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.
In 2014, audit fees totaled $13.7 million, audit-related fees totaled $0.6 million, tax services totaled $0.6 million, and all other fees were $0.1 million.
All Audit, Audit-Related, Tax and All Other Fees set forth above
were approved by the Audit Committee before services were
Audit Fees include the base audit fee, effects of foreign currency exchange rates on the base audit fee, scope adjustments to the
base audit requirements, and accounting and audit advisory services. The increase in audit fees from 2013 to 2014 is principally
due scope increases to accommodate the Firth Rixson acquisition.
Audit-Related Fees include due diligence services for acquisitions and divestitures, audits of employee benefit plans, agreed-upon
or expanded audit procedures for accounting or regulatory requirements, information system control procedures, and review or verification of reported sustainability information.
Tax Fees include U.S. federal, state and local tax support and international tax support. The increase in tax fees from 2013 to 2014 was principally due to additional tax support in connection with the Firth Rixson acquisition.
All Other Fees include services to review the Company’s actuarial calculations for its captive insurance company.
Lead Audit Partner Rotation
Alcoa's governance standards require the rotation of the lead audit partner at least every five years. A new lead partner was appointed in 2014.