S » Topics » Item 14. Principal Accounting Fees and Services

This excerpt taken from the S 10-K filed Apr 29, 2005.

Item 14. Principal Accounting Fees and Services


 

Audit Fees

 

For professional services rendered for the audit of Sprint’s 2004 consolidated financial statements, the reports on management’s assessment regarding the effectiveness of Sprint’s internal control over financial reporting and the effectiveness of internal control over financial reporting as required by the Sarbanes-Oxley Act, and the review of the financial statements included in Sprint’s 2004 Forms 10-Q, KPMG billed Sprint a total of $7.2 million in 2004.

 

For professional services rendered for the audit of Sprint’s 2003 consolidated financial statements and the review of the financial statements included in Sprint’s 2003 Forms 10-Q, Ernst & Young billed Sprint a total of $3.9 million in 2003.

 

These amounts also include reviews of documents filed with the SEC, accounting consultations related to the annual audit and preparation of letters for underwriters and other requesting parties.

 

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Audit-Related Fees

 

For professional audit-related services rendered, KPMG billed Sprint a total of $1.9 million in 2004. Audit-related services in 2004 generally included support related to the proposed Sprint Nextel merger and other attestation services.

 

For professional audit-related services rendered, Ernst & Young billed Sprint a total of $2.7 million in 2003. Audit-related services in 2003 generally included benefit plan audits, other attestation services, security controls compliance reviews, and advisory services related to Sprint’s preparation in 2003 for its 2004 assessment regarding the effectiveness of internal control over financial reporting as required by the Sarbanes-Oxley Act.

 

Tax Fees

 

For professional tax services rendered, KPMG billed a total of $0.8 million in 2004. Tax services in 2004 primarily included support related to the proposed Sprint Nextel merger and the contemplated spin-off of Sprint’s local telecommunications business.

 

For professional tax services rendered, Ernst & Young billed a total of $2.3 million in 2003. Tax services in 2003 generally included domestic and international corporate tax compliance, planning, and advice.

 

All Other Fees

 

In 2004, KPMG did not bill any fees in addition to the fees described above. In 2003, Ernst & Young billed Sprint an aggregate of $0.2 million in addition to the fees described above.

 

The Audit Committee considered whether the non-audit services rendered by KPMG in 2004 and Ernst & Young in 2003 were compatible with maintaining their independence as auditors of Sprint’s financial statements.

 

The Audit Committee has adopted policies and procedures concerning Sprint’s independent registered public accounting firm, including the pre-approval of services to be provided. Sprint’s Audit Committee pre-approved all of the services described above that were provided after the pre-approval requirements under the Sarbanes-Oxley Act became effective on May 6, 2003. The Audit Committee is responsible for the pre-approval of all audit, audit-related, tax and non-audit services; however, pre-approval authority may be delegated to one or more members of the Audit Committee. The details of any services approved under this delegation must be reported to the full Audit Committee at its next regular meeting. Sprint’s independent registered public accounting firm is generally prohibited from providing certain non-audit services under Sprint’s policy, which is more restrictive than the regulations implementing the Sarbanes-Oxley Act. Any permissible non-audit service engagement must be specifically approved in advance by the Audit Committee. Sprint will provide quarterly reporting to the Audit Committee regarding all audit, audit-related, tax and non-audit services provided by Sprint’s independent registered public accounting firm.

 

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Part IV

 


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

Item 14. Principal Accounting Fees and Services


 

Pursuant to Instruction G(3) to Form 10-K, the information required by Item 14 is incorporated by reference from Sprint’s definitive proxy statement which is to be filed pursuant to Regulation 14A within 120 days after the end of Sprint’s fiscal year ended December 31, 2004.

 

 

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Part IV

 


EXCERPTS ON THIS PAGE:

10-K
Apr 29, 2005
10-K
Mar 11, 2005
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