SUMMARY AUDITING 1 CHAPTER 6
Disusun oleh:
1. Afra Afra Hasanah Hasanah
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2. Dwi Rilvina Suci 3. Husna !aili
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FAKULTAS AKULTAS EKONOMI DAN D AN BISNIS BIS NIS UNIVERSITAS UNIVERSITAS INDONESIA DEPOK 2016
Planning Objective and Procedures Every action shou! "e #anne! "e$ore to achieve the e%#ecte! resut or to &et thin&s !one in a correct 'ay( The sa)e thin& &oes $or au!it( Pannin& in au!it 'i he# au!itor in !eter)ine
ti)in& an! sco#e o$ the au!it an! the a)ount an! ty#e o$ evi!ence an! revie' re*uire! to assure the au!itor that there is no )ateria )isstate)ent o$ the $inancia state)ents( The #annin& #roce!ures are+ 1( Per$or) au!it #roce!ures to un!erstan! the entity an! its environ)ent, incu!in& the entity-s interna contro( .( Assess the ris/s o$ )ateria )isstate)ents o$ the $inancia state)ents( 0( Deter)ine )ateriaity( ( Pre#are the #annin& )e)oran!u) an! au!it #ro&ra) containin& the au!itor-s res#onse to the i!enti$ie! ris/s(
Understanding the Entity and its Environment ISA 012 !istin&uishes the $oo'in& reevant as#ects in the un!erstan!in& o$ the entity an! its environ)ent+ •
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in!ustry, re&uatory an! other e%terna $actors, incu!in& the a##ica"e $inancia re#ortin& $ra)e'or/3 nature o$ the entity, incu!in& the entity-s seection an! a##ication o$ accountin& #oicies3 o"4ectives an! strate&ies, an! the reate! "usiness ris/s that )ay resut in a )ateria )isstate)ent o$ the $inancia state)ents3 )easure)ent an! revie' o$ the entity-s $inancia #er$or)ance3 interna contro 5!iscusse! in Cha#ter Interna Contro an! Contro Ris/7(
The Entity’s Objectives, Strategies and Related Business Risks The au!itor 'i aso consi!er the entity-s o"4ectives an! strate&ies, an! the reate! "usiness ris/s that )ay a$$ect the $inancia state)ents( The entity’s objectives are the overa #ans $or the co)#any as !eter)ine! "y those char&e! 'ith &overnance an! )ana&e)ent( Strategies are the o#erationa a##roaches "y 'hich )ana&e)ent inten!s to achieve its
o"4ectives( Si&ni$icant con!itions, events, circu)stances or actions that cou! a!versey a$$ect the entity-s a"iity to achieve its o"4ectives an! e%ecute its strate&ies create "usiness ris/s( The conce#t o$ "usiness ris/s is "roa!er than the conce#t o$ ris/s o$ )ateria )isstate)ents in the $inancia state)ents( Ho'ever, )ost "usiness ris/s 'i ty#icay have a $inancia conse*uence, an! hence 'i $in! their 'ay into the $inancia state)ents( 8ne cou! co)#are a "usiness entity to a ivin& syste)( The co))unications net'or/ 5$or)a an! in$or)a7 is i/e a centra nervous syste) 'here i)#ortant !irection is &iven $ro) the "rain
to the "o!y to #er$or) 'or/( In an or&ani9ation, )ana&e)ent or those res#onsi"e $or &overnance 5e(&( the "oar! o$ !irectors7 $or)uate a strate&y 'hich, in turn, in$uences ho' e)#oyees #er$or) 'or/( Any ivin& or&anis) has a sy)"iotic reationshi# 'ith the environ)ent( Events such as severe 'eather )ay en&en!er surviva ris/s $or an entity( Searchin& $or $oo! in the environ)ent )o!i$ies the 'or/ an or&anis) !oes an! sha#es its surviva strate&y( Si)iary, in "usiness or&ani9ations there e%ists a sy)"iotic aiance "et'een the "usiness #rocesses o$ the or&ani9ation an! e%terna econo)ic a&ents( Custo)ers, su##iers, shareho!ers, an! the &enera #u"ic are e%terna econo)ic a&ents 'ho i)#act on a co)#any-s #ro$ita"iity an! uti)ate surviva( :inancia state)ents are the co))unications that !escri"e, on a )onetary eve, the co)#any-s !yna)ic interreationshi# 'ith e%terna a&ents(
udit Risk !odel The Ris/ Assess)ent Process Au!itor )ust #er$or) #roce!ures to o"tain an un!erstan!in& o$ accountin& an! interna contro syste)s to assess the ris/( It is i)#ortant to !o this #roce!ure "ecause so)e o$ the resuts )ay "e use! "y the au!itor as au!it evi!ence to su##ort the assess)ents o$ the ris/s o$ )ateria )isstate)ent o$ the $inancia state)ents( The au!itor e%a)ines the ris/s o$ )ateria )isstate)ent at the $inancia state)ent eve an! at the $inancia state)ent assertion eve $or casses o$ transactions, account "aances, an! !iscosures( Ris/s that e%ist at the $inancia state)ent eve are #ervasive( This ris/ 'ou! not 4ust have an i)#act on one ite) o$ the $inancia state)ents, "ut 'ou! "e o$ i)#ortance on the reco&nition an! vauation o$ )any ite)s(
