coso case studay 案例分析

coso case studay 案例分析

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时间:2017-12-08

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1、ABCDCOSOcasestudyCasestudy–ParmalatThesituation-ParmalatisamultinationalItaliandairyandfoodcorporation-ThecompanywasfoundedbyCalistoTanzi,auniversitydropoutwhotransformedafamilybusiness,CalistoTanzi&Sons-SalamisandPreservesintoanorganisationhailedasoneofEurope's

2、biggestcorporatesuccessstories.-In1997Parmalatjumpedintotheworldfinancialmarketsinabigway,financingseveralinternationalacquisitionswithdebt.-By2001,manyofthenewdivisionswereproducinglosses,andthecompanyfinancingshiftedlargelytotheuseofderivatives.-Parmalathaddet

3、erminedthattheircompanywideobjectiveswastobecometheleadingglobalcompanyinproductionofUHT,however,ariskassessmentoffinancingseveralinternationalacquisitionswithdebtandderivativeswasnotperformed.-Therewasalsoaconcernthatthemanagerswhoweremakingtheaccountingdecisio

4、ns,werealsopostingthejournalstothegeneralledger.Furthermore,theywerereviewingandsigningoffonthereconciliationsandreporting-InFebruary2003,CFOFaustoTonnaunexpectedlyannouncedanew€500millionbondissue.ThiscameasasurprisebothtothemarketsandtotheCEO,CalistoTanzi.Tanz

5、ifiredTonnaandreplacedhimasCFOwithAlbertoFerraris.-Ferrariswassurprisedtodiscoverthat,thoughnowCFO,hestilldidn'thaveaccesstosomeofthecorporatebooks,whichwerebeinghandledbytheChiefAccountingOfficer,LucianoDelSoldato.-Hebeganmakingsomeinquiriesandbegantosuspecttha

6、tthecompany'stotaldebtwasmorethandoublethatonthebalancesheet.-Itwasidentitifedthattherewasalackofvaliditycheckstoconfirmtheaccountsactuallyexisted,resultingininaccurateinformationbeingreported.-ThecrisisbecamepublicinNovemberwhenquestionswereraisedabouttransacti

7、onswithmutualfundEpicurum,aCayman-basedcompanylinkedtoParmalatcausingitsstocktoplummet.FerrarisresignedlessthanaweeklaterandwasreplacedbyDelSoldato.-InDecember,DelSoldatoresigned,unabletogetcashfromEpicurumfund,neededtopaydebtsandmakebondpayments.Thecompany,whoh

8、ad36,000employees,wassupposedtobesittingon€3.95billionincash,sotheItalianbankerswerepuzzledbyitspredicamentofacashshortage.-EnricoBondiwascalledintohelpthecompany.Tan

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