Independent Auditors
Alcoa has an independent and open relationship with the company's auditors, PricewaterhouseCoopers, and continues to strictly limit the non-audit work the firm performs. The company is committed to the highest standards in financial accountability.
Auditor Restrictions
Over the last several years, Alcoa significantly reduced its ratio of non-audit to audit fees. In 2011, audit fees totaled $12.0 million, audit-related fees totaled $0.6 million, while fees related to tax services totaled $0.1 million, and all other fees were $0.2 million. In 2010, audit fees totaled $11.6 million, audit-related fees totaled $0.5 million, while fees related to tax services totaled $0.1 million, and all other fees were $0.4 million.
Lead Audit Partner Rotation
Alcoa's governance standards require the rotation of the Board's lead audit partner at least every five years. A new lead partner was appointed in 2009.