Assess)ent Tas/s To assess the ris/s o$ )isstate)ent o$ the $inancia state)ents, the au!itor #er$or)s $our tas/s( 1( I!enti$y ris/s "y !eveo#in& an un!erstan!in& o$ the entity an! its environ)ent, incu!in& reevant contros that reate to the ris/s( Anay9e the strate&ic ris/s an! the si&ni$icant casses o$ transactions(
.( Reate the i!enti$ie! ris/s to 'hat cou! &o 'ron& in )ana&e)ent-s assertions a"out co)#eteness, e%istence, vauation, occurrence, an! )easure)ent o$ transactions or assertions a"out ri&hts, o"i&ations, #resentation, an! !iscosure( 0( Deter)ine 'hether the ris/s are o$ a )a&nitu!e that cou! resut in a )ateria )isstate)ent o$ the $inancia state)ents( ( Consi!er the i/eihoo! that the ris/s 'i resut in a )ateria )isstate)ent o$ the $inancia state)ents an! their i)#act on casses o$ transactions, account "aances an! !iscosures(
Business Risk, udit Risk and its "om#onents ;usiness ris/s resut $ro) si&ni$icant con!itions, events, circu)stances, or actions that cou! a!versey a$$ect the entity-s a"iity to achieve its o"4ectives an! e%ecute its strate&ies( Not every "usiness ris/ 'i transate !irecty in a ris/ o$ a )ateria )isstate)ent in the $inancia state)ents3 it-s cae! as audit risk$ Au!it ris/ is the ris/ that the au!itor &ives an ina##ro#riate au!it o#inion 'hen the $inancia state)ents are )ateriay )isstate!( Au!it ris/ is a )easure the reia"iity o$ the in$or)ation use! "y the accountin& syste) is, i(e( ho' )uch reiance can "e #ut on it( The hi&her the au!it ris/, the )ore evi!ence )ust "e &athere! in or!er $or the au!itor to o"tain su$$icient assurance as a "asis $or e%#ressin& an o#inion on the $inancia state)ents( Au!it ris/ has three co)#onents+ inherent ris/, contro ris/ an! !etection ris/( The three co)#onents are tra!itionay !e$ine! as $oo's+ 1( Inherent ris/ is the susce#ti"iity o$ an account "aance or cass o$ transactions to )isstate)ents that cou! "e )ateria,
in!ivi!uay or 'hen a&&re&ate! 'ith
)isstate)ents in other "aances or casses, assu)in& that there 'ere no reate! interna contros( The assess)ent o$ inherent ris/ is !iscusse! in )ore !etai ater in this cha#ter( .( Contro ris/ is the ris/ that a )isstate)ent that cou! occur in an account "aance or cass o$ transactions an! that cou! "e )ateria < in!ivi!uay or 'hen a&&re&ate! 'ith )isstate)ents in other "aances or casses < 'i not "e #revente! or !etecte! an! correcte! on a ti)ey "asis "y accountin& an! interna contro syste)s( 0( Detection ris/ is the ris/ that an au!itor-s su"stantive #roce!ures 'i not !etect a )isstate)ent that e%ists in an account "aance or cass o$ transactions that cou! "e
)ateria, in!ivi!uay or 'hen a&&re&ate! 'ith )isstate)ents in other "aances or casses(
Signi%icant risks are au!it ris/s that re*uire s#ecia au!it consi!eration( Si&ni$icant ris/s
&eneray reate to 4u!&)enta )atters an! si&ni$icant non=routine transactions( >u!&)ent is use!, $or e%a)#e, in the !eveo#)ent o$ si&ni$icant accountin& or $air vaue esti)ates( Non=routine transactions are transactions that are unusua, either !ue to si9e or nature, an! that there$ore occur in$re*uenty( Ris/s o$ )ateria )isstate)ent )ay "e &reater $or si&ni$icant 4u!&)enta )atters re*uirin& accountin& esti)ates or revenue reco&nition an! $or assu)#tions a"out the e$$ects o$ $uture events 5e(&( $air vaue7 than $or or!inary transactions( As #art o$ ris/ assess)ent, the au!itor )ay !eter)ine so)e o$ the ris/s i!enti$ie! are si&ni$icant ris/s that re*uire s#ecia au!it consi!eration( Cassi$ication o$ a ris/ as re*uirin& s#ecia consi!eration is i)#ortant in the conte%t o$ the au!itor-s res#onse to the ris/( Si&ni$icant ris/s arise on )ost au!its, "ut their !eter)ination is a )atter $or the au!itor-s #ro$essiona 4u!&)ent( In !eter)inin& 'hat a si&ni$icant ris/ is the au!itor consi!ers a nu)"er o$ )atters, incu!in& the $oo'in&+ • •
