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01. Jenis, Tujuan, Lap

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Jenis Audit, Tujuan Audit, dan Laporan Audit(From Arens PPT, modified)

Session #12006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder

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Learning Objective 1

Describe auditing.

2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder

1-2

The Need and Relationships

Client or audit committee hires auditor, required by law or users

Auditor

Auditor issues report relied upon by users, provide assurance

Client

Users use reports, for decision making, e.g. investment, face risk Client reports to users

External Users

2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder

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Nature of AuditingAuditing is the accumulation and evaluation of evidence about information to determine and report on the degree of correspondence

between the information and established criteria.Auditing should be done by a competent, independent person.2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder

1-4

Information and Established CriteriaTo do an audit, there must be information in a verifiable form and some standards (criteria) by which the auditor can evaluate the information.

Accumulating Evidence and Evaluating EvidenceEvidence is any information used by the auditor to determine whether the information being audited is stated in accordance with the established criteria.2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder

1-5

Competent, Independent PersonAuditor must be qualified to understand the criteria used and must be competent to know the types and amount of evidence to accum. to reach the proper conclusion after evidence has been examined.

The competence of the individual performing audit is of little value if he/she is biased in the accumulation and evaluation of evidence.

ReportingThe final stage in the auditing process is preparing the Audit Report, which is the communication of the auditors findings to users.2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder

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Audit of a Tax Return ExampleInformation Competent, independent person Federal tax returns filed by taxpayer Report on results

Internal revenue agentAccumulates and evaluates evidence Examines cancelled checks and other supporting records

Determines correspondenceEstablished criteria Internal Revenue Code and all interpretations

Report on tax deficiencies

2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder

1-7

Attestation Services

1. Audit of historical financial statements 2. Effectiveness of internal control over financial reporting

3. Review of historical financial statements4. Other attestation services2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder

1-8

Assurance, Attestation, and Nonassurance ServicesASSURANCE SERVICES

ATTESTATION SERVICES Audits Reviews Certain Management Consulting

Internal Control over Financial Reporting Other Attestation Services (e.g., WebTrust, SysTrust)

Other Assurance Services

2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder

1-9

Learning Objective 2

Differentiate the three main types of audits.

2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder

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Types of Audits

2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder

1 - 11

Operational AuditExample Evaluate computerized payroll system for efficiency and effectiveness Number of records processed, costs of the department, and number of errors Company standards for efficiency and effectiveness, or best practice Error reports, payroll records, and payroll processing costs1 - 12

InformationEstablished Criteria Available Evidence

2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder

Compliance AuditExample Determine whether bank requirements for loan continuation have been met

InformationEstablished Criteria Available Evidence

Company recordsLoan agreement provisions, or law/regulation Financial statements and calculations by the auditor1 - 13

2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder

Financial Statement AuditExample Annual audit of Boeings financial statements

InformationEstablished Criteria Available Evidence

Boeing's financial statementsGenerally accepted accounting principles Documents, records, and outside sources of evidence1 - 14

2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder

Learning Objective 3

Explain: - Objective of conducting an audit of FS - Management assertion and its correlation to FS Audit.

2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder

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Steps to Develop Audit Objectives1 Understand objectives and responsibilities for the audit. Divide financial statements into cycles. Know management assertions about accounts. Know general audit objectives for classes of transactions and accounts.

2 3 45

Know specific audit objectives for classes of transactions and accounts.1 - 16

2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder

Objective of Conducting an Audit of FSProvide an opinion of the fairness with which they present fairly, in all respects, financial position, result of operations, and its cash flows in conformity with GAAP.

Auditors Responsibilities Material versus immaterial misstatements Reasonable assurance Errors versus fraud Professional skepticism Fraud resulting from fraudulent financial reporting versus misappropriation of assets1 - 17

2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder

Sub Learning Objective 3

Understand the 5 categories of management assertions

2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder

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Management Assertions1. Existence or occurrence 2. Completeness 3. Valuation or allocation 4. Rights and obligations 5. Presentation and disclosure2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder

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Transaction-Related Audit Objectives and Management AssertionsManagement Assertions Existence or occurrence CompletenessGeneral TransactionRelated Audit Objectives Existence Completeness

Valuation or allocation

Accuracy Classification Timing Posting and summarization

Rights and obligations N/A Presentation and disclosure N/A2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder

1 - 20

Transaction-Related Audit Obj. and Mgt AssertionsExistence Completeness Accuracy Classification Timing Posting and summarization Recorded transactions exist. Existing transactions are recorded. Recorded transactions are stated at the correct amounts. Transactions are properly classified. Transactions are recorded on the correct dates. Trans. are included in the master files and are correctly summarized.1 - 21

2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder

Assertions and Balance-Related Audit Obj.Management Assertions Existence or occurrence Completeness General Balance Related Audit Objectives Existence Completeness Accuracy Classification Cut-off, Detail tie-in Realizable value Rights and obligations

Valuation or allocation

Rights and obligations

Presentation and disclosure Presentation and disclosure2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder

1 - 22

General Balance-Related Audit ObjectivesExistence Completeness Accuracy Classification Amounts included exist. Existing amounts are included. Amounts included are stated at the correct amounts. Amounts are properly classified.

Cutoff

Trans. recorded in the proper period.

2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder

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General Balance-Related Audit ObjectivesDetail tie-in Account balances agree with master file amounts, and with the GL Assets are included at estimated realizable value. Assets must be owned. Account balances and disclosures are presented in FS.1 - 24

Realizable value Rights and obligations Presentation and disclosure

2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder

Explain the relationship between audit objectives and the accumulation of audit evidence.

2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder

1 - 25

How Audit Objectives Are MetThe auditor must obtain sufficient competent audit evidence to support all management assertions in the financial statements. An audit process is a methodology for organizing an audit.

2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder

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Four Phases of a Financial Statement AuditPhase I Plan and design an audit approach.

Perform analytical procedures and Phase III tests of details of balances.

Phase II

Perform tests of controls and substantive tests of transactions.

Complete the Phase IV audit and issue an audit report.1 - 27

2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder

Learning Objective 4

Financial Audit Reporting

2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder

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Parts of the Standard Unqualified Audit Report1. Report title 2. Audit report address 3. Introductory paragraph 4. Scop

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