportation Authority appointed three of its own to the ad hoc advisory committee--Supervisor Yvonne Brathwaite Burke, Long Beach Port Director Richard D.

By allowing some of its top administrators to live "regally" and "palatially," the University of California is risking the loss of public confidence and support, members of the Joint Legislative Audit Committee told UC representatives Wednesday.

The water bill at Maria Arizmendi's home in Bell has gotten so expensive that she's cut back on gardening and started using paper plates. Often, when it's time to shower, she heads over to the home of a friend, who is served by a different utility. Arizmendi, 70, said she pays about $50 a month for water, but her friend pays roughly $20 every two months. "There must be something that's not working right," said Arizmendi, a retired L.A. County employee who lives alone. "It just doesn't make sense what they put in these bills, and when you call, you can't get them to pick up, or you can't get an answer.

The water bill at Maria Arizmendi's home in Bell has gotten so expensive that she's cut back on gardening and started using paper plates. Often, when it's time to shower, she heads over to the home of a friend, who is served by a different utility. Arizmendi, 70, said she pays about $50 a month for water, but her friend pays roughly $20 every two months. "There must be something that's not working right," said Arizmendi, a retired L.A. County employee who lives alone. "It just doesn't make sense what they put in these bills, and when you call, you can't get them to pick up, or you can't get an answer.

Beckman Coulter Inc., a Fullerton-based maker of medical instruments whose audit committee had been reviewing claims by a former employee related to accounting issues, said that the committee found no accounting irregularities and that no adjustments were needed to its financial statements.

Rambus Inc., a designer of computer memory chips, said Tuesday that it might have to restate financial reports after finding that some dates used to set the value of its options didn't match the grant dates. The audit committee that identified the issue hasn't determined whether any charges against earnings will be required, the company said. Shares of the Los Altos, Calif.-based company fell 71 cents to $23.13. Also Tuesday, CNet Networks Inc.

A state commission founded by Hollywood filmmaker Rob Reiner is facing increased state scrutiny after lawmakers Wednesday approved a broad audit of the panel's spending. At the same time, the Sacramento County district attorney is reviewing a separate request for an investigation of the First 5 California Children and Families Commission. A committee of state senators and Assembly members directed the Bureau of State Audits to perform the fiscal review of the commission.

Saks Inc. said Monday that it ousted three top executives, including its chief accounting officer, after an audit committee probe into improper vendor markdown allowances. The committee also recommended lower bonuses for the company's chief executive and chief financial officer, who it said failed to communicate effectively with the board of directors regarding the matter.

The head of a legislative committee investigating California's handling of federal election funds gave Secretary of State Kevin Shelley a two-day extension Tuesday to decide whether he will testify voluntarily. Assemblywoman Nicole Parra (D-Hanford) told Shelley she would seek a subpoena if he does not agree by 10 a.m. Thursday to testify before the Joint Legislative Audit Committee, which she leads.

Hollywood Park--It was incorrectly reported in Tuesday's editions that the board of directors of the Hollywood Park Realty Co. would be meeting today. That meeting is scheduled for Jan. 17. Today's meeting is for the audit committee of the Hollywood Park Realty board.

The California Public Employees' Retirement System on Monday said it would withhold votes to reelect Citigroup Inc. Chairman Sanford I. Weill and certain directors at Coca-Cola Co. and 10 other major companies, aiming to improve corporate governance by protesting the makeup of company boards. CalPERS, the biggest U.S.

The California Public Employees' Retirement System, the biggest U.S. pension fund, will vote against seven Genentech Inc. and Eli Lilly & Co. directors because of perceived conflicts of interest, including the hiring of auditors for consulting. CalPERS will vote against audit committee members Charles A. Sanders, Herbert W. Boyer and Mark P. Richmond at Genentech and Winfried Bischoff, Franklyn Prendergast and Kathi P. Seifert at Lilly, said Bill McGrew, an investment officer at CalPERS.