The objective of the project was to identify, for audit planning purposes, the risk factors of Coca Cola company of the beverage industry. The project gave us hands-on experience with the procedures and techniques used in the audit engagement to audit planning phase.

1. Audit Project- A514
Provided By
Sankalp Bhatnaga
Md Moniruzzaman
Saleh Al Ghareeb
Sheryll Espinas
Wangming Guan
05/06/2014

2. Coca-Cola 1
Industry Report:
I. Introduction………………………………………………………………… page
II. Industry Trends………………………………………………………….. Page
III. Key Business Process of Beverage Industry………………... Page
IV. Industry Specific Audit Risk………………………………………... Page
V. Major risks………………………………………………………………….. Page
VI. Implications of above risks for conducting audit…………. Page
VII. Audit testing procedures…………………………………………... Page
VIII. General Economic Risk…………………………………………….. Page
IX. Regulatory Risk…………………………………………………………. Page
X. Industry Competition………………………………………………….. Page
XI. Financial Structure…………………………………………………….. Page

3. Coca-Cola 2
Company Report:
I. General Background …………………………………………………… Page
II. Vertical Analysis………………………………………………………… Page
A. Balance Sheet………………………………………………………….. Page
B. Income Statement…………………………………………………… Page
III. Horizontal Analysis…………………………………………………… Page
A. Balance Sheet………………………………………………………… Page
B. Income Statement………………………………………………….. Page
IV. Ratio Analysis……………………………………………………….. Page
V. Financial Strength Measurement………………………………… Page
VI. Management efficiency and effectiveness…………………… Page
VII. Risk Assessment………………………………………………………. Page
VIII. Recommendation……………………………………………………. Page

4. Coca-Cola 3
The beverage industry is a vast and growing industry with 7 billion potential consumers
around the world. The demand on beverage production is increasing daily. In the United States
of America the beverage industry accounts for an estimated one- third of the global spending.
Consequently, the beverage marketing is one of the most profitable businesses in the United
States of America. The most successful soft drinks in the world are Coca-Cola and Pepsi-Cola
which originated here. Any business in the beverage industry in order to be successful should
begin with good beverage formulation, the right beverage label design, correct beverage
packaging and advice from America's best beverage consulting companies and beverage
marketing companies.
The Coca-Cola Company is the world’s largest beverage company and it owns more than
500 nonalcoholic beverage brands. The Coca-Cola Company provides variety of beverages such
as water, enhanced water, juices and juice drinks, ready-to- drink teas and coffees, and energy
and sport drinks. Moreover, Coca-Cola Company owns and markets four of the world’s top five
nonalcoholic sparkling beverage brands; Coca-Cola, Diet Coke, Fanta, and Sprite.
Throughout the years, Coca-Cola Company has used many slogans in the company
advertising, which started in 1906 and is continuing till today. The reason for mass advertising is
to create direct communication with its customers worldwide which makes the Coca-Cola
Company beverage distribution, the largest beverage distribution system in the world with
serving approximately 57 billion of all types of company’s beverages around the world every
day.

5. Coca-Cola 4
The vision of Coca Cola Company is to create a long-term destination for business and it
creates a "Roadmap" for winning.
Industry Trends
Beverage industry is still working with both new and continued trends. The first trend is
that the beverage industry will continue to rise throughout 2014 to reach $667.5 billion which is
a 4.5% increase over 2013’s sales of $638.8 billion, and the beverage industry will continue to
grow to reaching an expected $796 billion by 2018. The second trend of beverage industry is
sales of private label products which will continue to grow to reach $133 billion by 2016 (Market
Research.com). When the recession hit in 2008 to 2012 the sale of private label product began
growing slowly, now the sale of private label products in beverage industry is building again and
continuing to grow due to improved quality and increased marketing. The final trend is emphasis
on healthy beverages. It will continue to focus on health- conscious offering and the beverage
industry will experience some changes during 2014.As per reports in the start of 2014 school
year, sugary drink will be replaced by healthier offering such as fruit cups and fat-free milk.
The Coca- Cola Company gets feedback every year from the consumers which make the
company adopt new trends every year. After, the company receives the feedback; it consults its
experts in the company to place the new trends each year. Coca-Cola Company has new trends in
2014, some of the trends related to beverages and the other related to food. The beverages trends
in 2014 which Coca Cola Company is focusing are; Green tea, and Juices. First trend, green tea
has high demand from restaurants because lately people have started preferring to drink tea over
coffee with snack. Second, the company is trying to make a mark in fruits and vegetable juices
because millions of people prefer healthy juice. (Coca- Cola.com)

