Company: WFC-PC
Filing Date: 2025-03-19
Form Type: DEF 14A
Source: 0000072971-25-000090
Chunk: 85

Company: WELLS FARGO & COMPANY/MN
Filing Date: 2025-03-19
Form: DEF 14A
Chunk 85
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 Company’s independent auditor for 2025, the Audit Committee considered the following information:

• KPMG’s expertise and industry experience , including KPMG’s demonstrated understanding of the ﬁnancial services industry and expertise with issues speciﬁc to global systemically important ﬁnancial institutions (G-SIFIs) both as a ﬁrm and compared to other major accounting ﬁrms, and its institutional knowledge of the breadth and complexity of the Company’s businesses, signiﬁcant accounting practices, and system of internal control over ﬁnancial reporting.

• Audit eﬀectiveness , including historical and recent performance, quality, and service on the Company’s audit; the quality of KPMG’s communications with the Audit Committee and management, including regarding audit quality and performance; the expertise of the lead audit partner and the professionalism, exhibited professional skepticism, objectivity, integrity, and trustworthiness of KPMG’s team (the Audit Committee’s assessment of KPMG’s performance is facilitated by holding regular executive sessions with each of KPMG and management, and periodic meetings with the Audit Committee Chair and KPMG between Audit Committee meetings).

• External data on audit quality and performance , including the results of PCAOB inspection reports on KPMG and KPMG’s Peer Review Reports on KPMG’s System of Quality Control, which involved the Audit Committee’s discussion with senior KPMG representatives regarding the results of such reports and reviews in comparison to other major accounting ﬁrms, and actions by KPMG to continue to enhance the quality of its audit practice.

• Reasonableness of KPMG’s fees , including KPMG’s fees as compared with fees charged to peer ﬁnancial institutions by KPMG and its peer accounting ﬁrms, and relative to audit quality and eﬃciency.

• KPMG’s independence and tenure , including the rotation of the lead audit partner, concurring partner, and other key audit partners on the engagement team and KPMG’s policies regarding its independence and processes for maintaining its independence (including KPMG’s compliance with its internal policies and procedures), the limited non-audit services provided by KPMG, and the other items regarding KPMG’s tenure, independence, and engagement.

#### 92Wells Fargo & Company

#### Audit Matters
How We Monitor and Oversee Our Auditor’s Independence

The Audit Committee also monitors and oversees controls designed to maintain KPMG’s independence, including: