...Decide – Smackey Dog Foods Inc Smackey Dog Foods, Inc. is a familiar story in terms of small business start-ups. They started in a family kitchen, experienced explosive growth, and have had some troubles handling the accounting and business side of the business. My firm, Keller CPA’s, does not have specific experience with auditing a dog food manufacturer, but we certainly have a good bit of experience with similar small business accounting and auditing issues. The first thing to address is the SEC’s role or influence over Smackey Dog Foods. Since Smackey is private there is not a direct oversight or reporting role for the SEC. Indirectly, however, they help establish GAAP and have a role in how the books should be maintained, how the officers should conduct business, and how Keller CPA’s determine they can accept the engagement, ie their independence (sec.gov). My firm is sending Pete, Ben, and Maureen to visit the client, assess the situation, and plan the audit. To plan the audit they will have to begin developing the audit strategy, identifying problem areas and specific areas where material misstatement might occur. In this case I would identify the forecasted sales numbers as one area due to Jill’s less-than-ideal management methods. Also, they will need to analyze the lawsuit and the lawsuit of their biggest buyer to get a feel for the risk associated with those. The audit plan will also include the nature of the business and what it does, a dog food manufacturing company...
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...qwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwer...
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...Dog Food in Turkey Summary * Dog food sales increased in value by 12% to reach TRY200 million * Main premium brands for dog food: Nestlé Purina Petcare Türkiye, Anadolu Akvaryum ve Pet Urunleri San Tic AS, Tropikal Bahçe ve Evcil Hayvan Ürünleri AS and Mars Inc * Increasing awareness of dog nutrition, positively impacts the performance and is altering the choice of dog food consumers select nowadays * Dog treats records the most vibrant performance in 2014 with 23% current value growth * Average unit price of dog food registers 1% growth in 2014 * Tropikal Bahçe ve Evcil Hayvan Ürünleri AS continued to lead dog food with a total value share of 17% * Over the forecast period, dog food value sales are set to rise at a value CAGR of 6% at constant 2014 prices, to 2020 Trends in dog food The Turkish dog food market is expected to record a 12% current value growth in 2015 compared to the figures of 2014. The main influences behind this enhanced performance are due to the increase in dog ownership, due to the rising need for companionship within urban districts. Moreover, the increase in awareness of dog health will lead to a growing demand for premium dog food. Additionally, the rising awareness about dog nutrition will increase the amount of people feeding their dogs with prepared dog food, instead of meal leftovers. In 2015, total dog food sales registered 12.4% value growth, gaining a rise of 0.6% growth, compared to the 11.8% increase recorded...
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...Burger Stand Business Plan Burger Stand The purpose of this business plan is to raise $60,000 for the development of a food stand that will sell burgers, hot dogs, and beverages to customers in its targeted market. 1.0 EXECUTIVE SUMMARY The purpose of this business plan is to raise $60,000 for the development of a burger stand while showcasing the expected financials and operations over the next three years. Bob’s Burger Shack (‘‘the Company’’) is a New York-based corporation that will provide burgers, hot dogs, and beverages to customers in its targeted market. The Company was founded by Robert Bergeon. 1.1 The Services Our vision for Bob’s Burger Shack is to operate a small location that will provide a wide selection of burgers, hotdogs, beverages, and ice cream. Bob’s Burger Shack, vis-a-vis food and beverage sales, will generate substantial gross margins that will allow the business to generate profitable revenue throughout the course of the calendar year. The third section of the business plan will further describe the services offered by Bob’s Burger Shack. 1.2 Financing Mr. Bergeon is seeking to raise $50,000 from a bank loan. The interest rate and loan agreement are to be Newplans.net Page 1 Burger Stand Business Plan further discussed during negotiation. This business plan assumes that the business will receive a 10 year loan with a 9% fixed interest rate. The financing will be used for the following: • Development of the Company’s location. • Financing for the first...
