...http://www.academia.edu/9339215/CASE_STUDY_OF_THE_NORTH_FACE_INC._AUDITING_ Summary Founded in the mid-1960's by Hap Klopp, The North Face, Inc., was a premier supplier of high-quality hiking, camping, and outdoor gear. In July 1996, North Face's went public. Initially, it sold at $14 per share, then peaked at $30 per share. In March 1999, NASDAQ halted public trading of North Face stock following the company's announcement it would be restating financial statements due to "bad bookkeeping".Christopher Crawford (CFO) boosted company sales by negotiating a barter transaction structured to avoid triggering materiality levels. Result: In May 2000, VF Corporation bought North Face for $2 per share. (Knapp, 2013) Question1 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. AnswerforQuestion1: • Auditors should not insist that clients accept all proposed audit adjustments. • Auditors are not perfect and clients should therefore have the right to reject proposed audit adjustments. • If a client does not accept a proposed audit adjustment, the auditor should generally be more suspicious as to the possibility of fraud and misstatement. Question2 Should auditors take explicit measures to prevent their clients from discovering or becoming aware of the materiality thresholds used on individual audit engagements? Would it be feasible for auditors...
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...SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 29, 2012 Commission file number: 1-5256 V. F. CORPORATION (Exact name of registrant as specified in its charter) Pennsylvania (State or other jurisdiction of incorporation or organization) 23-1180120 (I.R.S. employer identification number) 105 Corporate Center Boulevard Greensboro, North Carolina 27408 (Address of principal executive offices) (336) 424-6000 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Common Stock, without par value, stated capital $1 per share New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: NONE Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES x Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YES ¨ NO ¨ NO x Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. YES x NO ¨ Indicate by check mark whether the registrant...
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...million trees in the last ten years, including 300,000 fruit trees in Haiti. Problem solving: Timberland is no stranger to offshore factories. With more than 300 factories in 38 different countries, Timberland exposes itself to a fair amount of environmental uncertainty. However, by spreading their resources in so many developing countries leaves them in a less risky position, as each country possesses its own political, environmental, and financial risk position. Also, Timberland is spreading the risk of pollution and erosion by producing in more than one country. Further research: VF Corporation is an American clothing corporation that sells jean wear, underwear, and work wear. VF Corporation owns Wrangler Jeans, Fruit of Loom, North Face, and 25 more clothing brands that produced over $11 Billion in revenue in 2013. They also own 28 different companies from...
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...Corporate Strategy and Direction of The North Face Inc. Corporate Strategy and Direction of The North Face Inc. The North Face, Inc. sneaker industry, is a highly sophisticated designer, distributor, and marketer of technically innovative sneaker products. We have built a strong, widely recognized line of products, and have been established as the world’s premier brand for outdoor apparel. Our sneaker line offers state-of-the-art technology that offers comfort, support, and style, backed by a lifetime manufacturers warranty so that our consumers are provided with all of the luxuries that they deserve. 2.0 Situation Analysis The North Face, Inc., offers a wide variety of specialized sneakers, designed primarily for professional climbers, and outdoor enthusiasts. The North Face, Inc. offers incomparable state-of-the-art technology, which has satisfactorily led to increased levels popularity and customer loyalty. However, currently The North Face sneaker retains less than 5 percent of the market share due to the popularity and general distribution of our top competitors such as: Nike, Adidas, New Balance, and Saucony. Our North Face trail sneakers are primarily sold at specialty/outdoor sporting good stores for between $59.95 and $105.00. Adidas offers sneakers with minimal technology, which are trendy reasonably priced, with high-end retail prices of about $65.00. New Balance offers sneakers with limited technology, which are stylish and competitively priced, with high-end...
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...Describe your company, its location, and the product it makes or the service it provides. The North Face started in a small mountaineering retail shop in San Francisco’s North Beach by two hiker enthusiasts in 1968. Soon thereafter, The North Face moved to the other side of San Francisco to began designing and manufacturing its own brand of technical mountaineering apparel and equipment (Parker, Battles, Melechiori, Kim, Cummins, 2015). By the early 1980s, The North Face was taking exploration to the outer limits of the ski world, adding extreme skiwear to the product offering. By the end of the decade, The North Face became the only supplier in the United States to offer a comprehensive collection of high-performance outerwear, skiwear, sleeping bags, packs and tents (Johnson, 2015). Now, 48 years after its origin in the outdoor industry, The North Face provides an extensive line of performance apparel, equipment and footwear. Offering the most technically advanced products on the market, The North Face is the choice of the world’s most accomplished climbers, mountaineers, extreme skiers, snowboarders and explorers. The North Face is committed to pushing the limits of design; so that you can push your limits outdoors never stop exploring (Johnson, 2015). Develop an environmental analysis that includes competitive, technology and socio/cultural forces. Competition The North Face is known for their outdoor apparel and outdoor equipment. But in recent years other companies are...
