The Financial Reporting Project : Progress Report

1888 Words Oct 21st, 2015 8 Pages
The Financial Reporting Project
PROGRESS REPORT 1

Team 2
David Kaptzan, Erica Dennis, Sarah Anderson, Tyler Mitchell, Yiwei Shan

Prof. Daniel C. Moolman
ACCT1209 – Section 1; 8AM
Company Background
1. What is the ticker symbol of your company? Identify the stock exchange(s) where your company stock trades.
The ticker symbol for The Gap, Inc. is GPS. The stock is traded on the New York Stock Exchange.
2. Read the auditor’s report included in the annual report of the company and explain its purpose. Identify the name of the auditing firm.
The purpose of the auditor’s report is to explain that the independent auditors have examined the financial statements in the 10-K report and that to their knowledge, there are no misrepresentations of information in the financial statements. The auditing firm was Deloitte and Touche LLP.
3. Briefly explain the major operations of your company. What products does it sell and/or services does it render? Identify the major competitors of the company.
The major operations of the Gap, Inc. are the sales of apparel, accessories, and personal care products for men, women, and children through the brands of The Gap, Banana Republic, Old Navy, Piperlime, Athleta, and Intermix. The Gap, Inc. offers in-store and online services including order-in-store, reserve-in-store, find-in-store, and ship-from-store. As for competitors, the Gap, Inc. competes with local, national, and international apparel retailers, especially…
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