Question 1
What is the nature of this company’s operations?
P & G primarily provides branded consumer goods. They operate under three general business units: beauty and health, household care, and Gillette. Beauty, healthcare, fabric care and home care, baby and family care, snacks, coffee, and pet care, blades and razors, and Duracell and Braun all fall under one of these three general business units. (Page 31)
Question 2
Does the company do business domestically and/or internationally?
P & G markets its goods both domestically as well as internationally. Their products have presence in over 180 countries where they appear primarily in high frequency stores. They have actual operations in over 80 countries. (Page 31)
Question 3
What is the company’s fiscal year-end? Where is this information found?
P & G ended their fiscal year June 30, 2007. I found this information in the consolidated balance sheet. (Page 50)
Question 4
Who were the auditors and what type of audit opinion did they give?
P & G used Deloitte & Touche LLP, which is an independent public accounting firm, to perform the audit of internal control over financial reporting and management’s assessment of effectiveness of internal control. Deloitte & Touche found all information was presented fairly and in conformity to generally accepted accounting principles. They expressed an unqualified opinion on management’s assessment of the effectiveness of the company’s internal control over financial reporting and an unqualified opinion on the effectiveness of the company’s internal control over financial reporting. (Page 29)
Question 5
What are generally accepted accounting practices (GAAP)?
Generally accepted accoun ...