Telus 2013 Annual Report Download - page 36

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36
full committee’s review at the next scheduled quarterly meeting). Throughout the year,
the Audit Committee monitors the actual versus approved expenditure for each of the
approved requests.
The following table is a summary of billings by Deloitte LLP, as external auditors of
TELUS, during the period from January 1, 2013 to December 31, 2013:
Type of work
Deloitte LLP
%
Audit fees(1)
$3,328,775
93.9
Audit-related fees(2)
$158,165
4.5
Tax fees(3)
$30,000
0.8
All other fees(4)
$28,300
0.8
Total
$3,545,240
100.0
(1) Audit fees include fees for services rendered by the external auditors in
relation to the audit and review of our financial statements and in connection
with our statutory and regulatory filings.
(2) Audit-related fees include fees for services rendered by the external auditors
in relation to performing the audit of, or reviewing financial statements, that
were not part of audit fees.
(3) Tax fees relate to tax compliance, tax advice and tax planning.
(4) All other fees include fees for services rendered by the external auditors
which are not in relation to the audit or review of our financial statements,
such as spectrum specified procedures.
The following table is a summary of billings by Deloitte LLP, as external auditors of
TELUS, during the period from January 1, 2012 to December 31, 2012:
Type of work
Deloitte LLP
%
Audit fees(1)
$3,330,300
95.8
Audit-related fees(2)
$140,000
4.0
Tax fees(3)
$7,810
0.2
All other fees
--
--
Total
$3,478,110
100.0
(1) Audit fees include fees for services rendered by the external auditors in
relation to the audit and review of our financial statements and in connection
with our statutory and regulatory filings.
(2) Audit-related fees include fees for services rendered by the external auditors
in relation to performing the audit of, or reviewing financial statements, that
were not part of audit fees.
(3) Tax fees relate to tax compliance, tax advice and tax planning.
MATERIAL CONTRACTS
As at December 31, 2013, TCI continues to be a party to a three-year agreement (expiry
August 1, 2014) with an arm’s-length securitization trust associated with a major Schedule I
bank, under which TCI is able to sell an interest in certain of its trade receivables up to a
maximum of $500 million. TCI is required to maintain at least a BBB (low) credit rating by
DBRS Ltd. or the securitization trust may require the sale program to be wound down. The
necessary credit rating was exceeded throughout its term. On March 1, 2014, TCI entered
into a new agreement expiring December 31, 2016, with the same arm’s length
securitization trust. Material terms and conditions in the new facility are substantially
unchanged other than the requirement to maintain at least a BBB (low) credit rating. This
requirement has been reduced to BB.