Kelloogs
Kelloogs
The company that was audited was Kelloggs Company the company was audited on November 2 2010. Kellogg has been part of cereal market for more than a century. The company began with only 44 employees in Battle Creek, Michigan, in 1906. Today they manufacture in 18 countries and sell their products in more than 180 countries around the world.
2010 sales of nearly $12 billion, Kellogg Company are the worlds leading producer of cereal and a leading producer of convenience foods, including cookies, crackers, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles and veggie foods. Reported net sales declined 4 percent to $3.2 billion in the third quarter. Internal net sales, excluding the effect of foreign currency translation, decreased 2 percent year-over-year. Total reported operating profit in the quarter decreased 5 percent to $541 million driven primarily by lower net sales and increased advertising investment. Internal operating profit decreased 3 percent. Reported gross margin contracted by 50 basis points to 43.4 percent in the quarter because of higher than expected cost pressures and lower volume levels.
Kelloggs was audited by its own accountants and analyst Kathryn Koessel and Kris Charles to consolidate financial statements. These statements had their consolidated