SESI 1: FINAL WORK –PART 1

PROSEDUR ANALITIS TERKAIT

LAPORAN POSISI KEUANGAN,
LAPORAN LABA RUGI & PKL
1
PIHAK BERELASI, DAN TINDAK LANJUT
TEMUAN AUDIT INTERIM
PPL - IAPI KORWIL JAWA TIMUR
NARASUMBER: HENDANG TANUSDJAJA
GEDUNG STIESIA, MENUR PUMPUNGAN NO.30
SURABAYA, 25 MARET 2019
2 Key References
 Guide to Using ISAs in the Audits of Small- and Medium-Sized
Entities, IFAC, 3rd Edition, 2011
 Standar Profesional Akuntan Publik (SPAP), IAPI, Salemba
Empat, 2014
 Materi Public Hearing –DSAP, IAPI
 “Intepretation and Application of International Standards on
Auditing”, Collings, Steve, John Wiley & Son, 2011
 The Audit Process: Principles, Practice and Cases, 6th ed., Iain
Gray, Stuart Manson and Louise Crawford, 2015
 The Audit of Related Parties in Practice, ICAEW, 2010
 Auditing and Assurance Services, an integrated Approach,
Arens et.al., 14th Ed, 2012
3 Planning final work
 At interim auditor forms conclusions about operation of systems
and whether transactions processed are genuine, accurate and
complete.
 Next stage is to plan final work needed to form an opinion on
financial statements as a whole: include work auditors perform to
prepare for final work, and detailed examination of selected assets
and related income and expense.
 Amount of work auditor deems necessary on final balances will
depend on two factors:
1. Inherent and control risk related to balances.
2. Significance of balances in the context of PRESENT FAIRLY of
the financial statements.
4 Bridging work between conclusion of
interim work and balance sheet date

Some time elapses between interim

and final examinations and auditors
should ascertain whether conclusions
formed earlier are still valid and
whether systems operated as
expected during the whole year
5 Bridging work between conclusion of
interim work and balance sheet date
 Conclusions on operation of accounting and control systems –
following tests of control.
 Conclusions on whether assets are being safeguarded and whether
transactions and balances are genuine, accurate and complete –
following substantive procedures.
 Discussion with management of the known problems and
potential solutions – pre-final work.
 Auditors have amended audit plan for matters not in original plan.
Discuss audit and company deadlines – pre-final work.
 Auditors have carried out certain audit procedures which can only
be performed at that time, e.g. inventory count observation.
 Auditors have carried out analytical review of financial
statements to put their work in context.
6 Pre-final work

 Discussions are held with management near

the year-end to ensure that preparation of
financial statements runs smoothly and
timetables are met.

 Auditors maintain regular contact with

management to detect problems early on in
the process.
7 Pre-final work

Potentially problematic areas

a. known problems;
b. stocktaking instructions;
c. timetable for preparation of year-end financial statements;
d. circularizations;
e. requirements of accounting and reporting standards;
f. new legislation;
g. requirements of auditing standards.
8 Financial Position date work.

Typical audit work includes:

a. bank confirmations;
b. stock count observation;
c. stages of completion of long-term
contracts/assets in course of
construction;
d. letters to other professionals.
 AUDIT ATAS PIHAK BERELASI
- TUJUAN AUDITOR
Apabila…
Memperoleh pemahaman tentang
Kerangka hubungan dan transaksi pihak berelasi untuk
keuangan dapat:
tidak • Mengindentifikasi faktor-faktor risiko
menetapkan kecurangan, jika ada, yang timbul dari
ketentuan hubungan dan transaksi pihak berelasi
pihak berelasi yang relevan dengan pengidentifikasikan
dan penilaian risiko kesalahan penyajian
ataupun material karena kecurangan; dan
• Menyimpulkan, berdasarkan bukti audit
yang diperoleh, apakah laporan
Kerangka keuangan, sejauh ini dipengaruhi oleh
keuangan hubungan dan transaksi pihak berelasi
menetapkan tersebut:
ketentuan • Mencapai penyajian wajar (untuk
pihak berelasi kerangka penyajian wajar); atau
• Tidak menyesatkan (untuk kerangka
9 kepatuhan)
 PERISTIWA YANG TERJADI ANTARA TANGGAL 10

LAPORAN KEUANGAN DAN TANGGAL LAPORAN AUDITOR

Peristiwa yang
Identifikasi seluruh mengharuskan
peristiwa yang penyesuaian atau
mengharuskan pengungkapan
penyesuaian atau teridentifikasi
pengungkapan
Atas peristiwa- Melaksanakan
peristiwa tsb prosedur audit Telah digambarkan
dalam laporan
Sifat dan luas keuangan secara
prosedur audit tepat dan sesuai
mempertimbangkan kerangka pelaporan
keuangan yang
penilaian risiko berlaku
auditor

Auditor harus meminta representasi tertulis kepada manajemen (jika relevan,

pihak yang bertanggung jawab atas tata kelola) yang menyatakan bahwa
seluruh peristiwa yang terjadi setelah tanggal laporan keuangan dan
memerlukan penyesuaian atau pengungkapan sesuai dengan kerangka
pelaporan keuangan yang berlaku telah disesuaikan atau diungkapkan.
11 Post-balance sheet events
(ISA 560)
 Auditors review the post-balance sheet
period to ascertain whether any matters
should be reflected in the accounts or
disclosed in the audit report.
 Key areas of concern:
• debtors collectability;
• NRV of stocks;
• useful lives of fixed assets;
• potential unrecorded liabilities.
12 Post-balance sheet events
(ISA 560)
 The period after the balance sheet date may be
subdivided into periods as follows.
1. between balance sheet date and completion of
draft accounts.
2. from completion of draft accounts to completion of
audit fieldwork.
3. from completion of audit fieldwork to date of
issuing financial statements.
4. after the financial statements have been issued
but before the AGM;
5. after the AGM.
13 SUBSEQUENT EVENTS
 14 SUBSEQUENT EVENTS Mengubah laporan
auditor dengan
Jika manajemen mengubah laporan keuangan, auditor
memasukkan suatu
harus melaksanakan prosedur audit yang diperlukan tanggal tambahan yang
dalam kondisi atas perubahan tersebut, dan: dibatasi sampai tanggal
perubahan
Prosedur audit atas
peristiwa kemudian
Apakah peraturan TIDAK boleh dibatasi ATAU
perundangan/kerangka berkaitan dengan
pelaporan melarang: perubahan tsb.
1. Manajemen Laporan auditor baru
membatasi atau laporan auditor
perubahan laporan yang diubah dengan:
keuangan; dan paragraf penekanan
2. Pihak yang suatu hal atau paragraf
bertanggung jawab mengenai pembatasan
membatasi prosedur audit atas
persetujuan atas peristiwa kemudian
perubahan? YA Prosedur audit atas
peristiwa kemudian
diperluas sampai
Laporan audit
pada tanggal
baru atas laporan
laporan auditor baru.
keuangan yang
diubah.
FAKTA DIKETAHUI SETELAH TANGGAL
LAPORAN AUDITOR NAMUN SEBELUM
TANGGAL LAPORAN KEUANGAN DITERBITKAN

