Electronic Arts 2007 Annual Report Download - page 37

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reviews EA’s quarterly and annual financial statements prior to public earnings releases and submission to the
SEC; reviews and evaluates the performance of EA’s internal audit function; reviews and evaluates the
performance of EA’s independent auditors; consults with the independent auditors and EA’s internal audit
function regarding internal controls and the integrity of the Company’s financial statements; assesses the
independence of the independent auditors; and is responsible for the selection of the independent auditors. In
this context, the Audit Committee has met and held discussions with members of management, EA’s internal
audit function and the independent auditors. Management has represented to the Audit Committee that the
Company’s consolidated financial statements were prepared in accordance with accounting principles generally
accepted in the United States, and the Audit Committee has reviewed and discussed the consolidated financial
statements with management and the independent auditors. Management has also represented to the Audit
Committee that the Company’s internal control over financial reporting was effective as of the end of the
Company’s most recently-completed fiscal year, and the Audit Committee has reviewed and discussed the
Company’s internal control over financial reporting with management and the independent auditors. The Audit
Committee also discussed with the independent auditors matters required to be discussed by Statement on
Auditing Standards No. 61 (Communications with Audit Committees), as amended, including the quality and
acceptability of the Company’s financial reporting process and internal controls. The Audit Committee has
also discussed with the Company’s independent auditors the overall scope and plans for their annual audit and
reviewed the results of that audit with management and the independent auditors.
In addition, the Audit Committee has discussed with the independent auditors the auditors’ independence from
the Company and its management, including the matters in the written disclosures required by Independence
Standards Board Standard No. 1 (Independence Discussions with Audit Committees). The Audit Committee
has also considered whether the provision of any non-audit services (as described above under “Proposal 5.
Ratification of the Appointment of KPMG LLP, Independent Registered Public Accounting Firm” — “Fees of
Independent Auditors”) and the employment of former KPMG LLP employees by the Company is compatible
with maintaining the independence of KPMG LLP.
The members of the Audit Committee are not engaged in the practice of auditing or accounting. In performing
its functions, the Audit Committee necessarily relies on the work and assurances of the Company’s
management and independent auditors.
In reliance on the reviews and discussions referred to in this report and in light of its role and responsibilities,
the Audit Committee recommended to the Board of Directors that the audited financial statements of the
Company as of and for each of the last three years ended March 31, 2007 be included for filing with the SEC
in the Company’s Annual Report on Form 10-K for the year ended March 31, 2007. The Audit Committee has
also approved the selection of KPMG LLP as the Company’s independent auditors for fiscal 2008.
AUDIT COMMITTEE
Gregory B. Maffei (Chairman)
Vivek Paul
Richard A. Simonson
26