Pizza Hut 2008 Annual Report Download - page 115

23MAR200920295069
Exhibit C
YUM BRANDS, INC.
AUDIT COMMITTEE PRE-APPROVAL POLICY
(as revised March 2008)
This Policy sets forth the Audit Committee’s procedures and conditions for pre-approving: (1) audit
and non-audit services performed by a public accounting firm that acts as the registered public accounting
firm (the ‘‘Auditor’’) responsible for auditing the consolidated financial statements of YUM Brands, Inc.
(the ‘‘Company’’), or (2) audit services performed by any other public accounting firm for the Company or
its subsidiaries.
I. STATEMENT OF PRINCIPLES
The Audit Committee will engage the Auditor for the audit of the Company’s consolidated financial
statements. Additionally, the Audit Committee may engage other public accounting firms for audit services
provided to the Company’s subsidiaries and affiliates. Prior to the engagement of the Auditor for any audit
or permissible non-audit service or the engagement of any other public accounting firm for audit services
the engagement must be either: (a) specifically approved by the Audit Committee; or (b) pre-approved
pursuant to the pre-approval policies and procedures set forth herein.
The appendices to this Policy describe the services and fees that have been pre-approved by the Audit
Committee. The term of any pre-approval is the latter of 12 months from the date of pre-approval or, for
audit services, completion of the engagement, unless the Audit Committee specifically provides for a
different period.
The Audit Committee will periodically revise the list of pre-approved services and fees reflected on
the appendices hereto. Additionally, the Audit Committee may amend this Policy from time to time.
II. DELEGATION OF AUTHORITY
The Audit Committee may delegate pre-approval authority to one or more if its independent
Proxy Statement
members. The member or members to whom such authority is delegated shall report any pre-approval
decisions to the Audit Committee at its next scheduled meeting. The Audit Committee will not delegate to
management the Committee’s responsibilities for pre-approving audit and non-audit services.
III. AUDIT SERVICES
The Audit Committee must specifically pre-approve the terms (including fees) and scope of the
annual audit and associated quarterly reviews by the Auditor of the Company’s consolidated financial
statements. Audit Committee pre-approval is required for any necessary changes in these terms resulting
from changes in audit scope, Company structure or other matters.
In addition to the annual audit and associated quarterly reviews by the Auditor of the Company’s
consolidated financial statements specifically approved by the Audit Committee, the Audit Committee may
grant pre-approval for other audit services performed by the Auditor or any other public accounting firm.
The Audit Committee has pre-approved the audit services listed in Appendix A. All other audit services
not pre-approved through their inclusion in Appendix A must be specifically pre-approved by the Audit
Committee or its delegate in accordance with this Policy.
IV. AUDIT-RELATED SERVICES
Audit-related services are assurance and related services performed by the Auditor that are
reasonably related to the performance of the audit or review of the Company’s consolidated financial
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