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...The North Face hosts a high-energy sales meeting at high elevation Sales representatives live the brand and learn about new products at Martis Valley The Challenge The North Face wanted attendees at its Spring 2013 sales meeting to live the brand with an authentic outdoor experience. Sales representatives and corporate employees were invited to hike several miles into Martis Valley, a rural forested area more than 6,000 feet in elevation near Lake Tahoe in a remote region of the Sierra Nevada wilderness. The unique venue provided special challenges for Henry V. The Solution This massive undertaking required that Henry V transport thousands of pounds of tents, chairs, audio-video equipment and temporary power to a remote region of the Sierra Nevada wilderness in order to safely and spectacularly support an audience of nearly 500 guests. Henry V staff lodged in a RV at the remote event site for a week to support the incredible outdoor experience. A 130- by 80-foot saddle tent was the primary venue for general session presentations and meals. Inside, a mountain- shaped structure upon which video mapping projection technology was employed to paint seasonal scenes as a backdrop for presenters. Scaffolding, rock climbing wall cleats and other similar elements enabled presenters and sponsored athletes to speak from different height levels. Henry V also created a custom mobile app for sales content with social networking features for real-time feedback during breakouts. The Results ...
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...target market for North Face is individuals between the ages of 36-51. 40% of the market lies in ages 25-50. However, 5% of sales lies in ages 50-75 (Target Audience Analysis, 2017). According to market research for gender demographics sales are split down the middle for both 50% from male and female consumers. The demographics also vary outside of this age due to the large range of people owning pets. The pet hair resistant fleece targets anyone who owns pets and who understands the struggle of pets shedding and hair taking over clothing. North Face strives to be a very sustainable brand that works to use recycled industrial waste products by improving their technologies while reducing waste. They remain loyal to this practice...
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...THE NORTH FACE The North Face is an American outdoor clothing and goods brand formed in west coast San Francisco, 1968, by two hiking aficionados Douglas Tompkins and Kenneth Klopp. The given name references the notion that the north face of a mountain in the northern hemisphere is, by and large, the most difficult to scale. The company specializes in outerwear, footwear and equipment such as backpacks, tents and sleeping bags targeting climbing enthusiasts bound for The Himalayas. However, in the late 90s and early 00s with the emergence of 'wilderness chic' it became all the rage though for most of their fans driving a Range Rover to the ParknShop would be the most strenuous expedition undertaken. Spearheaded by like brands Timberland and UGG, it's audience has widen significantly in the last decade. The North Face's logo was designed by David Alcorn in 1971 and consists of a somewhat skewed quarter-circle with two lines threading within it. This logo is an illustration of Half Dome, a gigantic granitic monolith in Yosemite National Park. As an extra, The North Face is presently a subsidiary of the VF Corporation which is headquartered in Stabio, Switzerland. Other subsidiaries administered by said corporation include Timberland, 7 for all mankind, Wrangler and Vans. The North Face's logo has turned into such a ubiquitous sight on anybody shielding themselves from the cold that it is no real surprise that the brand utterly dominates the outdoor market by quite some way...
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...Interactions between North Americans and Japanese : Considerations of Communication Style The Summary Communication style has a very big impact on the dynamics of face-to-face encounters, that is, whether a conversation proceeds smoothly or by fits and starts, whether both continually interrupt each other or are both able to talk simultaneously without interrupting and whether their style of listening match. Differences in ethnic background coupled with those of communication style probably increase chances that implicit unverbalized matters will be overlooked or misinterpreted. To be able to understand deeper and more sophisticated effects of style differences can take years. In exploring such differences of “the other”, one cannot help but come to understand the cultural factors that have shaped one’s own style. In the communication between Japanese and Non-Japanese there are intercultural communication blocks that have to be considered, which are, problems on direct and indirectness, individuality and groups view, decision making, and discussion. Components of Communication Style According to some experts there are various things included in the components of communication style, such as: topics of discussions, favorite interaction forms -ritual, repartee, argument, and self disclosure- and involvement depth, as well as the channel people rely upon (Dean Barlund) ; behaviors –gesticulation, eye contact, speech and kinetic rhythm, and listening behavior- (Erickson)...
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...there are 3,320 local jails or regional justice systems spread throughout the United States. Those same jails push us and demand that our attention be brought to the public policy process. Jails promote the opportunity for those to face criminal behavior head on. Through the new and evolving public policies such as reentry and return...
