ACC 521 Lecture Notes - Lecture 16: Denim, Arena, Costco

• School: Ryerson University
• Department: Accounting
• Course: ACC 521
• Professor: Larry Yarmolinsky

Document Summary

You have been assigned the audit senior for the audit of epoch jeans. Based upon your audit firm"s client acceptance procedures, it was determined that epoch"s management team is highly experienced and has high integrity. Epoch changed auditors because it wanted an audit firm with more experience with. Discussions with the previous auditor found it had encountered few problems in the past, although, last year there was a dispute regarding the valuation of inventory. Epoch jeans is an 85-year old public canadian company that manufacturers and retails quality-cut jeans. Epoch"s philosophy is to offer its customers a variety of prices but to never compromise on quality. Fifty percent of its sales are on credit to a variety of specialty denim stores in north america and europe and 50 percent are through its. The canadian retail industry is characterized by fierce competition. Retailers in canada are serving customers without borders, they face competition across the border and online.