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This excerpt taken from the PBR 20-F filed May 22, 2009. Item 16C. Principal
Accountant Fees and Services
Audit
and Non-Audit Fees
Petrobras
The following table sets forth the
fees billed to us by our independent auditors, KPMG Auditores
Independentes, during the fiscal years ended December 31,
2008 and 2007:
Audit fees in the above table are the aggregate fees billed by
KPMG Auditores Independentes in connection with the audit of our
annual financial statements (U.S. GAAP and Brazilian GAAP),
interim reviews (U.S. GAAP and Brazilian GAAP), subsidiary
audits (U.S. GAAP and Brazilian GAAP, among others) and
review of periodic documents filed with the SEC. In 2008, audit
fees include the aggregate fees billed by KPMG Auditores
Independentes, in the amount of R$2,750 thousand, related to the
audit of the internal controls. “Audit-related fees”
in the above
table are the aggregate fees billed by KPMG Auditores
Independentes for assurance and related services that are
reasonably related to the performance of the audit or reviews of
our financial statements and are not reported under “audit
fees.”
Tax fees in the above table are fees billed by KPMG Auditores
Independentes for services related to tax compliance reviews of
the annual federal tax return and procedures with respect to
income and sales taxes.
PifCo
The following table sets forth the
fees billed to PifCo by its independent auditors KPMG Auditores
Independentes, during the fiscal years ended December 31,
2008 and 2007:
Audit fees are the aggregate fees billed by KPMG Auditores
Independentes in connection with the audit of PifCo’s
annual financial statements (U.S. GAAP and Brazilian GAAP),
interim reviews (U.S. GAAP and Brazilian GAAP), subsidiary
audits (U.S. GAAP and local GAAP) and review of periodic
documents filed with the SEC. Fees disclosed under the category
“audit-related fees” relate to services provided in
connection with the issuance of PifCo’s notes in the
international capital markets and its exports prepayment
program, and assurance and related services that are reasonably
related to the performance of the audit or reviews of
PifCo’s financial statements and are not reported under
“audit fees.”
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 PifCo’s 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
auditor’s contract.
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