Advanved Auditing

See the “Avon Products, Inc.” case for these questions.

1) The improper payments made by 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?

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2) Identify the role and responsibilities that an internal audit staff typically assumes in a company’s internal control system.

 

3) 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.

 

4) Do you agree with Avon’s corporate legal staff that the potential FCPA violations were a legal issue and not an internal audit issue? Explain.

 

5) 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.

 

6) Avon’s independent audit firm did not report any material weaknesses in Avon’s internal control during the course of the FCPA scandal. Define a “material weakness” in internal control and explain whether or not you believe Avon had one or more material weaknesses in internal control during the course of the FCPA scandal.

 

7) If the citizens of certain foreign countries believe that the payment of bribes is an acceptable business practice, is it appropriate for U.S. companies to challenge that belief when doing business in those countries? Defend your answer.

 

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