 Apabila menurut peraturan perundang-undangan atau

kerangka pelaporan keuangan tidak mensyaratkan
penerbitan laporan keuangan yang diubah:
 Auditor tidak perlu menyediakan laporan auditor yang
diubah atau yang baru.
 Apabila auditor yakin bahwa laporan keuangan perlu
diubah:
 Jika laporan auditor belum diserahkan kepada entitas:
mengubah opini sesuai SA 705
 Jika laporan auditor telah diserahkan kepada entitas:
memberitahu manajemen agar tidak menerbitkan laporan
keuangan kepada pihak ketiga sebelum perubahan yang
diperlukan dibuat.

15
FAKTA DIKETAHUI SETELAH 16

LAPORAN KEUANGAN DITERBITKAN

 Auditor tidak memiliki kewajiban melakukan
prosedur audit setelah tanggal laporan keuangan
diterbitkan;
 Apabila, setelah tanggal laporan keuangan
diterbitkan, ditemukan fakta yang mungkin
menyebabkan auditor mengubah laporan auditnya,
dia harus:
 Membahas hal tsb dengan manajemen;
 Menentukan apakah laporan keuangan memerlukan
perubahan, dan jika demikian,
 Meminta keterangan bagaimana manajemen akan
memperlakukan hal tersebut dalam laporan keuangan.
FAKTA DIKETAHUI SETELAH
LAPORAN KEUANGAN DITERBITKAN
 Jika manajemen mengubah laporan keuangan,
auditor harus:
 Melaksanakan prosedur audit yang diperlukan dalam
kondisi atas perubahan tersebut;
 Menelaah tahap-tahap yang dilakukan oleh manajemen
untuk memastikan bahwa setiap pihak yang menerima
laporan keuangan yang diterbitkan sebelumnya
bersamaan dengan laporan auditor, diberi informasi
tentang situasi tersebut;
 Ambil langkah-langkah sama seperti fakta yang
ditemukan setelah tanggal laporan auditor namun
sebelum tanggal laporan keuangan diterbitkan

17
18 Provisions, contingent liabilities
and contingent assets
• Is there a legal or constructive obligation, the
latter evidenced by policies or other
authoritative statements from management
in the past, and whether the company is
taking any action in respect of the event;
• The auditor should determine if a reliable
estimate be made of the amount of the
obligation. Potential losses from claims may
be particularly difficult to ascertain.
19 Provisions, contingent liabilities
and contingent assets
Provisions must be properly
disclosed in accordance with IAS37,
sufficient to enable the reader to
understand the nature of the
obligation, the expected timing of
transfers of economic benefits, and
the uncertainties about amount or
timing.
20 Provisions, contingent liabilities
and contingent assets
Audit work to detect post-balance sheet events
and contingencies
(a) determine company procedures to detect
material post-balance sheet events/
contingencies;
(b) examine minutes of meetings:
shareholders, directors and audit/executive
committee;
(c) examine management accounts/accounting
records;
21 Provisions, contingent liabilities
and contingent assets
Audit work to detect post-balance sheet
events and contingencies:
d. examine profit and cash flow forecasts;
e. Enquire of legal department and external
legal representatives
f. review known risk areas;
g. review correspondence/memoranda;
h. confirmation from third parties;
i. review information in the public domain;
j. management interviews.
 AUDIT ATAS PIHAK BERELASI
- TUJUAN AUDITOR
Apabila…
Memperoleh pemahaman tentang
Kerangka hubungan dan transaksi pihak berelasi untuk
keuangan dapat:
tidak • Mengindentifikasi faktor-faktor risiko
menetapkan kecurangan, jika ada, yang timbul dari
ketentuan hubungan dan transaksi pihak berelasi
pihak berelasi yang relevan dengan pengidentifikasikan
dan penilaian risiko kesalahan penyajian
ataupun material karena kecurangan; dan
• Menyimpulkan, berdasarkan bukti audit
yang diperoleh, apakah laporan
Kerangka keuangan, sejauh ini dipengaruhi oleh
keuangan hubungan dan transaksi pihak berelasi
menetapkan tersebut:
ketentuan • Mencapai penyajian wajar (untuk
pihak berelasi kerangka penyajian wajar); atau
• Tidak menyesatkan (untuk kerangka
22 kepatuhan)
 Pengungkapan Pihak-pihak Berelasi
23 (PSAK 7; ISA 550)

Disclosures

Related party Information required to understand

relationships potential effect of relationships

Nature of the related party relationship

Where control exists
Information about the transactions
Even if no
Outstanding balances
transactions exist
Relationships between parents
and subsidiaries
Name of the entity’s parent and the
ultimate controlling party
Compensation of key management
personnel
[email protected] Terms of Transactions
 Pengungkapan Pihak-pihak Berelasi
24

 Overriding principle: an entity’s financial statements should

contain disclosures to highlight
 the existence of related parties and transactions; and
 outstanding balances with such parties

Determination of related parties

Presence of control & Under Common Control
Presence of significant influence
Presence of joint-control
Position as key management personnel
Close family member of a related party
Party in a post-employment benefit plan
[email protected]
Who’s related to Alpha?
26 THE FIVE-POINT ACTION PLAN
ON AUDITING RELATED PARTY
1. Planning – plan your work on the audit of related party
relationships and transactions thoroughly
2. Risk of material misstatement – focus on the risk of
material misstatement that might arise from related party
transactions
3. Internal controls – understand the internal controls at the
company to identify related parties and record related party
transactions
4. Responses to risks – design procedures to respond to risks
identified
5. Completion procedures – perform completion procedures
 IDENTIFICATION AND ASSESSMENT OF THE RMM
27
ASSOCIATED WITH RELATED PARTY RELATIONSHIPS
AND TRANSACTIONS

