Pier 1 2013 Annual Report Download - page 106

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responsible for the appointment…of any registered public accounting firm….” Since the audit committee must
follow this requirement, the ratification is not binding on Pier 1 Imports. Any failure of the shareholders to ratify the
audit committee’s engagement of Ernst & Young LLP as Pier 1 Imports’ independent registered public accounting
firm would, however, be considered by the audit committee in engaging Ernst & Young LLP.
The affirmative vote of a majority of the shares of common stock present in person or represented by proxy at
the annual meeting and entitled to vote on this proposal is required to ratify the engagement of Ernst & Young LLP
as Pier 1 Imports’ independent registered public accounting firm for fiscal 2014. Abstentions will be counted as
represented and entitled to vote on this proposal and will have the effect of a vote “Against” the proposal.
The board of directors unanimously recommends a vote “For” the ratification of the audit committee’s
engagement of Ernst & Young LLP as Pier 1 Imports’ independent registered public accounting firm for
fiscal 2014.
Relationship with Independent Registered Public Accounting Firm
The audit committee is directly responsible for the appointment, compensation, retention and oversight of Pier
1 Imports’ independent registered public accounting firm. As described above, the audit committee has approved the
engagement of Ernst & Young LLP as Pier 1 Imports’ independent registered public accounting firm for fiscal 2014.
The audit committee engaged Ernst & Young LLP as Pier 1 Imports’ independent registered public accounting
firm for fiscal 2013 and the shareholders ratified that engagement at the annual meeting of the shareholders held on
June 26, 2012. A representative of Ernst & Young LLP is expected to be present at the annual meeting of
shareholders and will be given the opportunity to make a statement if he or she so desires and to respond to
appropriate questions from shareholders.
Independent Registered Public Accounting Firm Fees
The following table presents fees incurred for professional services rendered by Ernst & Young LLP, Pier 1
Imports’ independent registered public accounting firm, for fiscal years ended March 2, 2013 and February 25,
2012.
March 2, 2013 February 25, 2012
Audit Fees(1) .................. $ 953,880 $ 901,000
Audit Related Fees(2) ........... $ 27,500 $ 27,500
Tax Fees(3) ................... $ 364,844 $ 101,854
All Other Fees(4) ............... $ 2,008 $ 2,160
Total Fees .................... $1,348,232 $1,032,514
(1) Includes fees for services related to the annual audit of the consolidated financial
statements, required statutory audits, if any, reviews of Pier 1 Imports’ quarterly reports
on Form 10-Q, the registered public accounting firm’s report on Pier 1 Imports’ internal
control over financial reporting, as required under Section 404 of the Sarbanes-Oxley
Act of 2002, and any registration statements during the respective periods.
(2) Includes fees for services related to the Pier 1 Imports, Inc. Stock Purchase Plan and Pier
1 Imports’ consolidated balance sheet audits.
(3) Includes fees for services related to tax compliance, tax advice and tax planning.
(4) Includes fees for subscription to online research tool.
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