This excerpt taken from the PBR 20-F filed May 22, 2009.
Audit Committee Approval Policies and Procedures
Our audit committee has the authority to recommend pre-approval policies and procedures to our board of directors for the engagement of our or PifCos independent auditor for services. At present, our board of directors has decided not to establish such pre-approval policies and procedures. Our board of directors expressly approves on a case-by-case basis any engagement of our independent auditors for all services provided to our subsidiaries or to us. Our bylaws prohibit our independent auditor from providing any consulting services to our subsidiaries or to us during the term of such auditors contract.