Triton Energy Ltd Harvard Case Solution & Analysis

Triton Energy Ltd Case Solution


ACC 502

  1. What are the key factors that complicate the audit of a multinational company?
  2.  Explain
  3. A) What responsibility if any, does an account of a public company have when he or she discovers that the company has violated a law? B) How does the accountant’s position on the company’s employment hierarchy affect that responsibility, if at all? C) What responsibility does an auditor of a public company have if he or she discovers illegal acts by the client? D) Does the auditor’s position on his or her firm’s employment hierarchy affect this responsibility?
  4. Assuming Peat Marwick contracted with a local Indonesian accounting firm for the auditor of its Indonesian and other Asian operations, how does Peat Marwick’s audit opinion reflects its reliance on the foreign accounting firm? Explain with PCAOB citation(s) and example(s).

ACC 503

  1. What are the cost of producing oil and gas in Triton’s foreign oil and gas operations?
  2. How do the costs of producing oil and gas in Triton’s foreign operations affect the transfer price of that oil and gas when it is ”sold” to Triton’s domestic operation?

ACC 504

  1.  B) Would these control activities have been cost- effective?
  2. Does an audit firm of a multinational company have a responsibility to apply audit procedures intended to determine whether the client has complied with the FCPA?
  3. ACC 505
  1. How would income from Triton’s foreign operations be taxed in the U.S if the foreign operations were organized as a:
  2. Branch
  3. Foreign Corporation
  4. Branch of a foreign corporation
  5. How would Triton’s management decide on a price for selling oil and gas produced in its foreign operation to its U.S operations from a U.S income tax perspective if the foreign operation were organized as a:
  6. Branch
  7. Foreign Corporation
  8. Branch of a foreign corporation

ACC 508

  1. a) What accounting/financial reporting standards would have been used by the Indonesian subsidiary in the late 1980s?
  2. b) What procedures are used to convert the Indonesian subsidiary’s financial statements for inclusion in Triton Energy, Ltd.’s consolidated statements?
  3. c) What financial reporting standards would most likely be applicable to the Indonesian subsidiary today?
  4. a) If Triton Energy Ltd. relied on an Indonesian CPA firm for the external audit of its subsidiary in the late 1980s, what auditing standards would that CPA firm most likely have used?
  5. b) If Triton relied on the Indonesian office of a major U.S CPA firm for the external audit of its subsidiary in the late 1980s, what auditing standards would that CPA firm have used?
  6. c) What auditing standards would the U.S CPA firm rely on today in auditing the Indonesian subsidiary?


Bill Lee retired from Triton Energy in the mid-1990s after leading the Dallas-based oil and gas exploration firm through three turbulent decades. During Lee’s tenure, Triton discovered large oil and gas deposits in several remote sites scattered around the globe. Although adept at finding oil, Triton’s small size hampered the company’s efforts to exploit its oil and gas properties. Major oil firms, large metropolitan banks, and other well-heeled investors often refused to participate in the development of promising oil and gas properties discovered by Triton. Why? Because they were unnerved by Bill Lee’s reputation as a run-and-gun, devil- may-care “wildcatter”.....................

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