6. Coca-Cola 5
Key Business Process of Beverage Industry
The beverage industry is a complex industry. Key business processes of Beverage
Company are the real value creating processes in the organization that ensures that organization
remains competitive over time. The value chain or key business process of beverage industry is
almost same in all the companies. The value chain of Coca Cola is as follows that demonstrates
the value chain of beverage industry.
Figure: Coca Cola Value Chain
Source: The Coca-Cola Company’s 5by20 Initiative
Coca-Cola has more than 500 beverage brands are manufactured, marketed, and
consumed in more than 200 countries at a rate of more than 1.8 billion servings per day through
a complex and decentralized global value chain that spans producers of raw materials; suppliers
of ingredients, packaging, equipment, and other goods and services; bottlers who manufacture,
package, and distribute (or contract third parties to distribute) beverages; retailers who purchase

7. Coca-Cola 6
those beverages for resale to end consumers; and recyclers and artisans who reuse product
packaging.
Industry Specific Audit Risk
One of the biggest assets of a company is inventory and the controls for inventory should
make sure all inventory on the balance sheet actually exists. A business must have in place a
proper segregation of duties so that no single individual handles all or most aspects of the
inventory, such as transaction, authorization, preparation, and payment. For example, the
physical custodians of any types of inventory should have no access to accounting records,
including the inventory records, cost accounting records, or the general ledger. In addition,
company should plan for safeguarding inventory, which means that the company sets in place
procedures to prevent and detect misuse of inventory so that the financial statements are adjusted
and fairly stated.
Major Risks
The operating environment for the beverage industry continues to be characterized by
intense price competition, aggressive marketing, entry of non-traditional competitors and market
consolidation. Uncertainties related to raw material prices, availability of credit, difficulties in
financial services sectors have created volatility in global economy and financial markets,
making consumers cautious on spending. This has led to shift from previous spending pattern to
inexpensive and cost saving options which has affected growth and earnings in beverage
industry. Any macroeconomic factor (such as increased fuel prices) that has effect on consumer
spending or that has capacity to put pressure on input cost would ultimately affect beverage
industry’s financial condition. Health Risk and general awareness in consumers about their
health has created low demand, which is the major risk for the industry.

8. Coca-Cola 7
Regulatory barriers including Restrictions on sale of sweetened drinks in certain markets,
especially as imposed by local government is another concern. In case of Coke, Inventory plays a
very important role and so does its disclosure. Valuing inventory in one way or the other can
make huge impact on cost of goods sold and hence on profits.
Inventory management is a key risk or success factor since efficient inventory
management directly affects profitability. Recalls of inventory in certain markets due to poor
quality controls damages the companies brand and profitability, which is one of the major risks.
Implications of Above Risks for Conducting Audit
Our audit team would need to build expertise in those areas in beverage industry that may
cause chances of material misstatement and increase our overall audit risk. To comply with the
professional standards our team would deploy trained staff to gain thorough knowledge about
regulatory environment in beverage industry. Industry risks would impact audit procedures in
following manner.
o Since competition in beverage industry is always rising, our team would evaluate whether
there is substantial doubt about the client’s ability to continue as a going concern for one
year. We would be strictly observing if there are events such as negative cash flows from
operations, defaults on loan agreements, adverse financial ratios, work stoppages etc.
o Inventory will be critical account which warrants for additional audit procedures.
o We would focus on audit of cash and financial investments. Positive cash flow from
operations is important parameter for industry that can be used as indicator of efficiency
in operations. Also liabilities, expenses, revenue and most other items flow through the
cash account thus examination of cash transactions would be helpful for us in the
substantiation of many other items in financial statements.

