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These excerpts taken from the AAPL 10-K filed Dec 1, 2005. Act”), the Company adopted an
auditor independence policy that banned its auditors from performing non-financial
consulting services, such as information technology consulting and internal
audit services. This auditor policy also mandates that the audit and non-audit
services and related budget be approved by the Audit Committee in advance, and
that the Audit Committee be provided with quarterly reporting on actual
spending. In accordance with this policy, all services to be performed by KPMG
were pre-approved by the Audit Committee.
Subsequent to the enactment of the Act, the Audit Committee met with KPMG to further understand the provisions of that Act as it relates to auditor independence. KPMG rotated the lead audit partner for fiscal year 2005 and will rotate other partners as appropriate in compliance with the Act. The Audit Committee will continue to monitor the activities undertaken by KPMG to comply with the Act. 111 Act”), the Company adopted an auditor independence policy that banned its auditors from performing non-financial consulting services, such as information technology consulting and internal audit services. This auditor policy also mandates that the audit and non-audit services and related budget be approved by the Audit Committee in advance, and that the Audit Committee be provided with quarterly reporting on actual spending. In accordance with this policy, all services to be performed by KPMG were pre-approved by the Audit Committee. Subsequent to the enactment of the Act, the Audit 111 This excerpt taken from the AAPL 10-Q filed May 4, 2005. 1934 Act
Section 16” shall mean Section 16 of the Securities
Exchange Act of 1934 and the rules and regulations promulgated thereunder.
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