?hether the ris/ is a ris/ o$ $rau!( The i/eihoo! o$ the occurrence o$ the ris/(
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?hether the ris/ is reate! to recent si&ni$icant econo)ic, accountin&, or other !eveo#)ents an!, there$ore, re*uires s#eci$ic attention( The co)#e%ity o$ transactions that )ay &ive rise to the ris/( ?hether the ris/ invoves si&ni$icant transactions 'ith reate! #arties( The !e&ree o$ su"4ectivity in the )easure)ent o$ $inancia in$or)ation reate! to the ris/( ?hether the ris/ invoves si&ni$icant transactions that are outsi!e the nor)a course o$ "usiness $or the entity, or that other'ise a##ear to "e unusua &iven the au!itor-s un!erstan!in& o$ the entity an! its environ)ent(
&nherent Risk ssessment The ris/ that the $inancia state)ents are )ateriay )isstate! #rior to the au!it consists o$ t'o co)#onents, contro ris/, an! inherent ris/( Inherent ris/ an! contro ris/ are the entity-s ris/s 'hich e%ist in!e#en!enty o$ the au!it o$ the $inancia state)ents( Inherent ris/ is the susce#ti"iity o$ an assertion a"out a cass o$ transaction, account "aance or !iscosure to a )isstate)ent that cou! "e )ateria, either in!ivi!uay or 'hen a&&re&ate! 'ith other )isstate)ents, "e$ore consi!eration o$ any reate! contros( Inherent ris/ is hi&her $or so)e assertions an! reate! casses o$ transactions, account "aances, an! !iscosures than $or others( ;usiness ris/ is a ris/ resutin& $ro) si&ni$icant con!itions, events, circu)stances, actions or inactions that cou! a!versey a$$ect an entity-s a"iity to achieve its o"4ectives an! e%ecute its strate&ies, or $ro) the settin& o$ ina##ro#riate o"4ectives an! strate&ies( An un!erstan!in& o$ the "usiness ris/s $acin& the entity increases the i/eihoo! o$ i!enti$yin& inherent ris/s, since )ost "usiness ris/s 'i eventuay have $inancia conse*uences an!, there$ore, an e$$ect on the $inancia state)ents(
Other Planning ctivities 8ther #annin& activities incu!e #annin& !iscussions 'ith those char&e! 'ith &overnance 5i/e the "oar! o$ !irectors7 an! #re#arin& the au!it #annin& )e)oran!u)( As #art o$ the #annin& #rocess, it )ay "e a##ro#riate to have !iscussions 'ith those char&e! 'ith &overnance( The au!itor shou! un!erstan! 'here the entity has an interna au!it $unction, the e%tent to 'hich the au!itor 'i use the 'or/ o$ interna au!it, an! ho' the e%terna an! interna
au!itors can "est 'or/ toðer in a constructive an! co)#e)entary )anner( Discussion 'ith those char&e! 'ith &overnance 'i "e he#$u in #annin& au!it #roce!ures( The attitu!es, a'areness, an! actions o$ those char&e! 'ith &overnance concernin& the entity-s interna contro an! its i)#ortance in the entity, incu!in& ho' they oversee the e$$ectiveness o$ interna contro, an! the !etection or #ossi"iity o$ $rau! 'i sha#e the assess)ent o$ contro ris/ an! #anne! #roce!ures $or $rau! !etection( The $ina ste# in the #annin& #rocess is to #re#are an au!it #annin& )e)oran!u) an! an au!it #an( The au!it #annin& )e)oran!u) su))ari9es the overa au!it strate&y an! contains the !ecisions re&ar!in& the overa sco#e, e)#hasis, an! con!uct o$ the au!it, #anne! au!it res#onses at the overa $inancia state)ent eve, aon& 'ith a su))ari9ation o$ si&ni$icant )atters !ocu)ente! in the au!it #an( Ty#icay, an au!it #annin& )e)oran!u) 'ou! contain the $oo'in& sections+ •
;ac/&roun! in$or)ation !escri"in& the cient co)#any-s structure, "usiness, an! or&ani9ation( This shou! incu!e si&ni$icant )atters a$$ectin& the cient, cross= re$erence! as re*uire! to the au!it $ies to ena"e a )e)"er o$ the au!it tea) to
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&ain an overvie' o$ the cient( The o"4ectives o$ the au!it sho'in& 'hether it is an au!it $or stoc/ho!ers, the
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nationa &overn)ent $iin&s, or so)e s#ecia #ur#ose au!it( The assess)ent o$ en&a&e)ent ris/ an! #otentia $oo'=u# on i!enti$ie!
