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CCO » Topics » AUDITOR FEES

This excerpt taken from the CCO DEF 14A filed Apr 30, 2009.

AUDITOR FEES

The Audit Committee has selected Ernst & Young LLP as our independent registered public accounting firm for the 2009 fiscal year. Ernst & Young LLP has served as our independent registered public accounting firm since our Initial Public Offering on November 11, 2005. Ernst & Young LLP billed Clear Channel Outdoor the following fees for services provided during the years ended December 31, 2008 and 2007:

 

(In thousands)

    Fees Paid During Year Ended
December 31,
         2008            2007    

Audit fees (1)

    $ 3,967    $ 3,891

Audit-related fees (2)

      33      58

Tax fees (3)

      761      604

All other fees

      —        —  
             

Total fees for services

    $ 4,761    $ 4,553
             

 

(1) Audit fees are for professional services rendered for the audit of our annual financial statements and reviews of quarterly financial statements. This category also includes fees for statutory audits required domestically and internationally, comfort letters, consents, assistance with and review of documents filed with the SEC, attest services, work done by tax professionals in connection with the audit or quarterly reviews, and accounting consultations and research work necessary to comply with generally accepted auditing standards.

 

(2) Audit-related fees are for assurance and related services not reported under annual audit fees that reasonably relate to the performance of the audit or review of our financial statements, including due diligence related to mergers and acquisitions, internal control reviews and attest services not required by statute or regulations.

 

(3) Tax fees are for professional services rendered for tax compliance, tax advice and tax planning, except those provided in connection with the audit or quarterly reviews. Of the $761,000 tax fees for 2008, $58,056 was related to tax compliance services. Of the $604,000 tax fees for 2007, $97,000 was related to tax compliance services.

Clear Channel Outdoor’s Audit Committee has considered whether Ernst & Young LLP’s provision of non-audit services to Clear Channel Outdoor is compatible with maintaining Ernst & Young LLP’s independence.

The Audit Committee pre-approves all audit and permitted non-audit services (including the fees and terms thereof) to be performed for Clear Channel Outdoor by its independent auditor. The chairperson of the Audit Committee may represent the entire committee for the purposes of pre-approving permissible non-audit services, provided that the decision to pre-approve any service is disclosed to the Audit Committee no later than its next scheduled meeting.

Representatives of the firm of Ernst & Young LLP are expected to be present at the annual meeting of stockholders and will have an opportunity to make a statement if they so desire and will be available to respond to appropriate questions.

This excerpt taken from the CCO DEF 14A filed Apr 7, 2008.

AUDITOR FEES

Ernst & Young LLP billed Clear Channel Outdoor the following fees for services provided during the years ended December 31, 2007 and 2006:

 

(In thousands)

    Fees Paid During Year Ended
December 31,
     2007    2006

Annual audit fees (1)

    $ 3,891    $ 3,782

Audit-related fees (2)

      58      129

Tax fees (3)

      604      275

All other fees (4)

      —        —  
             

Total fees for services

    $ 4,553    $ 4,186
             

 

(1) Annual audit fees are for professional services rendered for the audit of our annual financial statements and reviews of quarterly financial statements. This category also includes fees for statutory audits required domestically and internationally, comfort letters, consents, assistance with and review of documents filed with the SEC, attest services, work done by tax professionals in connection with the audit or quarterly reviews, and accounting consultations and research work necessary to comply with generally accepted auditing standards.
(2) Audit-related fees are for due diligence related to mergers and acquisitions, internal control reviews and attest services not required by statute or regulations.
(3) Tax fees are for professional services rendered for tax compliance, tax advice and tax planning, except those provided in connection with the audit or quarterly reviews. Of the $604,000 tax fees for 2007, $97,000 was related to tax compliance services.
(4) All other fees are the fees for products and services other than those in the above three categories. This category includes, among other things, permitted corporate finance assistance, and certain advisory services such as internal audit assistance and legal services permitted by SEC rules during the applicable period.

Clear Channel Outdoor’s Audit Committee has considered whether Ernst & Young LLP’s provision of non-audit services to Clear Channel Outdoor is compatible with maintaining Ernst & Young LLP’s independence.

 

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The Audit Committee pre-approves all audit and permitted non-audit services (including the fees and terms thereof) to be performed for Clear Channel Outdoor by its independent auditor. The chairperson of the Audit Committee may represent the entire committee for the purposes of pre-approving permissible non-audit services, provided that the decision to pre-approve any service is disclosed to the Audit Committee no later than its next scheduled meeting.

Representatives of the firm of Ernst & Young LLP are expected to be present at the annual meeting of stockholders and will have an opportunity to make a statement if they so desire and will be available to respond to appropriate questions.

EXCERPTS ON THIS PAGE:

DEF 14A
Apr 30, 2009
DEF 14A
Apr 7, 2008

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