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...Introduction “Distance learning” is a field of education that focuses on teaching methods and technology with the aim of delivering teaching when the source of information and the learners are separated by time and distance, or both. The development of computers and the internet have made distance learning distribution easier and faster and have given rise to the “virtual university”, the entire educational offerings of which are conducted online. It is yet very important to understand: Why educational institutions might embrace distance learning? 1) Expanding access: distance education can assist in meeting the demand for education and training demand from the general populace and businesses, especially because it offers the possibility of a flexibility to accommodate the many time-constraints imposed by personal responsibilities and commitments. 2) Alleviate capacity constraints: being conducted off-site, the system reduces the demand on institutional infrastructure. 3) Making money from emerging markets: due to the increasing acceptance from the population of the value of lifelong learning, beyond the normal schooling age, the institutions can benefit financially from this by adopting distance education. 4) Catalyst for institutional transformation: the competitive modern marketplace demands rapid change and innovation, for which distance education programs can act as a catalyst. Research Problem: 1) Tough competition in the market of distance learning:...
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...Dashawn Gumbs ADV 330: Section: 731 Global Brand Face Off Purpose The purpose of this memo is to provide strategic insight on how Espoir should go about taking its new branding initiative global. As well as the follow up course of actions that need to be set in place in order for it to be a success. Background/Situation Analysis One of the many key issues underlying a successful global launch for Espoir is the mixed reactions to a global campaign. Mazur head of Eastern Europe marketing wasn’t thrilled by the idea at all, while Dubois head of Europe marketing supportive about a global launch surround the upcoming Diana’s she Devils sequel movie seeing as thought rival competitor Revlon used the same strategy in the James Bond film, Die Another Day. Lastly Narayan head of South Asia marketing was willing to give it a shot due to the growth in India that was mentioned with sightings of Espoir products in smaller retail stores. The success of a Global launch is going to heavily factored in by the commitment and willingness of the regional marketing heads if it has a chance to succeed everyone will be required to be on the same page and comply with Natasha and her team. Each region is unique in its own way. Eastern European culture is a lot different than Southern Asian culture as Mazur pointed out what works in India might not work in Eastern Europe, him being the regional marketing head there he would know what works best in said market. Cosmetic Differences will play...
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...Market Research is a systematic, objective collection and analysis of data about a particular target market, competition, and/or environment. It always incorporates some form of data collection whether it be secondary research (often referred to as desk research) or primary research which is collected direct from a respondent. The purpose of any market research project is to achieve an increased understanding of the subject matter. With markets throughout the world becoming increasingly more competitive, market research is now on the agenda of many organisations, whether they be large or small. The Market Research Process To conduct market research, organisations may decide to undertake the project themselves (some through a marketing research department) or they might choose to commission it via a market research agency or consultancy. Whichever, before undertaking any research project, it is crucial to define the research objectives i.e. what are you trying to achieve from the research? and what do you need to know? After considering the objectives, Market Researchers can utilise many types of research techniques and methodologies to capture the data that they require. All of the available methodologies either collect quantitative or qualitative information. The use of each very much depends on the research objectives but many believe that results are most useful when the two methods are combined. Quantitative Research Quantitative research is numerically oriented...
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...in the Caribbean and recently has been struck with many different hardships that have further turned its economy and political stability downward. This article relates to the North-South relationship and development that we have been discussing in class as well as chapter fifteen of World Politics: The Menu For Choice. First the spread of cholera, resulting from the recent earthquake, has affected the country politically and economically and has further increased the gap between Haiti and the rich North countries. Disease is much more prevalent in the tropical zones, which is another reason why Southern countries are much poorer than Northern countries. Haiti has been affected politically by the disease because officials predict that it will cause lower turnouts since so many people have been exposed. Also Haiti in the pass has had a “patchy democracy,” and this election is one of the first in a while where there is no clear predicted winner. This relates to class through the lecture in which we talked about kleptocrats. Kleptocrats are those who are in power politically and since they are in power they take away money and resources from the country for their own benefit. This “patchy democracy” that Haiti has had is just another reason why it stays a south country and also why the gap between north and south states widens. Also according to the article not only disease, but recent disasters have also caused Haiti’s economy to spiral downward even more than it already has...
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...1.1) Describe the shifts in the world economy over the last 30 years. What are the implications of these shifts for international businesses based in Britain, North America, and Hong Kong? Over the last 30 years, there has been a shift away from a world in which national economies are relatively self-contained entities, isolated by barriers to trade and investment, and differences in government regulation, culture, and business systems and toward a world where barriers to trade and investment are declining, cultures are converging, and national economies are merging into an integrated, interdependent global economic system. As companies from Japan and emerging markets like China play a more vital role in the world economy, the dominance of companies from the United States and Western Europe has diminished. Significant implications for British firms involve their need to look beyond Europe and America for investment and opportunities. Consumer spending power is growing the most quickly in developing countries. British firms also face the opportunity (and the threat) of attracting Asian firms interested in Britain as a launch pad for the European market. For North American firms, the same holds true, although the importance of the increasing prosperity in Latin America suggests a potentially huge market in “their backyard.” Hong Kong, while losing its “independence”, is perceived as the gateway to the immense market of mainland China. While the free market freedoms Hong...
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