Pizza Hut 2014 Annual Report Download - page 88

Download and view the complete annual report

Please find page 88 of the 2014 Pizza Hut annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 176

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176

15MAR201511093851
What matters have members of the Audit Committee discussed with management and the
independent auditors?
.................................................................................................................................................................................................................................................................................................................................................................................
As part of its oversight of the Company’s financial PCAOB regarding KPMG LLP’s communications with the
statements, the Committee reviews and discusses with both Committee concerning independence. The Committee also
management and the Company’s independent auditors all considered whether non-audit services provided by the
annual and quarterly financial statements prior to their independent auditors are compatible with the independent
issuance. During 2014, management advised the auditors’ independence. The Committee also received
Committee that each set of financial statements reviewed regular updates, and written summaries as required by the
had been prepared in accordance with accounting PCAOB rules (for tax and other services), on the amount of
principles generally accepted in the U.S., and reviewed fees and scope of audit, audit-related, tax and other
significant accounting and disclosure issues with the services provided.
Committee. These reviews included discussions with the In addition, the Committee reviewed key initiatives and
independent auditors of matters required to be discussed programs aimed at strengthening the effectiveness of the
pursuant to Public Company Accounting Oversight Board Company’s internal and disclosure control structure. As part
(‘‘PCAOB’’) Auditing Standard No. 16 (Communication with of this process, the Committee continued to monitor the
Audit Committees), including the quality (not merely the scope and adequacy of the Company’s internal auditing
acceptability) of the Company’s accounting principles, the program, reviewing staffing levels and steps taken to
reasonableness of significant judgments, the clarity of implement recommended improvements in internal
disclosures in the financial statements and disclosures procedures and controls. The Committee also reviews and
related to critical accounting practices. The Committee has discusses legal and compliance matters with management,
also discussed with KPMG LLP matters relating to its and, as necessary or advisable, the Company’s
independence, including a review of audit and non-audit independent auditors.
fees and the written disclosures and letter received from
KPMG LLP required by applicable requirements of the
Has the Audit Committee made a recommendation regarding the audited financial statements for
fiscal 2014?
.................................................................................................................................................................................................................................................................................................................................................................................
Based on the Committee’s discussions with management Committee Charter, the Committee recommended to the
and the independent auditors and the Committee’s review Board of Directors that it include the audited consolidated
of the representations of management and the report of the financial statements in the Company’s Annual Report on
independent auditors to the Board of Directors, and subject Form 10-K for the fiscal year ended December 27, 2014 for
to the limitations on the Committee’s role and filing with the SEC.
responsibilities referred to above and in the Audit
Who prepared this report?
.................................................................................................................................................................................................................................................................................................................................................................................
This report has been furnished by the members of the Audit Committee:
Thomas C. Nelson, Chairperson Bonnie G. Hill
Mirian M. Graddick-Weir Jonathan S. Linen
Elane B. Stock
66 YUM! BRANDS, INC. 2015 Proxy Statement
AUDIT COMMITTEE REPORT
Proxy Statement