Fannie Mae 2008 Annual Report Download - page 271

The following table sets forth the aggregate estimated or actual fees for professional services provided by
Deloitte & Touche LLP in 2008 and 2007, including fees for the 2008 and 2007 audits.
Description of Fees 2008 2007
For the Year Ended
December 31,
Audit fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $39,000,000 $47,000,000
Audit-related fees
(1)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,800,000 2,300,000
Tax fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — —
All other fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — —
Total fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $41,800,000 $49,300,000
(1)
For 2008 and 2007, consists of: (i) fees billed for attest-related services on securitization transactions and
(ii) reimbursement of costs associated with responding to subpoenas relating to Fannie Mae’s securities litigation.
Pre-Approval Policy
The Audit Committee’s policy is to pre-approve all audit and permissible non-audit services to be provided by
the independent registered public accounting firm for the upcoming year. The independent registered public
accounting firm and management are required to present reports on the nature of the services provided by the
independent registered public accounting firm for the past year and the fees for such services, categorized into
audit services, audit-related services, tax services and other services. In addition, management and the
independent registered public accounting firm are required to submit a list of proposed audit and permissible
non-audit services and the estimated fees for such services for the upcoming year. The Audit Committee
approves the audit and permissible non-audit services for the upcoming year. Pre-approval for services is
generally provided for up to one year, and any pre-approval is detailed as to the particular service or category
of services and authorized fees. In the event that the fees for pre-approved services during the year exceed the
authorized fees by 20%, then the increased fees must be pre-approved by the Audit Committee.
In connection with its approval of Deloitte & Touche as Fannie Mae’s independent registered public
accounting firm for 2008, the Audit Committee delegated the authority to pre-approve any audit and
permissible non-audit services and fee increases to its Chairman, Mr. Beresford, who was required to report
any such pre-approvals at the next scheduled meeting of the Audit Committee. This delegation of authority did
not apply to pre-approval of attest-related services on securitization transactions.
In 2008, we paid no fees to the independent registered public accounting firm pursuant to the de minimis
exception established by the SEC, and all services were pre-approved.
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