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Case Questions and Answers:
- The PCAOB’s Interim Standards identify auditor’s responsibilities when addressing the possibility that fraud has materially impacted a public company’s financial statements. Identify in bullet format the key instances in which the L&H auditors apparently failed to comply with these responsibilities during the 2005 and 2006 Locate plus Audits.
- What is the purpose of predecessor-successor auditor communications? Which party, the predecessor or successor auditor, has the responsibility for initiating those communications? Briefly summarize the information that a successor auditor should obtain from the predecessor auditor.
- What are the primary responsibilities of a “concurring partner” under current U.S. auditing standards?
- What is the nature and purpose of a “letter of representations”? Comment on the quality or strength of the audit evidence yielded by a letter of representations?
5-The Improper payments made by the APC occurred during the time frame that Andrea Jung served as Avon’s CEO. Was she “responsible” for those payments even if she was unaware of them? Why or why not?
6-Identify the role and responsibilities that an internal audit staff typically assumes in a company’s internal control system.
- 7-The IMA Statement of Ethical Professional Practice identifies four ethical standards, three of which are competence, confidentiality, and integrity (see “Ethics Center” on IMA website). Relying on those three ethical standards, evaluate the conduct of Avon’s internal audit staff during the company’s initial investigation of the questionable payments made by APC.
- 8-Do you agree with Avon’s corporate legal staff that the potential FCPA violations were a legal issue and not and internal audit issue? Explain
- 9-The COSO internal control framework identifies five components of an entity’s internal control. Which, if any, of those five components of Avon’s internal control were flawed? Explain. If there were multiple flaws in Avon’s internal control, identify which one you believe was most serious and defend your choice.
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