Skip Universal NavigationSkip to Main Content Home
GE Annual Report 2001 Home Investor Relations Press Room Contact Us
Annual Report Home
Financial Highlights
Letter to Share Owners
GE Values
People, Performance, Possibilities
More than a Century of Innovation
GE at a Glance
GE Businesses
Board of Directors
Financial Section
Corporate Information
Proxy Statement
Printable Version
Proxy Statement Independent Auditors Fees

In addition to retaining KPMG LLP to audit the consolidated financial statements for 2001, the Company and its affiliates retained KPMG and many other accounting and consulting firms to provide various advisory, auditing, and consulting services in 2001. GE understands the need for KPMG to maintain objectivity and independence in its audit of the Company's financial statements. Therefore, GE does not use KPMG for internal audit work, and only uses KPMG for non-audit work when it concludes that KPMG is the most appropriate provider of that service. GE's use of KPMG for non-audit services declined significantly in 2001. The Audit Committee annually evaluates whether the Company's use of KPMG for non-audit services is compatible with KPMG's independence. The aggregate fees billed for professional services by KPMG in 2001 for these various services were:

Audit Fees: $23.5 million for services rendered for the annual audit of the Company's consolidated financial statements for 2001 and the quarterly reviews of the financial statements included in the Company's Forms 10-Q;

Financial Information Systems Design and Implementation Fees: $2.1 million for services rendered in connection with the design or implementation of hardware or software for financial information systems; and

All Other Fees: $17.5 million for tax services; $13.8 million for non-financial statement audit services such as due diligence procedures associated with mergers and acquisitions, including the proposed Honeywell transaction; and $3.7 million for all other services.

GE managers make all management decisions with respect to its financial information systems, and are responsible for evaluating the adequacy of such systems and for establishing and maintaining the Company's system of internal accounting controls.

Previous page Next page

Table of Contents
Proxy Statement Home
Notice of 2002 Annual Meeting of Share Owners
Proxy Statement
Election of Directors *
Information Relating to Directors, Nominees and Executive Officers
Compensation Committee Report
Summary Compensation Table
Financial Performance Comparison Graph
Stock Options and Stock Appreciation Rights
Retirement Benefits
Independent Auditors Fees
Audit Committee Report
Appointment of Independent Auditors *
Proposal to Approve Material Terms of Executive Officer Performance Goals *
Share Owner Proposals relating to:
No. 1 Cumulative Voting *
No. 2 Global Warming *
No. 3 Nuclear Power Report *
No. 4 Report on PCB Cleanup Costs *
No. 5 Poison Pill *
No. 6 Pension Fund Income / Executive Compensation *
No. 7 Performance-Based Stock Options *
No. 8 Executive Severance Agreements *
Additional Information
Advance Registration
* To be voted on at the meeting
Proxy Statement - Independent Auditors Fees
GE Annual Reports | Previous Stock Close | Electronic Delivery Privacy Policy | Terms & Conditions
©General Electric Company 2002