TDBK » Topics » Auditing and Related Fees

This excerpt taken from the TDBK DEF 14A filed Apr 18, 2007.

Auditing and Related Fees

Independent Auditors

        We have selected the firm of Elliott Davis LLC to serve as our independent auditors for the year ending December 31, 2006. We expect that a representative from this firm will be present and available to answer appropriate questions at the annual meeting and will have an opportunity to make a statement if he or she desires to do so.




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Audit Fees

        The following table shows the fees that we paid for services performed in fiscal years ended December 31, 2006 and 2005:

Year Ended Year Ended
December 31, 2006 December 31, 2005
 
    Audit Fees     $ 73,900   $ 61,870  
   Audit-Related Fees    360    9,270  
   Tax Fees    3,450    1,800  
   All Other Fees    475    475  


   Total   $ 78,185   $ 73,415  


Audit Fees. This category includes the aggregate fees billed for professional services rendered by the independent auditors during the company’s 2006 and 2005 fiscal years for the audit of the company’s consolidated annual financial statements and the review of financial statements included in the company’s quarterly reports.

Audit-Related Fees. This category includes the aggregate fees billed for non-audit services, exclusive of the fees disclosed relating to audit fees, during the fiscal years ended December 31, 2006 and 2005. These services principally include the assistance and issuance of consents for various filings with the SEC.

Tax Fees. This category includes the aggregate fees billed for tax services rendered in the preparation of federal and state income tax returns for the company and its subsidiaries.

All Other Fees. This category includes the aggregate fees billed for all other services, exclusive of the fees disclosed above, rendered during the fiscal years 2006 and 2005. Other fees include fees for the preparation of Form 5500.

Oversight of Accountants; Approval of Accounting Fees.

        Under the provisions of its charter, the audit committee is responsible for the appointment, compensation, retention, and oversight of the work of the independent auditors. The charter provides that the audit committee must pre-approve the fees paid for the audit. The audit committee has delegated approval of non-audit services and fees to the chairman of the audit committee provided that the estimated fee for any such proposed service does not exceed $15,000. The chairman is required to report such pre-approval decisions to the full audit committee at the next scheduled meeting. The policy specifically prohibits certain non-audit services that are prohibited by securities laws from being provided by an independent auditor.

        All of the accounting services and fees reflected in the table above were reviewed and approved by the audit committee, and none of the services were performed by individuals who were not employees of the independent auditor.






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This excerpt taken from the TDBK DEF 14A filed Apr 14, 2006.

Auditing and Related Fees

Independent Auditors

        We have selected the firm of Elliott Davis LLC to serve as our independent auditors for the year ending December 31, 2006. We expect that a representative from this firm will be present and available to answer appropriate questions at the annual meeting and will have an opportunity to make a statement if he or she desires to do so.

Audit Fees

        The following table shows the fees that we paid for services performed in fiscal years ended December 31, 2005 and 2004:

Year Ended            Year Ended
December 31, 2005            December 31, 2004
 
    Audit Fees     $ 61,870   $ 21,220  
   Audit-Related Fees    9,270    -  
   Tax Fees    1,800    1,600  
   All Other Fees    475    450  


   Total   $ 73,415   $ 23,270  


Audit Fees. This category includes the aggregate fees billed for professional services rendered by the independent auditors during the company’s 2005 and 2004 fiscal years for the audit of the company’s consolidated annual financial statements and the review of financial statements included in the company’s quarterly reports.

Audit-Related Fees. This category includes the aggregate fees billed for non-audit services, exclusive of the fees disclosed relating to audit fees, during the fiscal years ended December 31, 2005 and 2004. These services principally include the assistance and issuance of consents for various filings with the SEC.

Tax Fees. This category includes the aggregate fees billed for tax services rendered in the preparation of federal and state income tax returns for the company and its subsidiaries.

All Other Fees. This category includes the aggregate fees billed for all other services, exclusive of the fees disclosed above, rendered during the fiscal years 2005 and 2004. Other fees include fees for the preparation of



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Form 5500 and analysis of pre-opening expenses and the allocation of such expenses between the Company and the Bank prior to filing for a state charter.

Oversight of Accountants; Approval of Accounting Fees.

        Under the provisions of its charter, the audit committee is responsible for the appointment, compensation, retention, and oversight of the work of the independent auditors. The charter provides that the audit committee must pre-approve the fees paid for the audit. The audit committee has delegated approval of non-audit services and fees to the chairman of the audit committee provided that the estimated fee for any such proposed service does not exceed $15,000. The chairman is required to report such pre-approval decisions to the full audit committee at the next scheduled meeting. The policy specifically prohibits certain non-audit services that are prohibited by securities laws from being provided by an independent auditor.

        All of the accounting services and fees reflected in the table above were reviewed and approved by the audit committee, and none of the services were performed by individuals who were not employees of the independent auditor.






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