Big Lots 2014 Annual Report Download - page 63

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Committee received periodic updates provided by management and the independent registered public accounting
firm at each regularly scheduled Audit Committee meeting. The Audit Committee also reviewed the report of
management contained in our Form 10-K, as well as the independent registered public accounting firm’s Report
of Independent Registered Public Accounting Firm included in our Form 10-K related to its audit of (1) our
financial statements and (2) the effectiveness of our internal control over financial reporting. The Audit Committee
continues to oversee efforts related to our system of internal control over financial reporting and management’s
preparations for the evaluation thereof in fiscal 2015. The Audit Committee has also reviewed key initiatives and
programs aimed at strengthening the effectiveness of our internal and disclosure control structure.
Independent Registered Public Accounting Firm
The Audit Committee engaged Deloitte & Touche LLP as our independent registered public accounting firm to
audit our financial statements for fiscal 2014. Deloitte & Touche LLP has served as our independent registered
public accounting firm since October 1989. The Audit Committee annually selects our independent registered
public accounting firm.
Audit and Non-Audit Services Pre-Approval Policy
Pursuant to the Audit Committee’s Audit and Non-Audit Services Pre-Approval Policy, all audit and non-audit
services rendered by Deloitte & Touche LLP in fiscal 2014, including the related fees, were pre-approved by the
Audit Committee. Under the policy, the Audit Committee is required to pre-approve all audit and permissible non-
audit services performed by the independent registered public accounting firm to assure that the provision of those
services does not impair the firm’s independence. Pre-approval is detailed as to the particular service or category
of service and is subject to a specific engagement authorization. The Audit Committee requires the independent
registered public accounting firm and management to report on the actual fees incurred for each category of
service at Audit Committee meetings throughout the year.
During the year, it may become necessary to engage the independent registered public accounting firm for
additional services that have not been pre-approved. In those instances, the Audit Committee requires specific pre-
approval before engaging the independent registered public accounting firm. The Audit Committee may delegate
pre-approval authority to one or more of its members for those instances when pre-approval is needed prior to a
scheduled Audit Committee meeting. The member or members to whom pre-approval authority is delegated must
report any pre-approval decisions to the Audit Committee at its next scheduled meeting.
Fees Paid to Independent Registered Public Accounting Firm
The fees billed to us for the professional services rendered by Deloitte & Touche LLP during the two most recently
completed fiscal years were as follows:
($ in thousands)
Fiscal 2013
($)
Fiscal 2014
($)
Audit Fees 1,320 1,355
Audit-Related Fees (1) 10 7
Tax Fees (2) 175 346
All Other Fees (3) 2 1,007
Total Fees 1,507 2,715
(1) For fiscal 2013 and fiscal 2014, the audit-related fees principally related to accounting consultation.
(2) For fiscal 2013 and fiscal 2014, $150 and $323 of the tax fees, respectively, related to tax compliance services
for our Canadian operations.
(3) For fiscal 2013, the other fees principally related to online subscription fees for technical accounting
support. For fiscal 2014, the other fees include fees related to online subscription fees for technical
support and $1,005 paid to Deloitte Consulting in connection with Deloitte’s advisory services related
to the development and expected launch of our Ecommerce operations, the first phase of our multi-year
Omnichannel strategic initiative. The Deloitte Consulting advisory services were utilized for approximately
three months of 2014. We intend to utilize Deloitte Consulting’s services until we launch our Ecommerce