Company: WFC-PC
Filing Date: 2025-03-19
Form Type: DEF 14A
Source: 0000072971-25-000090
Chunk: 84

Company: WELLS FARGO & COMPANY/MN
Filing Date: 2025-03-19
Form: DEF 14A
Chunk 84
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Management’s Responsibilities

Management has primary responsibility for the Company’s financial statements and overall financial reporting process with respect to our financial statements and, with the assistance of our Internal Audit function, for maintaining adequate internal control over financial reporting for us and assessing the effectiveness of our internal control over financial reporting.

KPMG’s Role

The Company’s independent auditor is responsible for performing independent audits of our financial statements and our internal control over ﬁnancial reporting in accordance with the standards of the Public Company Accounting Oversight Board ( PCAOB ). These audits serve as a basis for the independent auditor’s opinions included in the Company’s annual report to shareholders addressing whether the ﬁnancial statements fairly present our ﬁnancial position, results of operations, and cash ﬂows in conformity with U.S. generally accepted accounting principles and whether our internal control over financial reporting was eﬀective as of December 31, 2024. The Audit Committee’s responsibility is to monitor and oversee these processes.

Recommendation to Include the 2024 Financial Statements in the Form 10-K

The Audit Committee has reviewed and discussed the Company’s 2024 audited ﬁnancial statements and the assessment of the effectiveness of the Company’s internal control over financial reporting with management and KPMG. The Audit Committee has discussed with KPMG the matters required to be discussed by the applicable requirements of the PCAOB and the SEC, including matters relating to the plan for and scope and conduct of the audit of the Company’s financial statements, as well as the Company’s critical and significant accounting policies and practices, the quality of those policies and practices, and the reasonableness of the Company’s critical accounting estimates and judgments. KPMG has provided to the Audit Committee the written disclosures and the letter required by applicable requirements of the PCAOB regarding KPMG’s communications with the Audit Committee concerning independence, and the Audit Committee has discussed with KPMG its independence from us. Based on this review and these discussions, the Audit Committee recommended to the Board that the Company’s audited ﬁnancial statements be included in our Annual Report on Form 10-K for the year ended December 31, 2024, for ﬁling with the SEC.

Annual Evaluation Process for Selecting Our Independent Auditor

In connection with its monitoring and oversight responsibilities, the Audit Committee prepares an assessment of KPMG that includes qualifications, activities, and performance of the Company’s independent auditor. In conducting its assessment and making its determination to appoint KPMG as the