Treat identified significant related party

transactions outside the normal course of
business as giving rise to significant risks
of material misstatement.
If the auditor identifies fraud risk factors
when performing procedures, consider
such information when identifying and
assessing the risks of material
misstatement due to fraud in accordance
with ISA 240.
 RESPONSES TO THE RISKS OF MATERIAL MISSTATEMENT
28
ASSOCIATED WITH RELATED PARTY RELATIONSHIPS AND
TRANSACTIONS
If the auditor identifies related parties or significant related party transactions that
management has not previously identified or disclosed:
1. Promptly communicate the relevant information to other team members.
2. Request management to identify all transactions with the newly identified
related parties.
3. Ask why the controls in place failed to enable the identification or
disclosure of the related parties or related party transactions.
4. Perform appropriate substantive audit procedures relating to these newly
identified related parties or significant related party transactions.
5. Reconsider the risk that related parties or significant related party
transactions may exist that management has not previously identified or
disclosed to the auditor and perform additional audit procedures as
necessary.
6. If non-disclosure by management appears intentional, evaluate the
implications for the audit.
 RESPONSES TO THE RISKS OF MATERIAL MISSTATEMENT
29
ASSOCIATED WITH RELATED PARTY RELATIONSHIPS AND
TRANSACTIONS
If the auditor Identifies significant related party transactions outside
the entity’s normal course of business:
❑ Inspect the underlying contracts or agreements, if any, and
evaluate whether:
1. The business rationale (or lack thereof) of the transactions
suggests that they may have been entered into to engage in
fraudulent financial reporting or to conceal misappropriation of
assets.
2. The terms are consistent with management’s explanations.
3. The transactions have been appropriately accounted for and
disclosed.
❑ Obtain audit evidence that the transactions have been
appropriately authorised and approved.
30 Completion procedures of
Auditing Related Party
1. Obtain a representation that management has disclosed the
identity of related parties, relationships and transactions of
which they are aware and that related parties and transactions
have been appropriately accounted for and disclosed.
2. Communicate significant related party matters arising during
the audit to those charged with governance unless all of those
charged with governance are involved in its management.
3. Ensure that the accounting for and disclosure of related parties
and related party transactions are appropriate.
4. Consider the implications of the findings from work
performed on related parties and related party transactions for
the audit opinion.
31 Analytical procedures (ISA520)
 Evaluations of financial information by analysis of plausible relationships in
both financial and non-financial data. Analytical procedures also encompass
investigations of identified fluctuations or relationships that are inconsistent
with other relevant information or that differ from expected values by a
significant amount.
 Analytical procedures used by auditor at following stages:
First – planning stage to pinpoint critical areas where audit risk high.
Second – used as substantive procedures when responding to risk of material
misstatement at assertion level.
Third – just before end of audit to assist auditor when forming overall
conclusion as to whether financial statements are consistent with auditor’s
understanding of entity.
 Notes:
1. The auditor has to be sure of the reliability of the figures used in performing
analytical procedures.
2. if auditors are using only analytical procedures as substantive tests rather than tests of
detail, have to be quite sure that control risk is low.
32 Analytical procedures (ISA520)
33 Analytical procedures (ISA520)
- Examples
34 Audit approach to analytical
review
 Do the figures make sense? A question to direct audit effort.
 Audit approach to analytical review of data.
 The objective of analytical review at any stage where the auditor is
searching for evidence is to direct audit effort towards the evidence
needed to form audit conclusions.
 The auditor has to determine if changes revealed as a result of
analytical procedures are the result of:
❑ Errors
❑ Changes in accounting practice
❑ Changes in management policy
❑ Changes in general commercial factors
❑ Changes in commercial factors affecting client only
❑ Fraud
35 Audit approach to analytical
review
 Only calculate ratios useful to Auditor. Best approach:
➢ Look at figures broadly, before calculating any ratios.
➢ Then calculate selected ratios to see if your initial impression was
valid. Leave the calculation of ratios until necessary. Be selective.
➢ Many ratios interrelated – poor liquidity may not be grave if low
gearing and good profitability make practical further injection of
capital – interpret liquidity ratios in light of inventory turnover, of
trade receivables collectability and trade payables payment period.
➢ Analysis of financial statements is designed to direct audit effort and
to prove that financial statements do, in fact, show a true and fair
view of what they purport to show.
36 Analytical review
 Analytical review is useful when reviewing the
financial statements taken as a whole at the
conclusion of the audit.
 Specifically, auditors determine whether:
(a)financial statements have been prepared using
consistent and appropriate accounting principles;
(b)information published with the financial
statements is compatible with them;
(c)presentation and disclosure are as required by
law and by regulatory bodies and achieve truth
and fairness;
(d)conclusions drawn from tests and overall review
of the financial statements enable an opinion to be
formed.
37 Analytical review
Auditors use ratio analysis and other interpretative tools.
Significant changes in figures revealed by analytical
review may result from:
(a) errors;
(b) changes in accounting practice;
(c) changes in management policy;
(d) changes in general commercial factors;
(e) changes in commercial factors affecting the client
only;
(f) fraud.
38 Analytical review
 Ratio analysis can be useful, but must be handled with care
as ratios are meaningless unless compared with other
ratios.

