Read the case study titled ?North Face? prior to doing this assignment.

Write a four to five (4-5) page paper in which you:

1. The SEC sanctioned Richard Fiedelman for failing to document the changes that his subordinates had made in 1997 North Face work papers and for failing to exercise due professional care. Explain the SEC’s rationale in making each of these allegations.
2. Take a position on the severity of the SEC’s punishment of Richard Fiedelman of a three-year suspension on being involved in the audits of SEC clients. Support your position.
3. Assume that you are an audit manager in a public accounting firm. The engagement partner asks you to modify client work papers after the financial statements and opinion has been issued. Determine what you would do in this situation. Provide your rationale.
4. Evaluate the practice of ?materiality? used by public accounting firms and how accounting firms should address it with clients.
5. North Face’s management teams were criticized for strategic blunders that they made over the course of the company’s history. Discuss whether auditors have a responsibility to assess the quality of the key decisions made by client executives. Defend your answer.
6. Use at least three (3) quality resources in this assignment.

Your assignment must follow these formatting requirements:

• ? Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
• ? Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

  The specific course learning outcomes associated with this assignment are:

• ? Examine the corporate governance of audits including the professional, regulatory, and corporate managerial requirements.
• ? Use technology and information resources to research issues in auditing.
• ? Write clearly and concisely about auditing using proper writing mechanics