Normally if it has Virus in the subject, the alert is usually related to an attachment and usually that attachment is removed.
It will look in the email content for possible malicious/suspicious scripts (to potentially malicious sites), etc.
You could check the avastUI, Mail Shield, Shield log and see what information on detections are contained there. If that is empty look in the mail shield log file, C:\Documents and Settings\All Users\Application Data\Alwil Software\Avast5\log\Mail.log (XP location).