RAS » Topics » Audit Fees

This excerpt taken from the RAS DEF 14A filed Apr 7, 2009.

Audit Fees

The following table presents the aggregate fees billed by Grant Thornton for each of the services listed below for each of our last two fiscal years.

 

     2008    2007

Audit Fees(1)

   $ 1,245,674    $ 1,259,380

Audit-Related Fees(2)

     70,752      53,999

Tax Fees(3)

     —        76,633

All Other Fees(4)

     —        —  
             

Total

   $ 1,316,426    $ 1,390,012
             

 

(1) Audit fees consisted of the aggregate fees billed for professional services rendered by Grant Thornton in connection with its audit of our consolidated financial statements, audit of internal controls relating to Section 404 of the Sarbanes-Oxley Act and its reviews of the unaudited consolidated interim financial statements that are normally provided in connection with statutory and regulatory filings or engagements for these fiscal years. This includes fees of $184,380 associated with our stock and senior note offerings during 2007.

 

(2) Audit-related fees consisted of the aggregate fees billed for assurance and related services rendered by Grant Thornton that are reasonably related to the performance of the audit or review of our consolidated financial statements and are not disclosed under “Audit Fees” above. These services consisted primarily of preparation of attestation reports regarding our compliance with minimum servicing standards set forth in the Uniform Single Attestation Program for Mortgage Bankers (USAP), employee benefit plan audits and accounting consultations in 2008 and 2007.

 

(3) Tax fees consisted of the aggregate fees billed for professional services rendered by Grant Thornton for tax compliance and tax return preparation in 2007.

 

(4) All other fees would consist of the aggregate fees billed for products and services provided by Grant Thornton other than the services described under audit fees, audit-related fees and tax fees; however, no such products and services were provided in the relevant periods.

Exchange Act rules generally require any engagement by a public company of an accountant to provide audit or non-audit services to be pre-approved by the audit committee of that public company. This pre-approval requirement is waived with respect to the provision of services other than audit, review or attest services if certain conditions set forth in Rule 2-01(c)(7)(i)(C) under the Exchange Act are met. All of the audit, audit- related and tax services described above were pre-approved by the audit committee and, as a consequence, such services were not provided pursuant to a waiver of the pre-approval requirement set forth in this Rule.

 

12


This excerpt taken from the RAS DEF 14A filed Apr 4, 2008.

Audit Fees

The following table presents the aggregate fees billed by Grant Thornton for each of the services listed below for each of our last two fiscal years.

 

     2007    2006

Audit Fees(1)

   $ 1,259,380    $ 1,132,054

Audit-Related Fees(2)

     53,999      51,341

Tax Fees(3)

     76,633      165,427

All Other Fees(4)

     —        —  
             

Total

   $ 1,390,012    $ 1,348,822
             

 

(1) Audit fees consisted of the aggregate fees billed for professional services rendered by Grant Thornton in connection with its audit of our consolidated financial statements, audit of internal controls relating to Section 404 of the Sarbanes-Oxley Act and its reviews of the unaudited consolidated interim financial statements that are normally provided in connection with statutory and regulatory filings or engagements for these fiscal years. This includes fees of $184,380 and $239,512 associated with our stock and senior note offerings during 2007 and 2006, respectively.

 

(2) Audit-related fees consisted of the aggregate fees billed for assurance and related services rendered by Grant Thornton that are reasonably related to the performance of the audit or review of our consolidated financial statements and are not disclosed under “Audit Fees” above. These services consisted primarily of employee benefit plan audits and accounting consultations in 2007 and 2006.

 

(3) Tax fees consisted of the aggregate fees billed for professional services rendered by Grant Thornton for tax compliance and tax return preparation in 2007 and 2006.

 

(4) All other fees would consist of the aggregate fees billed for products and services provided by Grant Thornton other than the services described under audit fees, audit-related fees and tax fees; however, no such products and services were provided in the relevant periods.

Exchange Act rules generally require any engagement by a public company of an accountant to provide audit or non-audit services to be pre-approved by the audit committee of that public company. This pre-approval requirement is waived with respect to the provision of services other than audit, review or attest services if certain conditions set forth in Rule 2-01(c)(7)(i)(C) under the Exchange Act are met. All of the audit, audit- related and tax services described above were pre-approved by the audit committee and, as a consequence, such services were not provided pursuant to a waiver of the pre-approval requirement set forth in this Rule.