9. Coca-Cola 8
o Coca-Cola employs reasonable number of workers in manufacturing, supply chain operations &
bottling plants. Unsatisfactory pays and other economic conditions can play a big role in
employee turnover. Also payroll is one of the largest operating costs in the company. Thus we
intent to focus on payroll.
Audit Testing Procedures
Risk in Accounts Financial statement
Assertions
Assertion type Audit test procedure
Inventory Valuation Account Balance
Evaluate consistency in method of
accounting used to value yearend
inventory.
Inventory Rights and obligation Account balance
Examine sample of recorded
inventory items with supporting
documents and contracts.
Payroll Validity/occurrence
Transaction and
events
To ensure all payroll costs are
recorded pertain to entity and no
ghost employee accounts exist.
Revenue
recognition
Completeness &
Cutoff
Transaction and
events
Trace sample of inventory and
ensure that the inventory is
recorded.
Compared sales invoice date with
shipment date to sales journal.

10. Coca-Cola 9
General Economic Risk
Coca-Cola Company is an international company that operates in a global market. The
entity faces numerous economic risks such as fluctuation in commodity prices, foreign exchange
rate, interest rate, political stability and recession. These economic risks posed a huge hurdle in
the continuity of the operation of the business. Erratic commodity prices directly affect sales
revenue; business can only temporarily absorb changes in raw material prices and passing on the
additional cost of raw materials to consumers which will result in a decrease in sales. Earnings
and expenses incurred by the company are recorded in the currency where it operates other than
the U.S. dollar. The appreciations of currency in one market counterbalance the devaluations of
the other. However, fluctuation in U.S. dollar affects the company’s value of balance sheet and
net operating income since all of its operations must be consolidated and reported to U.S. dollar.
Political environment has an immense impact on how business operates. Instability requires the
company to be flexible in their operations to be able to adapt to new political landscape.
The Food and Beverage Industry faced regulatory risk from the United States
Environmental Protection Agency, Food and Drug Administration, Internal Revenue Service,
Individual State Regulatory bodies and Foreign Regulatory bodies.The company/Industry is
concerned about the possible implementation of Eco-tax and Product Stewardship Program that
will results in increase in operational cost and reduced earnings. Environmental consciousness,
resulted in legislation enacted in ten States (California, Connecticut, Hawaii, Iowa, Maine,
Massachusetts, Michigan, New York, Oregon and Vermont) and some parts of the world, the so
called “Bottle Bill” which requires the purchaser of the item to deposit a refundable fee for a
certain beverage container. The customer claimed their deposit by returning the container to the
place where they purchased the product. This law is adopted in few geographic markets. Coca-

11. Coca-Cola 10
colas’ concern is the possibility of adoption of this law to the rest of the markets where it
operates that will result in less demand for Coca-Cola product due to unpopularity of the law.
Industry Competition
The Coca Cola Company has high risk of competition not only inside the United States of
America but also around the world. There are many reasons which make the company under high
risk of competition; easy entry in beverage industry, health concern, and economic crisis.
First reason of high risk of competition, it is easy for any companies to enter the beverage
industry because the new company can start with one product and small marketing tactic that
attempts to set the company apart. Moreover, there is no market limitations because the new
customers have options to select what they need based on two factors, price and the quality of
product. Also, there is no consumer switching and zero capital requirement.
Second reason of the high risk of competition is health. The public health officials and
government officials are becoming increasingly concerned about the public health consequences
associated with obesity, particularly among young people. In addition, the researchers, health
advocates and dietary guidelines are encouraging consumers to reduce consumption of sugar
sweetened in beverages. Consequently, the Coca-Cola Co tries to change in their recipe to reduce
the sugar without affecting its quality.
The last reason of high risk of competition the economic crisis, The Coca- Cola Co is a
global company and it enters in many economies around the world. That means the company has
competitors in each country and when any country has economic crisis immediately will effect to
the Coca- Cola Company. There are increasing beverage companies operating in multiple
geographic areas, and new brands in the market with similar prices. Also, Coca-Cola does not
really have an entirely unique flavor compared to other kinds of beverage products, such as

