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PVA » Topics » Item 14- Principal Accountant Fees and Services

This excerpt taken from the PVA 10-K filed Mar 11, 2005.

Item 14—Principal Accountant Fees and Services

 

The following table presents fees for professionals audit services rendered by KPMG LLP for the audit of the Company’s annual financial statements for 2004 and 2003, and fees billed for other services rendered by KPMG LLP.

 

     2004
    2003

Audit fees(1)

    $ 1,121,400    $ 557,350

Audit related fees(2)

      19,200      10,000

Tax fees(3)

      —        66,529
    
  

Total Fees

    $ 1,140,600    $ 633,879
    
  
(1) Audit fees include fees for the audits of the Company’s and the Parternship’s financial statements, the audit of the Company’s and the Partership’s internal controls over financial reporting (2004 only), consents for registration statements, comfort letters and related travel expenses. In 2004, our audit fees pertaining to the audit of internal controls over financial reporting were $505,000. Audit fees related to the Partnership were $434,800 and $279,950 for the years ended December 31, 2004 and 2003, respectively. The Partnership reimbursed the Company for these amounts. In addition to audit fees paid to KPMG LLP shown in the table above, we paid professional fees to third-party consultants of approximately $294,000 and $151,000 in 2004 and 2003, respectively, related to compliance with the Sarbanes-Oxley Act of 2002.
(2) Audit-related fees of $10,000 in 2004 and 2003 pertain to debt compliance letters issued by KPMG under the Company’s credit facility and the Partnership’s senior notes. The Partnership’s fees were $5,000, and it reimbursed the Company for this amount. Also included in 2004 audit-related fees is $9,200 for accounting consultations related to acquisitions by the Partnership. The Partnership also reimbursed this amount to the Company.
(3) Comprised of fees for tax consulting and tax compliance services.

 

Policy on Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of Independent Auditors

 

The Audit Committee’s policy is to pre-approve all audit and audit-related services provided by the independent auditors. These services may include audit services, audit-related services, tax services and other services. The Audit Committee may also pre-approve particular services on a case-by-case basis. The independent auditors are required to periodically report to the Audit Committee regarding the extent of services provided by the independent auditors in accordance with such pre-approval. The Audit Committee may also delegate pre-approval authority to one or more of its members. Such member(s) must report any decisions to the Audit Committee at the next scheduled meeting.

 

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Table of Contents

PART IV

 

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