 Auditors should ensure industry statistics have been

prepared in the same way as ratios used for the company
and be aware of special measures of success or
performance indicators used in a particular industry.
 Other analytical tools include:
(a) graphs;

(b) regression analysis and multiple regression analysis;

(c) Z-scores.
39 Analytical review
40 Analytical review

Analytical procedures on fixed assets might be

directed to:
• significant additions and disposals;

• profits/losses on disposal;

• revaluations;

• significant repairs;

• maintenance charges
41
Question and Answer Session

41
 SESI 2: FINAL WORK –PART 2

PROSEDUR RINCI TERKAIT

PIUTANG USAHA, ASET TETAP
1
DAN INSTRUMEN KEUANGAN

PPL - IAPI KORWIL JAWA TIMUR

NARASUMBER: HENDANG TANUSDJAJA
GEDUNG STIESIA, MENUR PUMPUNGAN NO.30
SURABAYA, 25 MARET 2019
2 Key References
 Guide to Using ISAs in the Audits of Small- and
Medium-Sized Entities, IFAC, 3rd Edition, 2011
 Standar Profesional Akuntan Publik (SPAP), IAPI,
Salemba Empat, 2014
 Materi Public Hearing –DSAP, IAPI
 “Intepretation and Application of International Standards on
Auditing”, Collings, Steve, John Wiley & Son, 2011
 The Audit Process: Principles, Practice and Cases, 6th
ed., Iain Gray, Stuart Manson and Louise Crawford,
2015
 The Audit of Related Parties in Practice, ICAEW, 2010
 Auditing and Assurance Services, an integrated Approach,
Arens et.al., 14th Ed, 2012
3 The Meaning of ‘genuine’,
‘accurate’ and ‘complete’
 Genuine means different things depending
upon the kind of asset or liability or
income/expense, but basically means that
figures in financial statements are supported
by real transactions and real assets &
liabilities, that something has happened or
exists to support figures.
 Accurate means that figures in financial
statements have been properly calculated,
taking into account all relevant factors.
 Complete means that figures in financial
statements include all relevant balances.
4
5 Detailed final audit work:
general matters
In approaching any asset or liability consider :
1. Nature
2. Management assertions made about them – these
provide audit objectives
3. Inherent risks associated with them
4. Controls to reduce impact of inherent risk – for assets,
controls to safeguard
5. Income and expense items related to them
6. Available audit evidence to support conclusions
about them – using analytical substantive procedures
and tests of detail
7. Accounting rules governing their amount and
disclosure in the financial statements
6 AUDIT OBJECTIVES AND
MANAGEMENT ASSERTIONS
 Detailed final audit work:
7 general matters (1)
 Detailed final audit work:
8 general matters (2)
 Detailed final audit work:
9 general matters (3)
 Detailed final audit work:
10 general matters (4)
 Detailed final audit work:
11 general matters (5)
 Detailed final audit work:
12 general matters (6)
13 Detailed final audit work:
general matters (7)
14 Detailed final audit work:
general matters (8)
15 Detailed final audit work:
general matters (9)
16 TANGIBLE FIXED ASSETS
Inherent risks affecting tangible non-current
assets:
a. technological changes;
b. closure of part of business;
c. difficulties in making estimates of useful lives;
d. revaluation of fixed assets;
e. existence of significant idle fixed assets;
f. significant fixed assets in course of construction;
g. own construction of fixed assets;
h. moveable, high value assets.
17 TANGIBLE FIXED ASSETS

 Apart from a satisfactory control

environment, specific controls are
necessary to minimise control risk over:
a. acquisitions, revaluation, impairment;
b. safeguarding;
c. disposals;
d. maintenance, insurance;
e. authorization of depreciation charges and
accumulations.
18 TANGIBLE FIXED ASSETS

 Main control documents for acquisitions are

fixed assets budgets – long, medium and
short term.
 The main accounting record for fixed assets
is the fixed assets register. To be a good
control document it should be held by
persons independent of those using and
having custody of the fixed assets, and be
compared periodically with physical assets
and vice versa.
19 TANGIBLE FIXED ASSETS

 Using recorded details, fixed assets should

be reconciled by the company at least
annually to cost/valuation, accumulated
depreciation and depreciation charge figures
in the financial statements.

 If a fixed assets register is not kept or the

register is found to be subject to error,
control risk will be increased and auditors
may have to extend substantive tests of
detail.
20 TANGIBLE FIXED ASSETS

Proceeds of sale of fixed assets may

be misappropriated if controls are not
in place.

Disposals should be authorized in

writing by individuals with appropriate
authority after careful assessment of
continuing value, with directors to
issue guidelines for making
assessments.
21 TANGIBLE FIXED ASSETS

Depreciation: audit work on depreciation is

closely allied to work on the fixed assets.

Specific matters of interest are:

• useful economic lives and appropriateness

of depreciation method;

• residual values;

• depreciation on revalued fixed assets.

22 INSTRUMEN KEUANGAN
KLASIFIKASI PSAK 55 DAN PSAK 71
23 INSTRUMEN KEUANGAN
ISU KLASIFIKASI, PENGUKURAN DAN PENGAKUAN
Jenis Instrumen Pengakuan Awal Setelah Pengakuan Perubahan Nilai
Awal

Held To Maturity Nilai Wajar + Biaya Biaya Diamortisasi dg Tidak Relevan (kecuali
Transaksi suku bunga Efektif Impaired atau
dihentikan ke P&L)

Available for Sale Nilai Wajar + Biaya Nilai Wajar Ekuitas (Kecuali
Aset

Transaksi Impaired atau selisih

kurs atau dihentikan ke
P&L)

Loan & Receivable Nilai Wajar + Biaya Biaya Diamortisasi dg Tidak Relevan (kecuali
Transaksi suku bunga Efektif Impaired atau
dihentikan ke P&L)

Fair Value through Nilai Wajar Nilai Wajar Profit and Loss
P&L

Other Liability Nilai Wajar - Biaya Biaya Diamortisasi Tidak Relevan

Transaksi dg suku bunga
Liabilitas

Efektif

Fair Value through P & L Nilai Wajar Nilai Wajar Profit and Loss
24 INSTRUMEN KEUANGAN
ISU REKLASIFIKASI INSTRUMEN KEUANGAN – PSAK 55
25 INSTRUMEN KEUANGAN
ISU REKLASIFIKASI INSTRUMEN KEUANGAN – PSAK 71
26 INSTRUMEN KEUANGAN
ISU REKLASIFIKASI INSTRUMEN KEUANGAN – PSAK 71
27 INSTRUMEN KEUANGAN
COMPLETENESS ASSERTION FOR DERIVATIVES
In designing tests of the completeness
assertion for derivatives, the auditor should
not focus exclusively on evidence relating
to cash receipts and disbursements.
Derivatives may involve only a
commitment to perform under a contract
and not an initial exchange of tangible
considerations.
28 INSTRUMEN KEUANGAN
COMPLETENESS ASSERTION FOR DERIVATIVES
The auditor should consider the following
procedures:
1. Make inquiries, including inquiries about
operating activities that might present risks
hedged by derivatives.
2. Inspect agreements.
3. Read minutes of meetings of the board of
directors or the finance, investment, or
other committees.
4. Read any other relevant information
29 INSTRUMEN KEUANGAN
The auditor should design tests of valuation
assertions according to the valuation method
used for measurement or disclosure in
accordance with IFRS (PSAK).
VALUATION BASED ON COST
If IFRS (PSAK) requires that the derivative or
security be valued based on cost, the auditor
should evaluate management’s conclusion
about recognizing an impairment loss for an
other-than-temporary decline in a security’s
fair value below its cost.
30 INSTRUMEN KEUANGAN