12. Coca-Cola 11
PepsiCo’s. There are some soda brands, like Dr. Pepper, becoming popular because of their
unique flavors.
One key industry trend that will lead to increased competition is possible new taxes on
sugar-sweetened beverages and additional governmental regulations that restrict them for young
children, which would reduce demand for a large and potential consumer segment consisting of
school children that will affect its profitability. More companies will invest in water products and
certain still beverages that can be allowed to sell in schools. Coca-Cola has to compete with
those companies with healthy beverage brand images.
Financial Structure
For several beverage companies that have negative operating income, they should not use
debt as the financing tools, which can make the financial condition of the company become
worse. Also, most of the beverage companies have high inventory turnover, such as 5.90 of
industry average in 2013, so the total cash inflow received also tends to be high. In this
condition, these companies should not use debt as the financing tools, as it can fund their
business activities with their cash inflow and operating income. In addition, the companies with
high cost of equity should not use debt, since adding debt to their capital structure will lead to
higher weighted average cost of capital. Coca-Cola has investments in bottling partners, which it
accounts for under the equity method, and its operating results include its proportionate share of
such bottling partners’ income or loss.

13. Coca-Cola 12
General Background
The Coca-Cola Company is the world’s largest beverage company. Beverage products
were sold in the United States since 1886. The company operates in more than 200 countries. It
is headquartered in Atlanta, Georgia and employed 130,600 people as of December 31,
2013. Coca-Cola is a manufacturer, distributor and marketer of non-alcoholic beverage. The
company owns or licenses and markets more than 500 brands, including diet and light beverages,
waters, juices and juice drinks, teas, coffees, and energy and sports drinks. The company has a
dominant market position, driven by strong billion dollar brands in its portfolio (Coca Cola 2013
10-K).
Vertical Analysis
Balance Sheet:
The enterprise long term liability in 2013 is 21.27% of its total liabilities and equity and
its major competitor PepsiCo is 31.41%. Coca Cola has a much narrower margin compared to its
major competitor in the market. The data indicates that long term liability has inclined from
17.10% in 2012 to 21.27% in 2013. The 4.17% difference has direct correlation to the
composition of other forms of liabilities. The current liabilities such as accounts payable has
increased by 0.56% while loans and notes payable decrease by -0.14%, current maturities of long
term debt by -0.69% and accrued income taxes by -0.20%. The company has a history of using
long term debt to retire its maturing liabilities (Coca Cola 2013 10K Report).
Income Statement:
In comparing the company’s performance to its major competitor, Coca Cola has a better
command in gross profit than PepsiCo, 60.68% compared to 52.96% of PepsiCo. In 2013 Coca

14. Coca-Cola 13
Cola’s gross margin slightly improved by 0.36%, this is attributable to cost of sales. Despite the
decrease in sales the company‘s gross margin is slightly higher than in year 2012. The other
operating expense of 1.91% is due to the company’s productivity and reinvestment program
(legal, outplacement and consulting fees). The company’s reported earnings is impacted by
revaluation and devaluation of currency since all earnings of each individual subsidiary has to be
translated to U.S. currency. Sales are also affected by consumer health awareness (Coca Cola
2013 10K Report).
Horizontal Analysis
Balance Sheet:
Certain items in the balance sheet reflect upward trends while other items indicated the
opposite. These are the result of the management strategic planning to effectively and efficiently
manage limited resources, however some factors not under the control of management can
directly and indirectly affect the business. The company Cash and cash equivalents increased by
23.36% and Short term investments increased by 33.69%. The company credited its favorable
results due to its overall cash management strategy. Other assets increased by 30.01% and other
liabilities decreased by 36.03%, this is due to the company’s reclassification of certain pension
plans and moving it from other liabilities to other assets which was the result of actuarial gains,
higher returns and incremental funding in 2013. Coca Cola has issued a long term debt in 2013
which causes this line item in the balance sheet to increase by 29.98%. The funds procured was
used to extinguished some of the company’s maturing debts which resulted in declined in current
maturities of long-term debt by -35.07% (Coca Cola 2013 10K Report).

