Business Context and Reporting Period
This Form 8-K Current Report was filed by Genesco Inc. on October 24, 2001. The report discloses a material change in the company's certifying accountants effective as of the report date.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on the administrative change of the independent auditor.
Material Changes
- Auditor Dismissal: PricewaterhouseCoopers LLP was dismissed as the company's independent auditors effective October 24, 2001.
- New Auditor Engagement: Ernst & Young LLP was approved by the Board of Directors to serve as the independent auditor for the fiscal year ending February 2, 2002.
- Reason for Change: The change was initiated by Genesco Inc. following the closure of PricewaterhouseCoopers LLP's Nashville, Tennessee office, which had provided audit services to the company.
- Approval Timeline: The Audit Committee approved the change on October 23, 2001, and the Board of Directors approved it on October 24, 2001.
Guidance, Outlook, and Risks
Audit History: The reports issued by PricewaterhouseCoopers LLP for the fiscal years ended February 3, 2001, and January 29, 2000, did not contain adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
Disagreements: There were no disagreements between the company and PricewaterhouseCoopers LLP regarding accounting principles, financial statement disclosures, or auditing scope and procedures during the audits of the past two fiscal years or the subsequent interim period.
Verification: A letter from PricewaterhouseCoopers LLP confirming these statements was filed as Exhibit 16 to this Form 8-K.
Investor Verification Checklist
- Verify the content of the letter from PricewaterhouseCoopers LLP (Exhibit 16) to confirm no undisclosed disagreements exist.
- Confirm the transition timeline for Ernst & Young LLP to ensure continuity of the audit for the fiscal year ending February 2, 2002.
- Review subsequent filings to ensure the new auditor's initial reports align with the company's financial disclosures.