VALUATION BASED ON AN INVESTEE’S

FINANCIAL RESULTS.
If IFRS (PSAK) required that the
derivative or security be valued
based on the investee’s financial
results, the auditor should obtain
sufficient evidence to support those
financial results, including but not
limited to the equity method of
accounting
31 INSTRUMEN KEUANGAN
VALUATION BASED ON AN INVESTEE’S FINANCIAL
RESULTS (CONT’D)
The investor’s auditor should
❖ Read financial statements and the audited
report of the investee, if available. Audited
financial statements of the investee and an audit
report satisfactory for the investor auditor’s
purpose may constitute sufficient evidential
matter.
❖ Ask that the investor arrange with the investee to
have another auditor apply appropriate auditing
procedures if the investee’s financial statements
are not audited or the investee’s audit report is
not satisfactory.
32 INSTRUMEN KEUANGAN
VALUATION BASED ON AN INVESTEE’S FINANCIAL
RESULTS (CONT’D)
The investor’s auditor should:
❖ Obtain sufficient evidence to support the
carrying amount of the security if this amount
reflects factors not recognized in the investee’s
financial statements or if the asset’s fair values
are materially different from the carrying
amounts.
❖ Add an explanatory paragraph to the auditor’s
report because of the change in reporting
period if a change in time lag occurs that
materially affects the investor’s financial
statements.
33 INSTRUMEN KEUANGAN
VALUATION BASED ON FAIR VALUE
the auditor should obtain evidence supporting
management’s assertions about the fair value
of derivatives and securities measured or
disclosed at fair value. The auditor should:
❖ Determine whether IFRS (PSAK) specifies the
method to be used for calculating the fair
value of the derivatives and securities, and
evaluate whether the fair value calculations
are consistent with that valuation method.
❖ Consider the guidance in ISA 540, and ISA
320, “
34 INSTRUMEN KEUANGAN
EXAMPLES OF SUBSTANTIVE PROCEDURES FOR EXISTENCE
OR OCCURRENCE ASSERTIONS:
❖ Confirmation with the issuer of the security.
❖ Confirmation with the holder of the security, including
securities in electronic form, or with the counterparty
to the derivative.
❖ Confirmation of settled transactions with the broker-
dealer or counterparty.
❖ Confirmation of unsettled transactions with the broker-
dealer or counterparty.
❖ Physical inspection of the security or derivative
contract.
❖ Reading executed partnership or similar agreements.
35 INSTRUMEN KEUANGAN
EXAMPLES OF SUBSTANTIVE PROCEDURES FOR EXISTENCE OR
OCCURRENCE ASSERTIONS: (CONT’D)
❖ Inspecting underlying agreements and other forms of
supporting documentation, in paper or electronic form, for
▪ Amounts reported.
▪ Evidence that would preclude the sales treatment of a
transfer.
▪ Unrecorded repurchase agreements.
❖ Inspecting supporting documentation for subsequent
realization or settlement after the end of the reporting period.
❖ Performing analytical procedures. For example, the absence
of a material difference from an expectation that interest
income will be a fixed percentage of a debt security based
on the effective interest rate determined when the entity
purchased the security provides evidence about existence of
the security.
36
Question and Answer Session

36
 SESI 3: FINAL WORK –SPECIFIC PROBLEMS

ESTIMASI AKUNTANSI,
NILAI WAJAR, PERSEDIAAN,
1 KONTRAK KONSTRUKSI DAN
KELANGSUNGAN USAHA
PPL - IAPI KORWIL JAWA TIMUR
NARASUMBER: HENDANG TANUSDJAJA
GEDUNG STIESIA, MENUR PUMPUNGAN NO.30
SURABAYA, 25 MARET 2019
2 Key References
 Guide to Using ISAs in the Audits of Small- and Medium-Sized
Entities, IFAC, 3rd Edition, 2011
 Standar Profesional Akuntan Publik (SPAP), IAPI, Salemba
Empat, 2014
 Materi Public Hearing –DSAP, IAPI
 “Intepretation and Application of International Standards on
Auditing”, Collings, Steve, John Wiley & Son, 2011
 The Audit Process: Principles, Practice and Cases, 6th ed., Iain
Gray, Stuart Manson and Louise Crawford, 2015
 The Audit of Related Parties in Practice, ICAEW, 2010
 Auditing and Assurance Services, an integrated Approach,
Arens et.al., 14th Ed, 2012
 Practitioner’s Guide to GAAS, Steven M. Bagg, 2010
3 Accounting Estimates
4 Estimates in accounting –
exercise of judgement
 Likely profitability of long-term construction contracts.
 Reserves in the mineral oil industry.
 Future cash flows where there is some doubt about the going-
concern status of the entity.
 Effect of technological change on the value of current inventories
or the impairment of non-current assets.
 Amount of significant accrued liabilities such as pension
obligations.
 Judgement about fair values.
 Judgement about the outcome of litigation in respect of claims
against the entity.
 Estimates of the realizable value of property or equipment held
for disposal.
5 Auditing Accounting Estimates

When auditing estimates, the objective is to obtain

sufficient appropriate audit evidence about whether:
 Accounting estimates, including fair value
accounting estimates in the financial statements,
whether recognized or disclosed, are reasonable;
and
 Related disclosures in the financial statements
are adequate in the context of the applicable
financial reporting framework.
6 RMM in Accounting Estimates
The risk of material misstatement arising from an estimate will often
be based on the degree of estimation uncertainty involved. Some of
the factors to consider are outlined in the following exhibit.
7 RMM in Accounting Estimates
The risk of material misstatement arising from an estimate will often
be based on the degree of estimation uncertainty involved. Some of
the factors to consider are outlined in the following exhibit.
8 Hirarki Nilai Wajar