15. Coca-Cola 14
Income Statement:
The company’s operating income was affected by sales, structural changes, currency
fluctuation and price in each geographic segment of operation. Coca Cola’s operating income
decline by -4.56% while its competitor’s major competitor PepsiCo experienced an incline by
6.51%. This was due to PepsiCo’s soaring sales of its snack products like Lays potato chips and
Quaker oatmeal (Bloomeberg.com) (Coca Cola 2013 10K Report).
Ratio Analysis:
Valuation Ratios
Years
Dec 31,
2013
Dec 31,
2012
Dec 31,
2011
Dec 31,
2010
Dec 31,
2009
Price to earnings (P/E) 19.54 19.00 18.27 12.42 17.81
Price to operating profit (P/OP) 16.40 15.90 15.42 17.36 14.76
Price to sales (P/S) 3.58 3.57 3.36 4.18 3.92
Figure: Coca-Cola Co., historical price multiples
Source: http://www.stock-analysis-on.net/NYSE/Company/Coca-Cola-Co/Valuation/Ratios
Coca-Cola Co.'s P/E ratio increased from 2011 to 2012 and from 2012 to 2013. The P/E
ratio tells analyst how much an investor in common stock pays per dollar of current earnings.
P/OP ratio increased from 2011 to 2012 and from 2012 to 2013. Because P/E ratio is calculated
using net income, the ratio can be sensitive to nonrecurring earnings and capital structure that is
why price to operating profit is calculated and used here. The P/E ratio looks better than P/OP
ratio for Coca Cola.

16. Coca-Cola 15
P/S ratio increased from 2011 to 2012 and from 2012 to 2013. A rationale for the P/S ratio is that
sales, as the top line in an income statement, are generally less subject to distortion or
manipulation than other fundamentals such as EPS or book value. Sales are also more stable than
earnings and never negative.
Figure: Valuation ratio of Coca Cola and the industry (2013)
Source: http://www.stock-analysis-on.net/NYSE/Company/Coca-Cola-Co/Valuation/Ratios
Coca Cola all valuation ratios are impressive in comparison to industry ratio, even though
its growth is not in pace with the industry. We do not take this as a red signal because the
company is in its maturity. And the good thing is, the Coca Cola has lots of free cash flow that
shows that the company has less risk in terms of going concern.
20.97
3.84
18.4
1.5
52.4
18.13
1.56
16.52
1.85
46.7
0
10
20
30
40
50
60
Price to Earnings Price to Sales Price to next year
expected earnings
Price-earnings-growth
(PEG)
Price to Free Cash Flow
(PFCF)
Valuation
Coca Cola Industry

17. Coca-Cola 16
Financial Strength Measurement
Years
Dec 31,
2013
Dec 31,
2012
Dec 31,
2011
Dec 31,
2010
Dec 31,
2009
Current ratio 1.13 1.09 1.05 1.17 1.28
Quick ratio 0.90 0.77 0.78 0.85 0.95
Cash ratio 0.73 0.59 0.58 0.61 0.67
Debt to equity 1.12 0.99 0.90 0.76 0.48
Coca-Cola Co.'s current ratio improved from 2011 to 2012 and from 2012 to 2013. A
liquidity ratio calculated as current assets divided by current liabilities.
Coca-Cola Co.'s quick ratio deteriorated from 2011 to 2012 but then improved from 2012
to 2013 exceeding 2011 level. A liquidity ratio is calculated as (cash plus short-term marketable
investments plus receivables) divided by current liabilities.
Cash ratio improved from 2011 to 2012 and from 2012 to 2013. A liquidity ratio
calculated as (cash plus short-term marketable investments) divided by current liabilities.
Coca-Cola Co.'s debt-to-equity ratio deteriorated from 2011 to 2012 and from 2012 to
2013. A solvency ratio calculated as total debt divided by total shareholders' equity. This ratio
poses a threat because it is getting worse each year.
Overall Coca Cola’s financial strength is impressive. However, the deterioration of quick ratio
and debt equity should be taken into consideration. We will measure those in comparison to the
industry

