The Leslie Fay Companies 4. Paul Polishan apparently dominated Leslie Fay’s accounting and financial reporting functions and the individuals who were his subordinates. What implications do such circumstances pose for a company’s independent auditors? How should auditors take such circumstances into consideration when planning an audit? Implications and something needs attention 1. The unusual relationship between CEO and CFO‚ especially when they are close to each other. 2. Accountant in charge
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BACKGROUND: The North Face‚ Inc. is an American outdoor product company specializing in outerwear‚ fleece‚ coats‚ shirts‚ footwear‚ and equipment such as backpacks‚ tents‚ and sleeping bags. The clothing and equipment lines are catered towards wilderness chic‚ climbers‚ mountaineers‚ skiers‚ snowboarders‚ hikers‚ and endurance athletes. The company sponsors professional athletes from the worlds of running‚ climbing‚ skiing and snowboarding. The North Face brand was established in 1968 in San
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Description of Events COP Keating was established in a remote location near the town of Kamdesh of Nuristan province in North Eastern Afghanistan approximately 25 km from the Pakistan boarder along the only improved dirt road in the Kamdesh district. OP Fritsche was established 2.2 Km straight line distance to the southeast‚ non-line of sight with an elevation difference of 2150 ft. from Keating. The COP was surrounded by extremely rugged‚ mountainous high ground and is positioned to interdict
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+ A Snapshot Of Other VF Brands On The Move 2012 Annual Review & Performance Update Contents: Made to laSt: 6 The North Face® 12 Vans® 18 athletedriven Change inC. Timberland® 24 SeCond nature Jeanswear re-Made to laSt + 2012 SnapShotS A look around the world of VF. The close partnership between The North Face® brand and its athletes drives its success. The Vans® brand is the original action sports and youth culture icon. But you can’t stay
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think that I’m beneath them. Yeah‚ my clothes aren’t as bright as theirs. But that’s only because I ran out of Gain last year. People are so judge-y. They don’t even know my story. I used to wear Gucci‚ Victoria Secret‚ Coach‚ and had least 10 North Face jackets. But did they know that? No! If it hadn’t been for that stupid truck‚ that just had to run the red light‚ it would be different. My daughters would be here‚ and my husband would too‚ and I might not be the “Bag Lady.” But it did happen
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Corporate Strategy Analysis Discussion In week 3 the team discussed corporate strategy. We identified 4 companies being Coca-Cola‚ Southwest Airlines‚ VF Corporation and Xerox‚ with the information we had we determined their type of corporate strategies in today’s economy. With the Coca-Cola Company the team agreed that the strategy used was Concentric Diversification. The reason we felt that the company used the strategy Concentric Diversification is because Coca-Cola develops products closely
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Case 5.3 The North Face‚ Inc 1 Auditors should not insist that their clients accept all proposed audit adjustments even those that have an “immaterial” effect on the given set of financial statements. Because “immaterial” effect on the financial statements will not affect the users’ decisions. Therefore‚ auditors have to confirm if the effects on the financial statements are really “immaterial”. If there are really “immaterial”‚ sometimes the auditor would be forced by the clients to ignore it
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The North Face Inc. 1. The auditor should mainly insist their clients to make the proper adjustments towards material misstatements that have a direct effect on financail statements. In regards to immaterial items‚ the auditor should give the client suggestions on why they recommend for the client to make adjustments. And if the client disagrees with the adjustments they probably have a logical reason for why they don’t want to make the adjustments. And the auditor should respect the clients decision
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The North Face‚ Inc. - Individual Case Synopsis: The North Face‚ a company that has always found a way to sell their product to unique customer‚ didn’t get to where they are today easily. Presently owned by Vanity Fair‚ The North Face was started by Hap Klopp in the mid 1960s with the mission of providing a ready source of hiking and camping gear to customers. Today‚ they offer products ranging from outdoor chairs to backpacks. As the company began to grow‚ so did the goals set by management
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1. Should auditors insist that their clients accept all proposed audit adjustments‚ even those that have an “immaterial” effect on the given financial statements? Defend your answer. The auditors should not insist that their clients accept all proposed audit adjustments. The auditor’s main duty is to provide reasonable assurance to verify the accuracy and compliance of client’s financial statements‚ to ensure that it conveys data and information of events occurred within the accounting period
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