Telus 2014 Annual Report Download - page 42

Download and view the complete annual report

Please find page 42 of the 2014 Telus annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 50

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50

42
The following table is a summary of billings by Deloitte LLP, as external auditors of
TELUS, during the period from January 1, 2014 to December 31, 2014:
Type of work Deloitte LLP %
Audit fees
$4,039,975 87.1
Audit-related fees
(2
)
$135,067 2.9
Tax fees
(3
)
$385,499 08.3
All other fees
(4
)
$78,288 1.7
Total $4,638,829 100.0
(1) Includes fees for services rendered by Deloitte in relation to the audit and review of our financial
statements and in connection with our statutory and regulatory filings.
(2) Includes fees for services rendered by Deloitte in relation to the audit or review of our financial
statements that were not part of audit fees.
(3) Relates to tax compliance, tax advice and tax planning.
(4) Includes fees for services rendered by Deloitte that are not in relation to the audit or review of our
financial statements, such as sustainability diagnostics procedures.
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
$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) Includes fees for services rendered by Deloitte in relation to the audit and review of our financial
statements and in connection with our statutory and regulatory filings.
(2) Includes fees for services rendered by Deloitte in relation to the audit or review of our financial statements
that were not part of audit fees.
(3) Relates to tax compliance, tax advice and tax planning.
(4) Includes fees for services rendered by Deloitte that are not in relation to the audit or review of our
financial statements, such as spectrum specific procedures.
MATERIAL CONTRACTS
As at December 31, 2014, TCI is a party to a three-year agreement (expiry December 31,
2016) 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 BB 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 May 7, 2014 TELUS entered into a replacement five-year $2.25 billion unsecured
credit facility (“2014 Credit Facility”) with a syndicate of 15 financial institutions. The
2014 Credit Facility replaces TELUS’ previous $2 billion facility which would have
matured in the 4th quarter of 2016. The 2014 Credit Facility may be used for general
corporate purposes including the backstop of commercial paper. The material terms of
the 2014 Credit Facility are substantively the same as TELUS’ previous credit facility
other than pricing, size of the facility and an extension of the term to May 2019.