Starbucks : The Fifth Most Admired Company

1350 WordsDec 5, 20156 Pages
Fortune names Starbucks the fifth most admired company in the world in 2014. In addition, Starbucks is ranked number four for social responsibility and places in the top 10 for quality of management and innovation. Their mission statement is: “To inspire and nurture the human spirit – one person, one cup and one neighborhood at a time.” Starbucks serves a high-quality brew that helps millions of coffee drinkers power through the day. However, coffee is not the only menu option. Most stores offer a diverse selection of coffee-free beverages and a variety of food items. Offering this selection makes Starbucks more desirable to children and people who are looking for a mid-day treat. Starbucks has a welcoming atmosphere in addition to its variety of on-the-go eats and non-coffee beverages. It allows the company to diversify its clientele and generate growing sales at the store level which can be a major plus for investors. Customers know what to expect when they come in the heavy glass door with green letters hanging overhead on the exterior. People come to Starbucks not only for their daily coffee fix, but also for what it represents and the status symbol that comes along with it. The purpose of this report is to provide an understanding of Starbuck’s business environment, identify and assess the risks of material misstatements of financial statements based on our research, therefore, determining the total engagement risk if we agree to take Starbucks on as an audit client.

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