Independent Auditors
"We have an independent and open relationship with our auditors, PricewaterhouseCoopers, and we will continue to strictly limit the non-audit work they perform for Alcoa. We are committed to the highest standards in financial accountability."
–Alain Belda
Auditor Restrictions
Over the last several years, Alcoa significantly reduced its ratio of non-audit to audit fees. In 2008, audit fees totaled $13.7 million, audit related fees totaled $0.4 million, while fees related to tax services totaled $0.4 million, and all other fees were $0. According to the most recent Wall Street Journal survey, Alcoa's use of auditors for non-audit services was among the lowest of the Dow Industrials.
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.
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Board Resolution on Auditor Restrictions
On April 19, 2002 Alcoa's Board passed a resolution formalizing auditor restrictions. Read the press release about this resolution.
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