The Leslie Fay Companies

The Leslie Fay Companies, which is a manufacturer of womens apparel, was founded by Fred Pomerantz. The smart set is ground out of New York, and Fred Pomerantz made the company public in 1952. However, Fred Pomerantz ended up taking the company back to a private entity for a few years in the 1980s receivable to a buy out from his son nates Pomerantz. The Leslie Fay Companies became public again in 1986. After John Pomerantz had interpreted over the company, profits started skyrocketing even though the market for womens apparel was going downhill due to the recession from the 1980s through the 1990s. By looking at these financial averments, unity can see there is a huge, constant cast up of net income from 19871991. According to Auditing and Assurance Services by Alvin A. Arens, Randal J. Elder, and marque S. Beasley, the scrutiniseor needs to have friendship of the company which includes organism knowledgeable of what industry the company is in (such as fashions, food, etc.), knowledge of the companys creditors, suppliers, customers, in addition, knowledge of how other companies producing identical kind merchandise is doing (15).

The knowledge of knowing about the company falls under the Standards of Field Work under GAAS, statement #2, The auditor must obtain a sufficient understand of the entity and its environment, including its internal control, to assess the risk of material misstatement of the financial statements whether due to error or fraud, and to design the nature, timing, and extent of further audit procedures (35). The Leslie Fay Companies, according to Michael C. Knapp, Contemporary Auditing, The Leslie Fay Companies was reporting impressive sales and net profit throughout the late 1980s and early 1990s (66). I begin this research paper by explaining the history merchantman The Leslie Fay Companies and in doing so, I found an article on the web, The Leslie Fay corporation, Inc. -- Company History, this explains the history... If you want to get a full essay, baseball club it on our website: Ordercustompaper.com

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