Visa 2007 Annual Report Download - page 205

Table of Contents
ITEM 14. Principal Accountant Fees and Services
The following table sets forth the aggregate fees billed to Visa U.S.A., Visa International and Visa Canada during the last two fiscal years by KPMG
LLP:
Fiscal
2007 2006
(in thousands)
Audit fees(1) $ 9,615 $ 3,877
Audit-related fees(2) 1,916 790
Tax fees(3) 5,890 699
All other fees(4) 397 70
Total $ 17,818 $ 5,436
(1) Represents aggregate fees billed for professional services rendered in connection with annual financial statement audits, audits of our internal control
over financial reporting and for services related to local statutory audits. Audit fees in fiscal 2007 also include audit services rendered in connection
with our October 2007 reorganization and SEC registration matters.
(2) Represents aggregate fees billed for assurance and related audit services (but not included in the audit fees set forth above). The assurance and related
audit services included employee benefit plan audits, review of internal control for selected information systems and business units (SAS 70 audits),
and services related to web trust certifications. A portion of audit-related fees in fiscal 2007 in respect of assurance services related to our October 2007
reorganization.
(3) Represents aggregate fees billed for tax services in connection with the preparation of tax returns, other tax compliance services, tax planning and
expatriate tax services. Tax fees in fiscal 2007 also include fees related to Visa U.S.A.'s and Visa International's California Mutual Trading status.
(4) In fiscal 2007, all other fees represent fees for finance advisory services in connection with the re-organization. In fiscal 2006, represents fees billed in
connection with a forensic review over vendor billing process and a finance function study.
Prior to October 2007 Reorganization
Prior to our October 2007 reorganization the provision of services by KPMG LLP was overseen by the separate audit committees of Visa U.S.A., Visa
International and Visa Canada.
The audit and risk committee of the board of directors of Visa U.S.A. limited the services provided by KPMG LLP to the provision of audit services,
SAS 70 services, tax compliance and accounting advice up to pre-approved limits. Proposed services by KPMG LLP exceeding any pre-approved project
scope, terms or cost required specific pre-approval by the audit and risk committee.
The audit, risk and finance committee of the board of directors of Visa International established a policy requiring the pre-approval of all audit, audit-
related and permissible non-audit services provided by KPMG LLP. The audit, risk and finance committee considered and, if appropriate, pre-approved
annually the engagement of the independent auditor to perform audit and permissible non-audit services of a recurring nature and that were allowable based
on the policy. The audit, risk and finance committee also considered and, if appropriate, pre-approved specific requests for services to be provided by the
independent auditor. The audit, risk and finance committee reviewed summary reports detailing actual fees incurred and services provided by the independent
auditor after the services had been performed. When determining whether to pre-approve fees for services other than audit and audit-related services, the
audit, risk and finance committee considered whether the provision of the service would impair the independent auditor's independence with respect to Visa
International.
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