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Audit Planning Memo - AUDIT PLANNING MEMO Course ACC403...

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AUDIT PLANNING MEMO Course: ACC403 Section No.: Auditing and Assurance Services Written by: Victoria Crow Date: December 7, 2010 1
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COMPANY NAME: Coca Cola Bottling Company Consolidated 4100 Coca Cola Plaza Charlotte, NC 28211 www.cokeconsolidated.com BACKGROUND: COMPANY HISTORY : Coca Cola made its debut in 1886 at Jacobs’ Pharmacy Soda Fountain in Atlanta, GA. In 1902, J. B. Harrison, Great-Grandfather of current Chairman and CEO, Frank Harrison, III, began selling Coca-Cola in bottles in Greensboro, North Carolina. The Greensboro business was North Carolina’s first Coca-Cola bottling company. That same year, Luther Snyder began selling Coca-Cola in Charlotte, North Carolina. In 1920, the US Supreme Court ruled that the name “Coke” means “Coca-Cola,” thereby making “Coke” a trademark of The Coca-Cola Company. In 1930, the company that is now Coca-Cola Bottling Co. moved to a new home on West Moorehead Street in Charlotte and was operating seven sales routes. In 1972, the company changed its name to Coca-Cola Bottling Co. of the Mid Carolinas and stock was offered to the public for the first time. Snyder Production Center opened in Charlotte and to this day is one of the largest soft drink manufacturing facilities in the United States. In 1977, J. Frank Harrison Jr., grand-son of the company founder became chairman of the board. In 1997, Board Chairman, J. Frank Harrison, III, great-grandson of the company’s founder, became CEO. In 1982, Diet Coke was introduced followed in the next year with caffeine-free versions of Coke, Diet Coke and Tab. Coca-Cola Consolidated was the first company to introduce Cherry Coke to consumers. In 1985, “New” Coke was introduced. It was the first change of the “secret formula” since Coca-Cola was created. However, once the public had spoken, Coca-Cola returned to its original classic Coca-Cola formula.
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