[email protected]
Ref: PH Ed PSAK 68- DSAK IAI
9 Teknik Valuasi
Referensi Teknik dapat dilihat pada
buku:
James P. Catty, Guide to Fair Value
under IFRS, Wiley (2010)

[email protected]
10 UNDERSTANDING HOW FAIR VALUE IS
DETERMINED AND ASSESSING RISK

The auditor should consider the following when

obtaining an understanding of the entity’s process
for determining fair values and disclosures:
1. General considerations, including
a. The role of information technology in the fair value
process.
b. The types of accounts or transactions requiring fair
value (e.g., do the accountS consist of routine recurring
transactions or unusual transactions?).
c. Whether the entity uses a service organization.
11 UNDERSTANDING HOW FAIR VALUE IS
DETERMINED AND ASSESSING RISK

The auditor should consider the following when

obtaining an understanding of the entity’s process for
determining fair values and disclosures:
2. Information about management’s assumptions,
including
a. Significant assumptions used to determine fair
value,
b. The process for developing and applying
assumptions and monitoring changes in them, and
c. The documentation supporting the assumptions.
12 UNDERSTANDING HOW FAIR VALUE IS
DETERMINED AND ASSESSING RISK

The auditor should consider the following when

obtaining an understanding of the entity’s process
for determining fair values and disclosures:
3. Information about controls over
a. The process for determining fair values, including data controls and
whether duties are segregated between personnel responsible for
committing the entity to the underlying transactions and those
responsible for making the valuation.
b. The ability to change controls and security procedures for valuation
models and the associated information systems.
c. Consistency, timeliness, and reliability of the data for valuation
models.
13 UNDERSTANDING HOW FAIR VALUE IS
DETERMINED AND ASSESSING RISK

The auditor should consider the following when

obtaining an understanding of the entity’s process
for determining fair values and disclosures:
4. Information about the personnel involved,
including
a. The expertise and experience of the personnel
making the fair value measurements.
b. Whether a specialist is used.
14 SUBSTANTIVE TESTING THE ENTITY’S FAIR
VALUE MEASUREMENTS AND DISCLOSURES

Based on the auditor’s assessment of the risk of material

misstatement, the auditor should test the entity’s fair value
measurements and disclosures. The nature, timing, and extent of audit
procedures may vary widely because of differences in the complexity
of fair value measurements and levels of the risk of material
misstatement.
1. Testing management’s significant assumptions, the valuation
model, and the underlying data,
2. Developing corroborating independent fair value estimates, or
3. Reviewing subsequent events and transactions.
15 SUBSTANTIVE TESTING THE ENTITY’S FAIR
VALUE MEASUREMENTS AND DISCLOSURES

Testing Significant Assumptions, the Valuation Model, and the

Underlying Data

 The auditor evaluates the following when testing

the entity’s fair value measurements and
disclosures:
1. Are management’s assumptions reasonable and
consistent with market information?
2. Was the fair value determined using an appropriate
model?
3. Did management use relevant and reasonably
available information?
16 SUBSTANTIVE TESTING THE ENTITY’S FAIR
VALUE MEASUREMENTS AND DISCLOSURES

Developing Corroborating Independent Fair Value

Estimates
If the auditor decides to develop an independent fair value
estimate to corroborate management’s estimate, the auditor
evaluates management’s assumptions. The auditor may decide
to develop his or her own assumptions to make a comparison
with management’s fair value measurements. However, the
auditor should still understand and evaluate management’s
assumptions. This understanding will help to ensure that the
auditor’s independent estimate considers all significant
variables, and will help in evaluating significant differences in
the auditor’s estimate and management’s estimate. The auditor
should also test the data that management uses to develop the
fair values, as discussed previously.
17 TESTING THE ENTITY’S FAIR VALUE
MEASUREMENTS AND DISCLOSURES
Examples of considerations when developing auditing procedures include
a. Fair value measurements may be made at a date other than the
required financial statement reporting date. When this happens, the
auditor obtains evidence that management has accounted for any
changes affecting the measurements that occur between the
measurement and reporting dates.
b. If collateral is a factor when measuring fair value, the auditor obtains
sufficient competent audit evidence regarding the existence, value,
rights, and access to or transferability of the collateral. The auditor
should consider whether all appropriate liens have been filed and
whether the collateral has been appropriately disclosed.
c. The auditor considers whether additional procedures are needed to
obtain sufficient competent audit evidence about the appropriateness
of a fair value measurement, such as physically inspecting an asset to
verify the current physical condition and the effect on fair value.
18 TESTING THE ENTITY’S FAIR VALUE
MEASUREMENTS AND DISCLOSURES
Tests of Significant Assumptions
a. Assumptions should be realistic and consistent with The overall
economic climate, the economic climate of the industry, the entity’s
own economic circumstances, and market information.
b. The entity’s plans.
c. Prior period assumptions if still appropriate, and any applicable past
experience.
d. Risk related to cash flows, including possible variations in the amount
and timing of cash flows and the effect on the discount rate, if
applicable.
e. The extent to which management relies on historical financial
information and whether such reliance is appropriate.
f. Any other financial statement matters, such as assumptions used for
other types of accounting estimates.
19 TESTING THE ENTITY’S FAIR VALUE
MEASUREMENTS AND DISCLOSURES

Testing the Valuation Model

The auditor does not function as an appraiser and
does not substitute his or her judgment for
management’s when evaluating valuation models.
Instead, the auditor should review the model and
determine whether
 The assumptions are reasonable.
 The model is appropriate for that entity.
20 SUBSTANTIVE TESTING THE ENTITY’S FAIR
VALUE MEASUREMENTS AND DISCLOSURES

Reviewing Subsequent Events and Transactions

 Subsequent events and transactions that reflect
circumstances existing at the balance sheet date
may substantiate fair value measurements and
reduce the need to apply other audit procedures
to substantiate the measurements. However, if
subsequent events or transactions reflect changes
in circumstances occurring after the balance
sheet date, then such events are not competent
evidence of the fair value measurement at the
balance sheet date.
21 Inventories (Stocks)

Discussion under two headings:

(1)Do stocks exist, in good condition

and are they owned by the company?
Is cut-off accurate?

