Whitbread Case Study
There are a number of risks occurred during the operations in Whitbread. The business risks come from the major events, situations, actions and circumstances bringing disadvantageous effects for the company to achieving the objectives and strategies, or from the inappropriate objectives and strategies. Firstly, the food safety and hygiene is the inevitable risk for Whitbread while providing various foods in hotels, coffee shops and restaurants. The risk includes the preparations of food, the strict purchasing policies, how to store the food well and the impacts from supplier failures.
For instance，the Guardian has reported that the restaurants of Whitbread offer the “beef lasagne” which contains pork for more than a third of meat. The dish
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And the company needs to take funds, labour and time to rebuild the reputation. The managers may think of changing the suppliers and make effective strategies to drum for more customers. The auditors are easy to neglect these points and give exact audit comments. This kind of risk is the audit risk that the auditor represents an inappropriate audit opinion on a financial statement that contains significant errors. It consists of inherent risk, control risk and detection risk. The former two risks can not be changed by auditors, and the latter risk can be controlled by auditors. The main difference between business risks and audit risks is that one concerns the organization and its stakeholders and another relates specifically to …show more content…
The economic climate uncertainty results in decline of GDP reduce in RevPAR (revenue per available room) and inflation influencing the growth plans of Whitbread. If the sales revenue is fairly low and simultaneously executing the growth plans, for example, taking all ownership of Costa coffee in South China. The company may increase the risk of finance turnover with highly geared. The financial liabilities on the balance sheet potentially ascend. The investors may query the going concern status of Whitbread. In addition, the price setters in the company may give biased judgements on the price due to the frequently economical changes. The principal problem is how to estimate the proper prices under different economic situations which can both attain profits and attract more customers. The managers in the company should catch up on variation of economic climate and timely make the corresponding
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