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...Organic Pet Food Marketing Plan September 14, 2007 NAICS Industry Code: Dog and Cat Manufacturing 311111 Abstract: This marketing plan provides a plan for entering the organic pet food product as an existing producer of non-organic pet foods based current market conditions and trends following several high profile food safety recalls and alerts, particularly the Melamine-related deaths from pet food imported from China. The pet food industry has experienced enormous growth as part of the overall $41 billion annual pet products and services industry, and promises to move in the directions of increased natural, organic, and health oriented products as consumers increase organic consumption and become aware of safety issues in traditional food supplies. Our analysis will look at the desired strategic positioning for traditional pet foods, organic pet foods, and the target demographic based on our research. The market analysis and competitor research reveals a market segment currently occupying less than 1% of pet food sales, but with tremendous growth potential. The traditional pet food market is mature with 6 major competitors with 86% of market share, but a much more competitive organic market. Table of Contents 1.0 Executive Summary 3 2. Marketing Plan 4 2.1 Business Mission 2.1.1 Financial Objectives 4 2.1.2 Marketing Objectives 4 2.2 Market Conditions ...
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...Top Dog Hotdogs Project Proposal Proj592 Professor Grover Siriporn Sarah Goodwin C: 707-334-9089 E: ssbgoodwin@yahoo.com Executive Summary Due to the lack of fast food hotdog restaurants nearby college campuses in San Jose and San Francisco, this project aims to fill that void and succeed in attracting customers who seek fast, unique, authentic, and high quality affordable sausages to choose from. The project will be executed by acquiring a small building approximately 700 Sq. Ft within walking distance from San Jose State University and San Francisco State University. The restaurant will be open from 11am to 2am on most nights except Sunday with the business will be closed. The restaurant location and hours open are design to accommodate college students. The milestones of the project include: * Research Phase * Procurement Phase * Renovation & Styling * Advertising * Staff * Grand Opening Project Scope Statement Product or Service Description The scope of the project is to plan the launch of another Top Dog franchise nearby college campuses in San Francisco and San Jose. This will be beneficial for the company as it will generate more revenue and profits amongst college students and tourists. Top Dog started out in Berkeley, CA and has already created a brand for themselves within the East Bay with locations throughout Oakland and Berkeley. With the expansion of its franchise, it will give the company more opportunities to show...
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...Strengths: • Zenith Pet Foods, Inc. delivers high quality dog food • Freshness is a unique selling point within the dog food market • Zenith has a history of blue ribbon winners Weakness: • The high proposed costs could stretch promotional budget • Not a familiar product • Consumers must go to the freezer section to purchase • Can only be sold in stores equipped to sell frozen products • Zenith has no experience selling to the household market • Kept frozen to maintain freshness Opportunities: • Increase in the number of dog owners • Increase popularity of high quality dog food • Only dog food in frozen people food section • Already an established group of pet owners buying frozen dog food in other markets • The Boston area is ideal for launch relating to the high population of dog owners Threats: • High competition from big name manufacturers • Increase in production costs and ingredients • Competition may imitate Show Circuit Key Issues and Opportunities Through analyzing Zenith pet foods case, the following key issues are noted: 1- Adequately defined and segmented, the market is divided into: dry food 63%, wet food 17%, semi-moist food 2%, and dog treats 18%. 2- The position Show Circuit seeks in the market: The position Show Circuit would seek is the premium segment. The main target is singles and married between the ages of 21 and 54 with a household income greater than $25,000 per year. 3- The ability of giving the food brokers distribution in supermarkets...
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...Marketing Communications Plan Prepared For Tewkesbury Borough Council For the attention of Katie Powers, Economic Development Officer, Tewkesbury Borough Council. Matthew Stott 3712951 Contents Page Executive Summary 4 Introduction 5 Key Issues 8 Marketing Communications Objectives 10 Proposed Strategy 11 Proposed Tactics 11 Push Campaign: 12 Pull Campaign: 13 Cruft’s Promotional Stand: 13 Social Petworking: 13 PR: 13 Tewkesbury Dog Show ‘Battle Of The Dogs’ 14 Campaign Timing: Gannt Chart 15 Monitoring The Changes 16 Budgeting 16 Summary 17 Appendices 18 Executive Summary Located in Gloucestershire, Tewkesbury’s diverse transport links makes it easily accessible and the riverside location provides a picturesque focus for visitors. Tewkesbury is a medieval market town which has retained many of it’s historical buildings. There are numerous cultural attractions including the Abbey that dates back to 1087, Farmers markets and a Tudor style high street with many traditional shops. Transport links include national cycle paths, long distance footpaths and the town is even accessible by water as it is located at the confluence of the rivers Severn and Avon. The history of Tewkesbury provides a major focus for the local tourist industry complimented by outdoor activities close to the town in the un-spoilt Gloucestershire countryside. In 1471 Tewkesbury was the site of the most decisive battle of the War of the Roses. The...
