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XIDE » Topics » Fees of Independent Public Accountants for Fiscal 2006 and 2005

This excerpt taken from the XIDE DEF 14A filed Jul 27, 2006.
Fees of Independent Public Accountants for Fiscal 2006 and 2005
 
The following table presents fees for professional services rendered by PricewaterhouseCoopers LLP for the audit of our annual financial statements and internal control over financial reporting for fiscal 2006 and fiscal 2005, together with fees for audit-related services and tax services rendered by PricewaterhouseCoopers LLP for fiscal 2006 and fiscal 2005.
 
                 
    Fiscal 2006     Fiscal 2005  
(1) Audit Fees(a)
  $ 7,946,183     $ 7,418,229  
(2) Audit-related fees(b)
    362,128       436,404  
(3) Tax fees(c)
    —       11,163  
(4) All other fees(d)
    —       19,083  
 
 
(a) Fees for professional services performed by PricewaterhouseCoopers LLP for the audit of our annual financial statements and review of financial statements included in our Form 10-Q filings, and services that are normally provided in connection with statutory regulatory filings or engagements. Fees for fiscal 2006 also included $2,964,459 for the audit of our internal control over financial reporting. Fees for fiscal 2005 also included $2,999,851 and $547,882 for the audit of our internal control over financial reporting and Fresh Start accounting, respectively.
 
(b) Fees for assurance and related services performed by PricewaterhouseCoopers LLP that are reasonably related to the performance of the audit or review of our financial statements, including employee benefit plan audits.
 
(c) Fees for professional services performed by PricewaterhouseCoopers LLP with respect to compliance and tax consulting.
 
(d) For fiscal 2005, fees related to pension advice, as well as advice regarding subsidiary management matters.
 
All audit, audit-related and tax services were pre-approved by the Audit Committee, which concluded that the provision of such services by PricewaterhouseCoopers LLP was compatible with the maintenance of that firm’s independence in the conduct of its auditing functions. The Audit Committee’s charter provides that individual engagements must be separately approved. The policy also requires specific approval by the Audit Committee if total fees for audit-related and tax services would exceed total fees for audit services in any fiscal year. The policy authorizes the Audit Committee to delegate to one or more of its members pre-approval authority with respect to permitted services.
 
Pursuant to the Audit Committee charter, the Audit Committee must approve all audit engagement fees and other significant compensation to be paid to the independent auditor and the terms of such engagement. Additionally, the Audit Committee must pre-approve any non-audit services to be provided to our company by the independent auditor. Based on the fees disclosed above, approximately 37% of PricewaterhouseCoopers’ fees approved by the Audit Committee related to audit of our internal control over financial reporting for the fiscal year ended March 31, 2006.
 
The Board of Directors recommends a vote FOR the ratification of the appointment of PricewaterhouseCoopers LLP as our company’s independent auditors for fiscal 2007.
 
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