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Internal Control Paper – PepsiCo
May 2, 2011
Description of PepsiCo
In 1965, PepsiCo, Inc. was founded by Donald Kendal and Herman Lay. Donald was at the time President and Chief Executive officer of Pepsi-Cola. Herman at the time was Chairman and Chief Executive Officer of Frito-Lay. This was a merger of the two companies. Pepsi-Cola was created by Caleb Bradham in 1898 in North Carolina. By 1961, the merger of the Frito Company, which was founded by Elmer Doolin in 1932, and H. W Lay Company, which was founded by Herman W Lay in 1932. By 1962, both Pepsi-Cola and Frito-Lay introduce new products which were:
• Pepsi - 1898
• Diet Pepsi – 1964
• Mountain Dew – 1948
• Frito corn chips – 1932
• Lay’s potato chips – 1938
• Cheetos – 1948
• Ruffles – 1958
• Rold Gold – 1961
By 1966, Doritos was introduced to the United States and Pepsi was introduced to Eastern Europe and Japan. In 1984, PepsiCo was focused on their main three businesses: soft drinks, snack foods, and restaurants. Over the years between the 1970s and the mid-1990s, PepsiCo, has brought the following brands: Pizza Hut, Taco Bell, KFC, Hot’n Now, East Side Mario’s, D’Angelo Sandwich Shops, Chevys Fresh Mex, California Pizza Kitchen, Stolichnaya, Wilson Sporting Good, North American Van Lines. These brands are also no longer with PepsiCo. There are some that are still affiliated with them which are: Gatorade, Quaker Oats, and Tropicana Products. They also made history in 1984, Michael Jackson and his brother starred in two of their commercials. With this commercial, Pepsi-Cola became “The Choice of a New Generation.” Today even though PepsiCo has merged with different products, Pepsi-Cola is still the most selling product they have.
Management Internal Control
Their management is responsible for establishing and maintaining the satisfactory internal control over PepsiCo financial reporting....
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