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AUDIT COMMITTEE REPORT
AUDIT COMMITTEE REPORT
Each member of the audit committee is an independent director, pursuant to the independence requirements of the SEC and
NYSE. In accordance with the committee’s written charter, the committee assists the board of directors in overseeing the quality
and integrity of Pier 1 Imports’ accounting, auditing and financial reporting practices. In performing its oversight function, the
committee reviewed and discussed Pier 1 Imports’ audited consolidated financial statements as of and for the fiscal year ended
March 1, 2014, with management and Pier 1 Imports’ independent registered public accounting firm, including a discussion of
the quality, not just the acceptability, of the accounting principles, the reasonableness of significant judgments and the clarity of
disclosures reflected in the financial statements. The committee also discussed with Pier 1 Imports’ independent registered
public accounting firm all matters required by applicable Public Company Accounts Oversight Board standards and, with and
without management present, discussed and reviewed the results of the independent registered public accounting firm’s
examination of the consolidated financial statements.
The committee obtained from the independent registered public accounting firm a formal written statement describing all
relationships between the firm and Pier 1 Imports that might affect the firm’s independence consistent with applicable
requirements of the Public Company Accounting Oversight Board regarding the independent accountant’s communications with
the audit committee concerning independence. The committee also discussed with the registered public accounting firm any
relationships that may have an impact on its objectivity and independence and was satisfied that the registered public accounting
firm is independent. The committee also considered whether the provision of non-audit services by Ernst & Young LLP, Pier 1
Imports’ independent registered public accounting firm for fiscal 2014, to Pier 1 Imports is compatible with maintaining Ernst &
Young LLP’s independence.
Based on the above-described review and discussions with management and the independent registered public accounting firm,
the committee recommended to the board of directors that Pier 1 Imports’ audited consolidated financial statements be included
in Pier 1 Imports’ Annual Report on Form 10-K for the fiscal year ended March 1, 2014, for filing with the SEC.
AUDIT COMMITTEE
Cece Smith, Chair
Claire H. Babrowski
Hamish A. Dodds
Ann M. Sardini
28 PIER 1 IMPORTS, INC. 2014 Proxy Statement