(2)Have all production costs and stock

values been properly determined?
22 Inventories (Stocks)

 Stocks are normally a significant asset of

manufacturing companies with direct effect
on profit. They vary in character and pose a
variety of problems for auditors.
 The costing system is important in determining
cost of stocks and long-term contracts and
auditors pay particular attention to ensuring costs
are genuine, accurate and complete.
23 Inventories (Stocks)

 Some costs are easily allocated to products, but

overheads may be allocated on some arbitrary but
reasonable basis, and on the basis of production
levels, which are ‘normal, taking one year with
anoher’.
 Some products may be ‘main’ products, whereas
others may be by-products, with income on
disposal being treated as reduction in cost of
main products.
24 Inventories (Stocks)

Net realizable value may not be easy

to determine because stocks may not
be used or sold or completed until
after audit field work is complete.
Net realizable value is actual or
estimated selling price less all further
costs of production and costs yet to
be incurred in marketing, selling and
distributing.
25 Inventories (Stocks)

Inherent risks affecting stocks include:

(a) changes in demand for the company’s products;

(b) changes in production levels;

(c) defects in product lines;

(d) stocks can be attractive and easily transportable;
(e) complex production process;
(f) joint products;
(g) significant variances from standard costs;
(h) competitors providing more risky environment;
(i) complex calculation of overheads.
26 Inventories (Stocks)

 Acquisitions: it is important to determine the

point at which title passes, particularly in e-
commerce relationships.

 Safeguarding stocks: this includes physical

safeguards and restriction of access via
documentation.

 Disposals of stocks: normal sales are more likely

to be controlled than abnormal disposals.
27 Inventories (Stocks)

 Determining existence, condition and ownership

at period-ends: physical stock counts, timely
reconciliation to stock records and investigation
of significant differences.
 Valuation of stocks: the basic principle is the
lower of cost and net realizable value, with
controls to ensure costing and other records are
reliable and prepared consistently.
28 Inventories (Stocks)
Substantive testing of stocks and related production
costs address:
• existence;
• condition;
• ownership;
• cut-off;
• production costs (genuine accurate and
complete);
• production costs (properly allocated to stocks on
hand, and amount attributed to stocks is
genuine, accurate and complete)
29 Long-term Contract

A long-term contract may be defined as:

 ‘A contract entered into for the design,

manufacture or construction of an asset or
provision of a service or a combination …
such that the contract activity usually falls
into different accounting periods.’
30 Long-term Contract

 The major problem is that the construction period

overlaps accounting periods, so a decision must
be made as to whether profits and losses should
be taken up before completion. This is subjective
and auditors assess the validity of management
judgements.
31 Long-term Contract
Nine judgmental points identified:
1. costs incurred to date are genuine, accurate and
complete;
2. stages of completion and related costs are properly
determined;
3. invoices issued to customers are calculated in
accordance with contract and certified by the
surveyor;
4. cash received from debtors is genuine, accurate and
complete and properly allocated to contracts; ne
judgemental points
32 Long-term Contract
Nine judgmental points identified:
5. estimated total costs are genuine,
accurate and complete;
6. contract prices are genuine, accurate
and complete;
7. when attributable profits on contracts are
taken up, it is sufficiently complete to
give adequate assurance that the
outcome of the contract is certain; losses
should be provided for when recognized;
33 Long-term Contract

Nine judgmental points identified:

8. the profitability of different stages
of the contact has been properly
determined;
9. the method employed in taking up
profits is comparable with prior
years, unless appropriate and the
effect of change is disclosed.
34 Trade Creditors

Trade creditors are normally

classified as amounts payable in
the short term. They come into
existence as the result of purchase
of goods or the performance of
services by third parties, so audit
work on purchases and related
assets cannot be divorced from
each other.
35 Trade Creditors
Inherent risks affecting trade creditors include:
(a) new or material transactions or events;
(b) material variances from standard costs;
(c) suppliers experiencing difficulties;
(d) significant changes in terms of trade;
(e) a material increase in the age of trade
creditors;
(f) major changes in the nature of purchases;
(g) above-average returns of goods purchased.
36 Trade Creditors

Apart from a satisfactory control

environment, auditors expect to
see controls over:
• the creation of trade creditors;
• recorded trade creditors at year-
end;
• payment of trade creditors.
37 ISU KELANGSUNGAN USAHA
(SA 570)
TUJUAN AUDITOR
 Memperoleh bukti audit yang cukup dan tepat tentang
penggunaan asumsi kelangsungan usaha oleh
manajemen dalam penyusunan laporan keuangan;
 Menyimpulkan, berdasarkan bukti audit yang diperoleh,
apakah terdapat suatu ketidakpastian material yang
terkait dengan peristiwa atau kondisi yang dapat
menyebabkan keraguan signifikan atas kemampuan entitas
untuk mempertahankan kelangsungan usahanya; dan
 Menentukan dampak terhadap laporan auditor.
38 ISU KELANGSUNGAN USAHA
(SA 570)
PROSEDUR PENILAIAN RISIKO DAN AKTIVITAS TERKAIT:

