COSO CASE STUDAY 案例分析.pdf

ABCD COSO case study Case study – Parmalat The situation - Parmalat is a multinational Italian dairy and food corporation - The company was founded by Calisto Tanzi, a university dropout who transformed a family business, Calisto Tanzi Sons - Salamis and Preserves into an organisation hailed as one of Europes biggest corporate success stories. - In 1997 Parmalat jumped into the world financial markets in a big way, financing several international acquisitions with debt. - By 2001, many of the new divisions were producing losses, and the company financing shifted largely to the use of derivatives. - Parmalat had determined that their company wide objectives was to become the leading global company in production of UHT, however, a risk assessment of financing several international acquisitions with debt and derivatives was not performed. - There was also a concern that the managers who were making the accounting decisions, were also posting the journals to the general ledger. Furthermore, they were reviewing and signing off on the reconciliations and reporting - In February 2003, CFO Fausto Tonna unexpectedly announced a new €500 million bond issue. This came as a surprise both to the markets and to the CEO, Calisto Tanzi. Tanzi fired Tonna and replaced him as CFO with Alberto Ferraris. - Ferraris was surprised to discover that, though now CFO, he still didnt have access to some of the corporate books, which were being handled by the Chief Accounting Officer, Luciano Del Soldato. - He began making some inquiries and began to suspect that the companys total debt was more than double that on the balance sheet. - It was identitifed that there was a lack of validity checks to confirm the accounts actually existed, resulting in inaccurate