1. Discuss the risks to an audit should the client become aware of the materiality thresholds used on audit engagements by the auditing firm.
2. Discuss the general principles or guidelines that dictate when companies are entitled to record revenue and how the $7.8 million barter transaction and the two (2) consignment sales discussed in the case may have violated these principles.
3. Explain the principle objectives of auditor’s work papers and how these objectives were undermined by Deloitte’s decision to alter North Face’s 1997 work papers.
4. North Face’s management teams were criticized for strategic blunders that they made over the course of the company’s history. Discuss the auditor’s responsibility to assess the quality of the key decisions made by client executives.
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