StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Audit of Panera Bread Company Quality Service and Market Share Process - Research Paper Example

Cite this document
Summary
Audit of Panera Bread Company Quality service and Market share process In this memorandum, I will describe the plans for the audit of Panera Bread Company in the provision of quality service and market share process. I will also discuss the rationale behind the main decisions that have gone into the audit program…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER99% of users find it useful
Audit of Panera Bread Company Quality Service and Market Share Process
Read Text Preview

Extract of sample "Audit of Panera Bread Company Quality Service and Market Share Process"

Download file to see previous pages

This is because, few customers subscribe to this company and, therefore, the expenses incurred by the company compared to the revenue generated from the services rendered is relatively high. In order to decrease its liabilities, and hence portray a positive image of the company, managers may attempt to take the losses into a different account especially the expenses accounts. In addition, when customers are disappointed in the orders they make, there is a higher possibility of them demanding that their order be remade or refunded.

This environment provides the possibility of pilfering by employees as they can always say they had to remake an order with no hint of plausibility. Increased customer returns and higher rates of pilfering by the employees increases the costs of goods sold by the company. Another risk is that Panera Bread is in the provision of services it offers on a national, regional, and local level, and this reduces its revenues and market share. When customers get poor services, it increases their chances of shifting to another competing company offering the same services.

This reduces the amount of revenue and the company incurs expenses such as, in advertising and improving its services to be better than those offered by their competitors. However, the company must make sure not to increase its prices since the customers will again shift to the competing companies. Since advertising is necessary, the managers then tend to hide the expenses behind the advertising expense in the statement of account. Controls To alleviate the risks coming from poor services, Panera Bread should put into practice several controls.

The company, to alleviate the risk of accounts payable being understated, as a result of increased expenses and, therefore, managers resulting to understating the expenses, should require proper authorisation of orders and entry of these orders in its ledger. The company should establish regular receipt book control, and ledger book to help reduce the irregularities. In a bid to entice customers, advertising is done. A control on this should also be enacted where the company should ensure that there are supporting documents any time a manager books an advertising expense.

It should also provide an appropriate division of duties such that a manager does not fake any advertising expenses. The company, to deal with the risks of losing its customers, can offer differentiated services from those that it normally offers. This can be done through, introducing offers, for example, ‘buy one get two’. Also, the maintenance of a serene environment can also be an advantage. This increases the influx of customers thereby solving the problem of managers faking expenses to reduce the liabilities since the revenue will increase in the long run.

Audit Objectives During this audit, I plan to test the accuracy and the valuation of the contingent liability for losses associated with poor services, the completeness of purchases and accounts payable and the existence of advertising expenses. Risk Assessment As a result, many emerging enterprises, especially in the food service industry, restaurants are always searching for ways of increasing their profits: Therefore, I assessed natural risk throughout all financial assertions. Moreover, the contingent liability is an estimation and, therefore, at a high risk of manipulation by the managers.

The controls around the accounts payable

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Audit of Panera Bread Company Quality Service and Market Share Process Research Paper”, n.d.)
Audit of Panera Bread Company Quality Service and Market Share Process Research Paper. Retrieved from https://studentshare.org/finance-accounting/1449629-panera-bread-attestation-planning-memo
(Audit of Panera Bread Company Quality Service and Market Share Process Research Paper)
Audit of Panera Bread Company Quality Service and Market Share Process Research Paper. https://studentshare.org/finance-accounting/1449629-panera-bread-attestation-planning-memo.
“Audit of Panera Bread Company Quality Service and Market Share Process Research Paper”, n.d. https://studentshare.org/finance-accounting/1449629-panera-bread-attestation-planning-memo.
  • Cited: 0 times

CHECK THESE SAMPLES OF Audit of Panera Bread Company Quality Service and Market Share Process

Firms Internationalization Process - Samsung

Samsung holds only 3 per cent market share, against Nokia (35%) and Apple (17%).... Internationalization process Even though the organizational strategy of Samsung for the 90s revolves around consolidation, the strategy for its corporeal manufacturing facilities entails increasing progress offshore.... “Although Nokia is market leader, but in case of smart phone Samsung emerged as leader” (Kaushik, 2012).... The company is a typical paradigm of a family run corporation or ‘Chaebol' which is an essential element of the South Korean business industry....
17 Pages (4250 words) Essay

The Role of Communication in the Organizational

The company's innovations like installation of camera and self-service tills in the stores could be considered as reactions in tune with the technological developments.... Also, these changes communicate a message to the customers about TESCO's desire to improve the level of service.... The strategy of the company in respect of all manners of communication, oral, written or actions needs to be designed to convey its philosophy and values to the stakeholders and public....
16 Pages (4000 words) Essay

Business Strategy by Nokia

Of paramount importance to any business is the market.... The plan will illustrate the kind of market to venture in.... In the case of Nokia Telecommunication Company, the details of the market of target could include: office managers, the business world, students who really on research and could benefit from the internet.... Another market is the very rich citizens of the society.... The strategic plan should also give a summary of activities that take place in the market....
17 Pages (4250 words) Case Study

The Marketing Mix

Also called the marketing “tactics,” the key elements to be considered are price, product, promotions and place, although there are other factors to marketing mix that may include people, physical evidence and process.... The marketing mix is a planned package that makes up the product or service offered to the market aimed at supporting the company reach its target market and sales objectives.... hellip; The marketing mix is a planned package that makes up the product or service offered to the market aimed at supporting the company reach its target market and sales objectives....
12 Pages (3000 words) Essay

The Digital Music Market: Apple iTunes

It has been reported that as the demand for digital music has increased along with Apple's market share (www.... According to a research study conducted by London based researcher Xtn Data, it was mentioned that Apple's iTunes Music store has a larger share of the UK digital music download market than the sum total of its competitors put together, i.... The paper “The Digital Music market: Apple iTunes” will look at Apple iTunes' market entry strategy into the UK carrying out more concentration on customer satisfaction and value creation fronts....
20 Pages (5000 words) Essay

How Can Nokia Keep Its Leading Position in the Telecommunications Market

This idea would be shared by the literature of Luther (2001) that the marketing plan is one of the most vital outputs of the marketing process.... This study “How Can Nokia Keep Its Leading Position in the Telecommunications market?... rdquo; deals with Nokia's status in the highly competitive market, its threats and opportunities.... While many competitors integrate with other market leaders, Nokia should be more active, inventive, and innovative....
28 Pages (7000 words) Research Paper

Innovation at Sony Corporation

Sony uses a combination of external and internal networking mechanism for the identification and acquisition of technologies and skills; gaining market knowledge; improving R&D; and transferring these results to efficient production processes.... Sony's strength lies in its ability to learn from its mistakes, innovating and developing products and services of high quality.... He described the situation as: “We started with a basic concept that we had to do something that no other company had done before” (Chaudhury, 2007)....
10 Pages (2500 words) Case Study

Marketing Audit: Motorola Company

This auditing process not only evaluates the strategy followed by the company but also helps to identify the target audience and the market needs.... Companies develop a specific marketing strategy to gain a competitive position in the market and hence it becomes imperative for the management to evaluate the effectiveness of the prevailing marketing strategy with the help of a marketing audit.... The information revealed can be used by the marketing department to restructure its marketing strategy, they can re-allocate the resources to enhance marketing efforts and if required they can re-examine the marketing opportunities existing in the given market (Dibb & Simkin, 2004, p....
6 Pages (1500 words) Case Study
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us