This excerpt taken from the THRX 10-K filed Mar 29, 2005.
Audit Committee Pre-Approval Policy
Because our initial public offering commenced on October 5, 2004, our Audit Committee was not required to, and did not pre-approve, all of the services and related fees described above for services provided in 2004 prior to our initial public offering and in 2003. The Audit Committee has reviewed and subsequently approved Ernst & Young LLPs fees for 2004 that were performed prior to our initial public offering.
The Audit Committees policy is to pre-approve all audit and permissible non-audit services rendered by Ernst & Young LLP, our independent auditors. The Audit Committee can pre approve specified services in defined categories of audit services, audit-related services, tax services and tax services up to specified amounts, as part of the Audit Committees approval of the scope of the engagement of Ernst & Young LLP or on an individual case-by-case basis before Ernst & Young LLP is engaged to provide a service