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Fit Food Study Case

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Submitted By eriny
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FIT FOOD – Summary of the author’s sample response

1.

WHAT WENT WRONG?
DID THE COMPANY SET ITSELF UP TO HAVE PROBLEMS?

Factors that created an environment that encourages negative behavior:


unreasonable pressures for performance – combined with…



a lucrative incentive program and a “no excuses” management style

Division managers were motivated to take steps to boost performance in the short run at the expense of the long run.
OTHERWISE KNOWN AS “operating myopia”

Examples of earnings management or gamesmanship:
Drink Division
1. 2007: Shipping moratorium, build-up of reserves, and the prepayment of some discretionary expenses. o Aggressive accounting or fraud? o Fraud legally defined as willful manipulation with the intent to deceive o Are shareholders deceived because of these actions?
2. 2008: Early-order program, reduction of reserves. o Early order program not uncommon – can represent legitimate sales using volume discounts and extended credit term o Using reserves to manage earnings – not uncommon o Eventually develop a noticeable pattern and results in negative comments from financial analysts and potential negative impact on share price 3. 2009: Re-build-up of reserves. o Question external audit procedures – not clear what justification was used to convince the auditors that the changes were justified
Cookie Division
1. 2008: Early-order program, shipping around the clock at the end of a quarter, ship unordered products, fraudulent orders with subsequent attempts to make the orders “stick.” o These techniques met with some success – revenues were increased o However long-term relationships with customers threatened

Again – question lack of external audit procedures – were internal controls tested prior to the audit? o Regardless, managers appear to be good at covering their tracks o 2. 2009:

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