 

11


This excerpt taken from the RAS DEF 14A filed Apr 10, 2007.

Audit Fees

The following table presents the aggregate fees billed by Grant Thornton for each of the services listed below for each of our last two fiscal years.

 

     2006    2005

Audit Fees(1)

   $ 1,132,054    $ 461,244

Audit-Related Fees(2)

     51,341      67,442

Tax Fees(3)

     165,427      89,271

All Other Fees(4)

     —        —  
             

Total

   $ 1,348,822    $ 617,957
             

(1) Audit fees consisted of the aggregate fees billed for professional services rendered by Grant Thornton in connection with its audit of our consolidated financial statements and its limited reviews of the unaudited consolidated interim financial statements that are normally provided in connection with statutory and regulatory filings or engagements for these fiscal years. This includes fees of $239,512 associated with offerings and the Taberna merger.

 

(2) Audit-related fees consisted of the aggregate fees billed for assurance and related services rendered by Grant Thornton that are reasonably related to the performance of the audit or review of our consolidated financial statements and are not disclosed under “Audit Fees” above. These services consisted primarily of employee benefit plan audits and accounting consultations in 2006 and 2005.

 

(3) Tax fees consisted of the aggregate fees billed for professional services rendered by Grant Thornton for tax compliance and tax return preparation in 2006 and 2005.

 

(4) All other fees would consist of the aggregate fees billed for products and services provided by Grant Thornton other than the services described under audit fees, audit-related fees and tax fees; however, no such products and services were provided in the relevant periods.

Exchange Act rules generally require any engagement by a public company of an accountant to provide audit or non-audit services to be pre-approved by the audit committee of that public company. This pre-approval requirement is waived with respect to the provision of services other than audit, review or attest services if certain conditions set forth in Rule 2-01(c)(7)(i)(C) under the Exchange Act are met. All of the audit, audit- related and tax services described above were pre-approved by the audit committee and, as a consequence, such services were not provided pursuant to a waiver of the pre-approval requirement set forth in this Rule.

 

11


This excerpt taken from the RAS DEF 14A filed Apr 14, 2006.
Audit Fees
 
The following table presents the aggregate fees billed by Grant Thornton for each of the services listed below for each of RAIT’s last two fiscal years.
 
                 
    2005     2004  
 
Audit Fees(1)
  $ 461,244     $ 582,972  
Audit-Related Fees(2)
    67,442       30,439  
Tax Fees(3)
    89,271       68,797  
All Other Fees(4)
           
                 
Total
  $ 617,957     $ 682,208  
                 
 
 
(1) Audit fees consisted of the aggregate fees billed for professional services rendered by Grant Thornton in connection with its audit of RAIT’s consolidated financial statements and its limited reviews of the unaudited consolidated interim financial statements that are normally provided in connection with statutory and regulatory filings or engagements for these fiscal years.
 
(2) Audit-related fees consisted of the aggregate fees billed for assurance and related services rendered by Grant Thornton that are reasonably related to the performance of the audit or review of RAIT’s consolidated financial statements and are not disclosed under “Audit Fees” above. These services consisted primarily of employee benefit plan audits and accounting consultations in 2005 and 2004.
 
(3) Tax fees consisted of the aggregate fees billed for professional services rendered by Grant Thornton for tax compliance and tax return preparation in 2005 and 2004.
 
(4) All other fees would consist of the aggregate fees billed for products and services provided by Grant Thornton other than the services described under audit fees, audit-related fees and tax fees; however, no such products and services were provided in the relevant periods.
 
Exchange Act rules generally require any engagement by a public company of an accountant to provide audit or non-audit services to be pre-approved by the audit committee of that public company. This pre-approval requirement is waived with respect to the provision of services other than audit, review or attest services if certain conditions set forth in Rule 2-01(c)(7)(i)(C) under the Exchange Act are met. All of the audit-related and tax services described above were pre-approved by the Audit Committee and, as a consequence, such services were not provided pursuant to a waiver of the pre-approval requirement set forth in this Rule.
 
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