HSBC 2002 Annual Report Download - page 212

HSBC HOLDINGS PLC
Notes on the Financial Statements (continued)
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(d) Auditors’ remuneration
Auditors’ remuneration amounted to US$24.8 million (2001:US$24.3 million; 2000: US$25.8 million). In
addition, US$13.8 million (2001: US$13.3 million; 2000: US$15.0 million) was paid by HSBC companies to
the HSBC Holdings’ auditor and its associates for non-audit work analysed as follows:
2002 2001 2000
US$m US$m US$m
Independent attestation
– audit reports for US and other non-UK
reporting 0.3 0.2 0.1
– review of information for publication,
including work in connection with
securities issuance 0.1 0.4 0.5
– reviews and reporting under regulatory
requirements (including interim profits
review) 5.2 5.0 3.7
Total independent attestation 5.6 5.6 4.3
Acquisition due diligence 0.8 0.6 5.2
Total audit–related services 6.4 6.2 9.5
Taxation services 3.3 2.1 2.1
Other Services
– group reorganisation 0.5 0.6 0.5
– financial systems 0.1 0.8 0.3
– consultancy services 2.0 1.9 0.8
–other 1.5 1.7 1.8
Total other services 4.1 5.0 3.4
Total non-audit fees paid to KPMG 13.8 13.3 15.0
Of fees paid to auditors for non-audit work, US$0.4 million were capitalised (2001: US$0.4 million; 2000:
US$4.8 million).
6 Loss from foreign currency redenomination in Argentina
The losses in 2002 reflect the further impact of the pesification at the start of the year including revisions to
government decrees, renegotiation of banking contracts and payments to certain customers who had obtained court
orders requiring HSBC to repay their deposits historically denominated in US dollars at current market rates rather
than the pesification rate specified by the Argentine Government. The loss of US$520 million in 2001 arose on the
redenomination by the Argentine Government of certain in-country US dollar assets and liabilities into pesos at
various mandatory but different rates of exchange.