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...First in Show Pet Foods is a major producer in the of dog food in the United States for show-dog kennels. The company is now a supplier of high quality dog food for show dogs called Show Circuit. Executives are now trying to find a way to enter into the retail branded dog food market in Boston with the help of Marketing Momentum Unlimited. Due to the high quality nature of their product, the market development strategy would introduce Show Circuit in frozen packaging. The fee for the modified 15-ounce plastic tub of frozen dog food in a case of 12 was priced at $7.87 per case. Marketing Momentum Unlimited showed their recommended plan to the executives, which left many during the presentation to ask “Will this program establish a foothold in the market for Show Circuit”? The cost of the plan will be some where around $500,000 to $700,000, not including slotting fees. Everyone recognizes that Show Circuit is among the highest of quality and costliest dog foods to prepare. The company plans to enter the market during a period where only half of the dogs in the U.S. are fed prepared dog food. Dog sales are expected to rise as people seek companionship, which means they will spend money on quality products. The market development strategy for distribution purposes focuses on supermarkets, which represent 36% of total dog food sales. The offering of the three major supermarket competitors focuses solely on dry, canned, and treats with all offered in one section. The difficulty...
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...influence (if any) over the audit of Smackey Dog Foods, Inc. Solution: The SEC (Securities and Exchange Commission) has substantial influence on the audit of Smackey Dog Food, Inc. This can be seen in the audit standards that have to be followed by the established independence of the auditors involved in the Smackey audit. In the audit of public listed companies which includes Smackey, the auditors need to observe several principles. Independence is one of the six principles exhibited by the AICPA and the others include responsibilities such as the public interest, integrity, objectivity and independence, due care, and scope and nature of services. An audit team is required to be objective and independent with regard to professional responsibilities and by being independent in fact and appearance when providing auditing and other attestation services. Under the Sarbanes – Oxley, auditors have to be objective and independent otherwise legal sanctions can be pursued and incurred. Q2: Discuss the essential activities involved in the initial planning of an audit. How do these all specifically to the Smackey Dog Food client? Solution: The following are several essential activities involved in the initial planning of an audit and how they are specifically related to Smackey Dog Food, Inc. : 1. First understand the client’s business and industry. The audit firm can get the full benefit of its experience in auditing other food manufacturers in planning and doing the...
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...------------------------------------------------- Smackey dog food Auditing [Date] tamucc [Company address] [Date] tamucc [Company address] Smackey Dog Food is a family owned and operated company that began as a dream of two sister’s and its meager beginnings were established in the kitchen of their home. The business has become more profitable and thus the sisters have a need to expand the business into a larger facility. There was a need to hire additional employees in order to meet the demand for the increase in Smackey Dog food orders. With the increase in sales the women decided to embark on a new product line and open a “Boutique Division that was named Best Boy Gourmet” that specialized in freshly manufactured, one-serving packages meant for consumption no later than 3 days after consumption. There is a huge demand for this product but waste is an issue. The dog food manufacturing industry requires many key figures with regards to operations of the warehouse. Depending on how large the warehouse is there are a lot of steps from the initial order from the customer until it is finally delivered to the customer. When an order is placed there is an immediate need for a lot of employees to fill an order especially if they are using an assembly line. Fork lift drivers bring the raw materials such as the fiber. The dog food depending on the type, for example if it is canned dog food or bags is placed for the employees of the assembly line to access it...
