This excerpt taken from the INFY 20-F filed Apr 26, 2005.
The following table sets forth for the fiscal years indicated the fees paid to our principal accountant and its associated entities for various services they provided us in these periods.
The principal accountants were also paid $117,440 (fees, expenses and applicable taxes) during the year ended March 31, 2004 by the selling shareholders for the professional services rendered in relation to our Sponsored Secondary ADR Program.
Our audit committee charter requires us to take the prior approval of our audit committee on every occasion we engage our principal accountants or their associated entities to provide us any non-audit services. We disclose to our audit committee the nature of services that are provided and the fees to be paid for the services. All of the non-audit services provided by our principal accountants or their associated entities in the previous two fiscal years have been pre-approved by our Audit Committee.
We changed our US GAAP auditors from KPMG, an Indian partnership (KPMG, India), to KPMG, LLP, a UK limited liability partnership (KPMG, UK), for the fiscal year ended March 31, 2004 at the request of KPMG, India. As contemplated and disclosed in the Form 6-K we filed on April 26, 2004, the appointment of KPMG, UK as our US GAAP auditors was expected to be transitory with the re-appointment of KPMG, India as our US GAAP auditors anticipated upon completion of KPMG, Indias registration with the U.S. Public Company Accounting Oversight Board (the PCAOB).
KPMG, India has notified us of its registration with the PCAOB. The appointment of KPMG, India as US GAAP auditors for the fiscal year ending March 31, 2005 has been approved by our audit committee.
We report financial results in accordance with both US GAAP and Indian GAAP. Under the rules promulgated by the US Securities and Exchange Commission (the SEC), the change from KPMG, UK to KPMG, India for fiscal year ending March 31, 2005 constitutes a change in the registrants certifying accountants.
The reports of KPMG, UK on our financial statements for each of the fiscal years ended March 31, 2003 and 2004 did not contain an adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles.
During the fiscal years ended March 31, 2003 and 2004 and through the date of change of auditors, there were no disagreements with KPMG, UK on any matter of accounting principle or practice, financial statement disclosure or auditing scope or procedure which, if not resolved to the satisfaction of KPMG, UK, would have caused them to make reference to the subject matter in connection with their reports on the Companys financial statements for such years. There were no reportable events as defined in Item 304(a)(1)(v) of Regulation S-K.