Description: Do you like chocolate? Well a lot of the world sure does. There’s a bit of a crisis in the cocoa world these days though, according to Bloomberg. One of the big suppliers, Saf-Cacao of Ivory Coast, has become part of a total of 32 exporters who have defaulted on their supply agreements. KPMG has carried out an audit of the industry revealing the extent of the default on contracts.
Date: November 23, 2018
1) Are you a chocolate lover? Were you aware of the cocoa crisis?
2) How might this supply problem influence future market pricing?
3) In chapter one of Wiley’s Auditing: A Practical Approach, you can read about various types of audit engagements that an auditor might perform. What type of audit do you think KPMG performed on the cacao industry?