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...Smackey Dog Foods, Inc. has been a very successful dog food manufacturer for the past few years, but along with their success, they have many issues surrounding their management styles and accounting techniques. These issues are a result of management’s inexperience and lack of knowledge of the proper controls related to running a business and the entire accounting aspect. Q1 Discuss how the SEC has influence (if any) over the audit of Smackey Dog Foods, Inc. SOLUTION: Although Smackey Dog Foods, Inc. is not a publicly traded company the SEC has a significant influence on their audit. During the audit, Keller CPAs will still need to follow the auditing standards put in place by the SEC. AICPA principles will be followed, ensuring that the Keller CPAs are independent of the client and free of conflicts of interest when performing professional responsibilities. Q2 Discuss the essential activities involved in the initial planning of an audit. How do these all specifically relate to the Smackey Dog Food client? SOLUTION: 1. Understand the client’s business and industry. Keller CPAs can use its experience from auditing other manufacturing companies in the audit of Smackey Dog Foods, Inc. The essential part of this step is for the audit team to learn and understand as much as possible of the client’s business and industry. All related parties will be identified in this stage of the planning as well. 2. Assess client business risk. The business risk involved...
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...SMACKEY DOG FOODS, INC. Smackey Dog Foods, Inc., is a privately owned dog food manufacturing company, which was started by three sisters, Sarah, Kim, and Jillian, in the kitchen of their suburban Chicago home. They started by manufacturing a natural dog food with ingredients they bought from a local grocery store. These products were discovered by local pet stores and small grocery stores which also became distributors of their products. A larger facility was then needed as the demand steadily increased for their products. With this expansion the sisters were required to hire more workers and manage a growing company. Compared to their competitors’, Smackey Dog Foods, Inc. sales were on an upward growth trend. With increasing sales from the prior year, the sisters opened a boutique division and called it Best Boy Gourmet. Sarah, the president and general manager, has met with a banker to request a loan for $150,000 to expand the facilities and equipment. Their first loan for $150,000 was used to purchase industrial size food production equipment, which was also used as security for the loan. With this new request for a loan from the bank, they are now requiring an audit of the corporate financial statements of Smackey Dog Foods, Inc. before they will approve the new loan. My firm, Keller CPAs, has been hired to conduct an audit of Smackey’s financial statements and form an opinion about their financial statements, which will be used by the bank to help secure the...
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...This Nondisclosure Agreement (the "Agreement") is entered into by and between Daniel Apodaca-Kotick ("Disclosing Party") and Andrew Clausen ("Receiving Party") for the purpose of preventing the unauthorized disclosure of Confidential Information as defined below. The parties agree to enter into a confidential relationship with respect to the disclosure of certain proprietary and confidential information ("Confidential Information"). 1. Definition of Confidential Information. For purposes of this Agreement, "Confidential Information" shall include all information or material that has or could have commercial value or other utility in the business in which Disclosing Party is engaged. If Confidential Information is in written form, the Disclosing Party shall label or stamp the materials with the word "Confidential" or some similar warning. If Confidential Information is transmitted orally, the Disclosing Party shall promptly provide a writing indicating that such oral communication constituted Confidential Information. 2. Exclusions from Confidential Information. Receiving Party's obligations under this Agreement do not extend to information that is: (a) publicly known at the time of disclosure or subsequently becomes publicly known through no fault of the Receiving Party; (b) discovered or created by the Receiving Party before disclosure by Disclosing Party; (c) learned by the Receiving Party through legitimate means other than from the Disclosing Party or Disclosing...
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...SEC has influence (if any) over the audit of Smackey Dog Foods, Inc. Solution: The SEC does not have direct influence over the audit of Smackey Company because, Smackey is not a public held organization, they do not have assets in excess of $10 million, and they do not have over 500 stockholders; which are the requirements for public and privately held companies. The SEC does have indirect influence over the audit because all companies, whether public or private are required to comply with General Accepted Accounting Principles (GAAP) and the SEC plays a significant role in influencing these standards. The auditors, while not bound by SEC rules they are required to obey specific audit rules and guidelines as outlined under the the American Institute of Certified Public Accountants (AICPA). The AICPA is responsible for establishing auditing and attestation standards for private companies in the United States and for enforcing a code of professional conduct for its members. The code is comprised of six principles that the auditors must adhere to. The principles are: responsibilities, the public interest, integrity, independence and objectivity, due care, and the scope and nature of services. Q2: Discuss the essential activities involved in the initial planning of an audit. How do these all specifically to the Smackey Dog Food client? Solution: During the initial planning of the audit of Smackey Dog Food, the auditors should discuss the following essential...
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