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increase! en&a&e)ent ris/s, as i!enti$ie! !urin& the cient acce#tance #hase( An i!enti$ication o$ other au!itors or e%#erts that 'i "e reie! u#on in the au!it
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an! a reca# o$ the instructions #rovi!e! to the)( An assess)ent o$ )ateriaity( Inherent ris/s, e)er&in& $ro) insi&ht into the cient-s in!ustry an! "usiness, s#eci$ie! $or each i)#ortant co)"ination o$ $inancia state)ent account an! au!it
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o"4ective( Concusions re&ar!in& the contro environ)ent, incu!in& the #ossi"e reiance on
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interna au!itors( Cassi$ication o$ the cient-s CIS environ)ent an! the eve o$ reiance on the cient-s CIS syste)s(
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An evauation o$ the *uaity o$ the accountin& an! interna contro syste)s, in #articuar an i!enti$ication o$ interna contro #roce!ures )iti&atin& the i!enti$ie!
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inherent ris/s( Su))ary o$ the au!it a##roach $or a!!ressin& each account "aance an! reate!
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au!it o"4ective $or 'hich an inherent ris/ has "een i!enti$ie!( The ti)in& an! sche!uin& o$ au!it 'or/, incu!in& !eter)inin& 'hich #roce!ures )ay "e #er$or)e! "e$ore the "aance sheet !ate( Aso consi!ere! is 'hat au!it 'or/ )ust "e !one on or a$ter the "aance sheet !ate( Dates are sho'n $or such critica #roce!ures as cash counts, acc ounts receiva"e con$ir)ations, an!
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inventory o"servation( Au!it "u!&et, !etaie! $or each eve o$ e%#ertise avaia"e in the au!it tea)(
!ateriality Materiaity is !e$ine! in I:AC-s Glossary Of Terms+ @ Information is material if its omission or misstatement could influence the economic decisions of users taken on the basis of the financial statements. Materiality depends on the size of the item or error judged in the particular circumstances of its omission or misstatement. Thus, materiality provides a threshold or cutoff point rather than being a primary ualitative characteristic !hich information must have if it is to be useful ( The au!itor shou! consi!er )ateriaity an! its reationshi# 'ith au!it ris/ 'hen con!uctin& an au!it( It is the au!itor-s res#onsi"iity to !eter)ine 'hether $inancia state)ents are )ateriay )isstate!( The au!itor consi!ers )ateriaity at "oth the overa $inancia state)ent eve an! in reation to in!ivi!ua account "aances, casses o$ transactions, an! !iscosures(
Reliability, Precision and mount o% Evidence
The au!itor shou! consi!er )ateriaity an! its reationshi# 'ith au!it ris/ 'hen con!uctin& an au!it, accor!in& to ISA 0.B( ?hat !oes this )ean In statistica sa)#in&, there is a $i%e! reationshi# "et'een+ •
the reia"iity o$ an assertion "ase! on the sa)#in& 5in au!itin& this is !eter)ine! "y
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au!it ris/73 the #recision o$ this state)ent 5in au!itin& it is !eter)ine! "y )ateriaity73 the a)ount o$ evi!ence that shou! "e &athere! in or!er to )a/e this assertion(
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Chan&es in one o$ these three ite)s have i)#ications $or 5one o$7 the other t'o(