18. Coca-Cola 17
(Figure: Financial strength of Coca Cola and the industry (2013))
Therefore, in comparison to the whole industry, the financial position of Coca Cola is not
impressive in terms of ratio even though the amount in the balance sheet and income statement
are huge.
Growth Rates
Growth rate for sales of Coca Cola for last 5 years is 9.94% whereas the industry growth
rate is 7.21%. The interesting thing about Coca Cola is its EPS is growing at 6.90% rate where
the industry EPS is reducing at 2.18% rate
Management efficiency and effectiveness
Coca Cola is doing great in return of assets and investments. It has better bargaining
power with its debtors, but the management of Coca Cola is not performing the way the
management of the industry is performing in terms of inventory and asset turnover.
0.8
1
0.57
0.9
1.1
0.7
QUICK RATIO CURRENT RATIO LONG TERM DEBT TO EQUITY
Financial Strength
Coca Cola Industry

19. Coca-Cola 18
Source: http://www.fool.com/quote/nyse/coca-cola/ko/financial-ratios
Risk Assessment
Coca-Cola Company has operationally positioned itself as a leader in the industry. The
company’s comparative advantages as strong brand portfolio and market leadership continues to
be impacted by the position of its competitors. Risk remains high for the industry that water
scarcity and poor quality impact production costs and capacity, regulations affect sales at certain
points of sale, and rising labor wages and healthcare costs in the US further weigh down on its
profit margins. Water shortages have been created because of rapid population growth and
continued pollution of existing freshwater sources. Increasing production costs or face capacity
constraints may affect Coca-Cola’s profitability in the long run. Possible new taxes on sugar-
sweetened beverages and additional governmental regulations may reduce demand that affect its
profitability. In a result of tight labor markets, increased overtime, government mandated
increases in minimum wages and a higher proportion of full-time employees, labor costs for the
company have been rising. Coca-Cola relies on bottling partners’ financial that a deterioration of
the financial condition or results of operations of major bottling partners could adversely affect
9.3 9.1
4.7 0.5
8.6 9
6.8
0.7
0
5
10
Return on Assets
(TTM)
Receivable Turnover
(TTM)
Inventory Turnover
(TTM)
Asset Turnover
(TTM)
Management Efficiency and
Effectiveness
Coca Cola Industry

20. Coca-Cola 19
net operating revenue; could result in a decrease in equity income; and could negatively affect
the carrying values of investments resulting in asset write-offs. Increase in the cost, disruption of
supply or shortage of energy or fuels or ingredients, other raw materials or packaging materials
could affect its profitability. The growth of current ratio was due to increase in current assets and
decrease in current liabilities from 2012 to 2013, which could suggest that Coca-Cola has
inferior payment conditions for accounts payable compared to payment conditions for accounts
receivable, so that auditors should focus on more accounts payable (Coca Cola 2013 10K
Report).
Recommendation
After conducting ratio analysis, horizontal and vertical analysis and other analytical
procedures, our findings are:
a) Company is going concern
b) There are no other significant risks.
c) There are no material misstatements in past.
d) The company’s financial performance is consistent with regards to industry over the
years. On the basis of our observations above we can accept the audit engagement of The Coca
Cola Company.

21. Coca-Cola 20
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annual-report-on-form-10-k.pdf>.
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22. Coca-Cola 21
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cola/ko/financial-ratios>.
Jenkins, Beth, Kara Valikai, and Piya Baptista. "The Coca-Cola Company’s 5by20 Initiative
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port_September2013.pdf>.
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company/the-coca-cola-system>.
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Bloomberg.com, 18 Apr. 2013. Web. <http://www.bloomberg.com/news/2013-04-
18/pepsico-profit-tops-analysts-estimates-as-snack-sales-increase.html>.