PTEN » Topics » PricewaterhouseCoopers Fees for Fiscal Years 2008 and 2007

This excerpt taken from the PTEN DEF 14A filed Apr 16, 2009.
PricewaterhouseCoopers Fees for Fiscal Years 2008 and 2007
 
In 2008 and 2007, Patterson-UTI and its subsidiaries incurred fees for services provided relating to (i) professional services rendered for the audit of Patterson-UTI’s annual financial statements, review of quarterly financial statements, and assessment of Patterson-UTI’s internal controls over financial reporting, (ii) professional services rendered for tax compliance, advice and planning, and (iii) products and services provided by PricewaterhouseCoopers LLP.
 
                 
    Fees Incurred in
    Fees Incurred in
 
    Fiscal Year
    Fiscal Year
 
Description
  2008     2007  
 
Audit fees
  $ 1,201,750     $ 1,150,000  
Tax fees
    45,000       45,000  
All other fees
    1,600       1,600  
                 
Total
  $ 1,248,350     $ 1,196,600  
                 
 
The Audit Committee appoints the independent registered public accounting firm. The Audit Committee or Mr. Huff, as Chairman of the Audit Committee, approves all other engagements of the independent registered public accounting firm in advance. In the event Mr. Huff approves any such engagement, he discusses such approval with the Audit Committee at its next meeting.
 
“Audit fees” relate to audit services of PricewaterhouseCoopers LLP for fiscal 2008 and 2007 consisting of the examination of Patterson-UTI’s consolidated financial statements, quarterly reviews of Patterson-UTI’s interim financial statements and services to assess Patterson-UTI’s internal control over financial reporting. “Tax fees” include federal, state, local and foreign tax compliance and related matters. “All other fees” consists of an annual


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subscription fee to a software product. The Audit Committee or Mr. Huff, as Chairman of the Audit Committee, approved all of the services described above.
 
The Audit Committee has discussed the non-audit services provided by PricewaterhouseCoopers LLP and the related fees and has considered whether those services and fees are compatible with maintaining auditor independence. The Audit Committee determined that such non-audit services were consistent with the independence of PricewaterhouseCoopers LLP.
 
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