Pizza Hut 2011 Annual Report Download - page 40
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16MAR201218540977
What is the Company’s policy regarding the approval of audit and non-audit services?
The Audit Committee has implemented a policy for the pre-approval of all audit and permitted non-
audit services, including tax services, proposed to be provided to the Company by its independent auditors.
Under the policy, the Audit Committee may approve engagements on a case-by-case basis or pre-approve
engagements pursuant to the Audit Committee’s pre-approval policy. The Audit Committee may delegate
pre-approval authority to one of its independent members, and has currently delegated pre-approval
authority up to certain amounts to its Chairperson.
Pre-approvals for services are granted at the January Audit Committee meeting each year. In
considering pre-approvals, the Audit Committee reviews a description of the scope of services falling
within pre-designated services and imposes specific budgetary guidelines. Pre-approvals of designated
services are generally effective for the succeeding 12 months. Any incremental audit or permitted non-
audit services which are expected to exceed the relevant budgetary guideline must be pre-approved.
The Corporate Controller monitors services provided by the independent auditors and overall
compliance with the pre-approval policy. The Corporate Controller reports periodically to the Audit
Committee about the status of outstanding engagements, including actual services provided and associated
fees, and must promptly report any non-compliance with the pre-approval policy to the Chairperson of the
Audit Committee.
The complete policy is available on the Company’s Web site at www.yum.com/investors/governance/
media/gov_auditpolicy.pdf.
Proxy Statement
22