 Mempertimbangkan apakah terdapat peristiwa atau

kondisi yang dapat menyebabkan keraguan signifikan atas
kemampuan entitas untuk mempertahankan kelangsungan usahanya;
 Menentukan apakah penilaian awal oleh manajemen atas kemampuan
entitas untuk mempertahankan usahanya telah dilakukan, dan
 Jika telah dilakukan, mendiskusikan dg manajemen, menentukan
apakah menyebabkan keraguan mengenai kelangsungan usaha, dan
rencana manajemen untuk menghadapinya; atau
 Jika tidak dilakukan, mendiskusikan dg manajemen basis
penggunaan asumsi kelangsungan usaha dan meminta keterangan
mengenai peristiwa dan kondisi yang dapat menyebabkan keraguan
mengenai kelangsungan usaha
39 ISU KELANGSUNGAN USAHA
(SA 570)
PENGEVALUASIAN ATAS PENILAIAN
MANAJEMEN
 Auditor harus mengevaluasi penilaian manajemen
atas kemampuan entitas untuk mempertahankan
kelangsungan hidupnya ; (para 12)
 Penilaian harus mencakup periode yang sama
dengan yang digunakan oleh manajemen dan periode
sekurang-kurangnya dua belas bulan dari tanggal
laporan keuangan; (para 13)
 Penilaian manajemen harus mencakup seluruh
informasi relevan yang diketahui auditor. (para 14)
40 ISU KELANGSUNGAN USAHA
(SA 570)
PERIODE SETELAH PENILAIAN
MANAJEMEN
Auditor harus menanyakan atas peristiwa
atau kondisi setelah periode penilaian.
(para 15)
41 ISU KELANGSUNGAN USAHA
(SA 570)
Prosedur Audit Tambahan ketika Peristiwa atau Kondisi Teridentifikasi
 Meminta manajemen melakukan penilaian atas kemampuan
mempertahankan kelangsungan usahanya, jika belum dilakukan; [para 16
(a)]
 Mengevaluasi rencana manajemen, apakah memperbaiki usaha entitas
dan layak dilaksanakan; [para 16 (b)]
 Mengevaluasi prakiraan arus kas, jika dibuat dan merupakan faktor
signifikan dalam mempertimbangkan hasil masa depan; [para 16 (c) ]
 Mempertimbangkan apakah setiap fakta atau informasi tambahan
tersedia sejak tanggal dilakukan penilaian oleh manajemen; [para 16(d)]
 Meminta representasi tertulis dari manajemen (jika relevan, pihak yang
bertanggung jawab atas tata kelola) tentang rencana mereka untuk
tindakan di masa depan dan kelayakan rencana tersebut. [para 16(e)]
42 ISU KELANGSUNGAN USAHA

Peristiwa atau Kondisi yang dapat Menyebabkan

Keraguan tentang Asumsi Kelangsungan Usaha
Keuangan:
 Posisi liabilitas bersih atau liabilitas lancar bersih.
 Pinjaman dengan waktu pengembalian tetap
mendekati jatuh temponya tanpa prospek yang
realistis atas pembaruan atau pelunasan; atau
pengandalan yang berlebihan pada pinjaman jangka
pendek untuk mendanai aset jangka panjang.
 Indikasi penarikan dukungan keuangan oleh kreditor.
43 ISU KELANGSUNGAN USAHA

Keuangan (lanjutan):
 Arus kas operasi yang negatif, yang
diindikasikan oleh laporan keuangan historis atau
prospektif.
 Rasio keuangan utama yang buruk.
 Kerugian operasi yang substansial atau
penurunan signifikan dalam nilai aset yang
digunakan untuk menghasilkan arus kas.
 Dividen yang sudah lama terutang atau yang
tidak berkelanjutan.
44 ISU KELANGSUNGAN USAHA

Keuangan (lanjutan):
 Ketidakmampuan untuk melunasi kreditur pada
tanggal jatuh tempo.
 Ketidakmampuan untuk mematuhi persyaratan
perjanjian pinjaman.
 Perubahan transaksi dengan pemasok, yaitu dari
transaksi kredit menjadi transaksi tunai ketika
pengiriman.
 Ketidakmampuan untuk memperoleh pendanaan
untuk pengembangan produk baru yang esensial atau
investasi esensial lainnya
45 ISU KELANGSUNGAN USAHA

Operasi:
 Intensi manajemen untuk melikuidasi entitas atau
untuk menghentikan operasinya.
 Hilangnya manajemen kunci tanpa pengggantian.
 Hilangnya suatu pasar utama, pelanggan utama,
wara laba, lisensi, atau pemasok utama.
 Kesulitan tenaga kerja.
 Kekurangan penyediaan barang/bahan.
 Munculnya kompetitor yang sangat berhasil.
46 ISU KELANGSUNGAN USAHA

Lain-lain:
 Intensi manajemen untuk melikuidasi entitas atau
untuk menghentikan operasinya.
 Hilangnya manajemen kunci tanpa pengggantian.
 Hilangnya suatu pasar utama, pelanggan utama,
wara laba, lisensi, atau pemasok utama.
 Kesulitan tenaga kerja.
 Kekurangan penyediaan barang/bahan.
 Munculnya kompetitor yang sangat berhasil.
ISU KELANGSUNGAN USAHA

KESIMPULAN AUDIT DAN PELAPORAN

 Berdasarkan bukti audit, menyimpulkan apakah
terdapat ketidakpastian yang material yang
menyebabkan keraguan atas kelangsungan hidup
 Keti dakpastian material terjadi ketika signifikansi
dampak potensialnya dan kemungkinan terjadinya
sedemikian rupa, yang pengungkapan yang tepat dan
implikasi ketidakpastian tsb diperlukan untuk:
 Penyajian yang wajar atas laporan keuangan (kerangka
penyajian laporan keuangan), atau
 Laporan keuangan tidak menyesatkan (kerangka
kepatuhan)

47
 IKHTISAR JENIS OPINI TERKAIT ISU
KELANGSUNGAN USAHA

Opini tanpa modifikasian dan mencantumkan

paragraf Penekanan atas Suatu Hal, apabila
pengungkapan memadai dicantumkan dalam
laporan keuangan; (para 19)
• Opini wajar dengan pengecualian atau opini tidak wajar,
sesuai dengan kondisinya, apabila pengungkapan memadai
tidak dicantumkan dalam laporan keuangan (para 20)

Penggunaan yang tidak tepat atas asumsi

kelangsungan usaha

• Opini tidak wajar (para 21)

48
49 KETENTUAN LAINNYA TERKAIT ISU
KELANGSUNGAN USAHA
 Jika manajemen tidak mau membuat atau memperluas
penilaiannya: auditor harus mempertimbangkan implikasinya
terhadap laporan auditor;(para 22)
 Kecuali jika semua pihak yang bertanggung jawab atas tata kelola
terlibat dalam penglolaan entitas, auditor harus
mengomunikasikan dengan pihak yang bertanggung jawab atas
tata kelola, peristiwa atau kondisi yang mungkin
menimbulkan keraguan signifikan mengenai kelangsungan
usaha; (para 23)
 Apabila terjadi penundaan signifikan dalam persetujuan terkait
dengan kondisi atau peristiwa terkait dengan penilaian
langsungan usaha, auditor harus melakukan prosedur audit
tambahan (sesuai para 16) dan mempertimbangkan
pengaruhnya (sesuai para 17). (para 24)
50
Question and Answer Session

50