01. jenis, tujuan, lap

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1 - 1 Prentice Hall Business Publishing, Prentice Hall Business Publishing, Auditing 11/e, Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder Jenis Audit, Jenis Audit, Tujuan Audit, dan Tujuan Audit, dan Laporan Audit Laporan Audit (From Aren’s PPT, (From Aren’s PPT, modified) modified) Session #1 Session #1

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Page 1: 01. Jenis, Tujuan, Lap

1 - 1©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Jenis Audit,Jenis Audit,Tujuan Audit, dan Tujuan Audit, dan Laporan AuditLaporan Audit(From Aren’s PPT, modified)(From Aren’s PPT, modified)

Session #1Session #1

Page 2: 01. Jenis, Tujuan, Lap

1 - 2©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Learning Objective 1Learning Objective 1

Describe auditing.Describe auditing.

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1 - 3©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

The Need and RelationshipsThe Need and Relationships

ClientClient

AuditorAuditorClient or auditClient or auditcommittee hirescommittee hiresauditor, auditor, required by law or usersrequired by law or users

ExternalExternalUsersUsers

Auditor issuesAuditor issuesreport reliedreport reliedupon by users, upon by users, provide assuranceprovide assurance

Client reports Client reports to usersto users

Users use reports, Users use reports, for decision making, for decision making, e.g. investment, face riske.g. investment, face risk

Page 4: 01. Jenis, Tujuan, Lap

1 - 4©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Nature of AuditingNature of Auditing

AuditingAuditing is the is the accumulation accumulation and and evaluationevaluation

of of evidence evidence about about information information to to determinedetermine

and and report report on the on the degree of correspondencedegree of correspondence

between between the information the information and and established criteriaestablished criteria..

Auditing should be done by a competent,Auditing should be done by a competent,independent person.independent person.

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1 - 5©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Information and Established CriteriaInformation and Established Criteria

To do anTo do an audit, there must be information in a audit, there must be information in a verifiable formverifiable form and someand some standardsstandards (criteria) (criteria) by which the auditor can by which the auditor can evaluate the information.evaluate the information.

Accumulating Evidence and Evaluating Accumulating Evidence and Evaluating EvidenceEvidence

EvidenceEvidence is any information used by the auditor to determine is any information used by the auditor to determine whether the information being audited is stated in accordance whether the information being audited is stated in accordance with the established criteria.with the established criteria.

Page 6: 01. Jenis, Tujuan, Lap

1 - 6©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Competent, Independent PersonCompetent, Independent Person

Auditor must be qualified to understand the criteria used and must Auditor must be qualified to understand the criteria used and must be be competentcompetent to know the types and amount of evidence to accum. to know the types and amount of evidence to accum. to reach the proper conclusion after evidence has been examined.to reach the proper conclusion after evidence has been examined.

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

ReportingReporting

The final stage in the auditing process is preparing the The final stage in the auditing process is preparing the Audit ReportAudit Report,, which is the communication of the auditor’s findings to users.which is the communication of the auditor’s findings to users.

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1 - 7©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Audit of a Tax Return ExampleAudit of a Tax Return Example

InternalInternalrevenuerevenue

agentagent

Competent,Competent,independentindependent

personperson

Examines cancelledExamines cancelledchecks and otherchecks and other

supporting recordssupporting records

Accumulates andAccumulates andevaluates evidenceevaluates evidence

DeterminesDeterminescorrespondencecorrespondence

Federal taxFederal taxreturns filedreturns filedby taxpayerby taxpayer

InformationInformation

Internal RevenueInternal RevenueCode and allCode and all

interpretationsinterpretations

Established criteriaEstablished criteria

Report on taxReport on taxdeficienciesdeficiencies

Report on resultsReport on results

Page 8: 01. Jenis, Tujuan, Lap

1 - 8©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Attestation ServicesAttestation Services

1. Audit of historical financial statements1. Audit of historical financial statements

2. Effectiveness of internal control over2. Effectiveness of internal control over financial reportingfinancial reporting

3. Review of historical financial statements3. Review of historical financial statements

4. Other attestation services4. Other attestation services

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1 - 9©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Assurance, Attestation, and Assurance, Attestation, and Nonassurance ServicesNonassurance Services

Other Assurance ServicesOther Assurance Services

CertainCertainManagementManagementConsultingConsulting

Other Attestation ServicesOther Attestation Services(e.g., (e.g., WebTrust, SysTrustWebTrust, SysTrust))

ATTESTATION SERVICESATTESTATION SERVICES

AuditsAudits ReviewsReviews

Internal ControlInternal Controlover Financial Reportingover Financial Reporting

ASSURANCE SERVICESASSURANCE SERVICES

Page 10: 01. Jenis, Tujuan, Lap

1 - 10©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Learning Objective 2Learning Objective 2

Differentiate the threeDifferentiate the three

main types of audits.main types of audits.

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1 - 11©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Types of AuditsTypes of Audits

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1 - 12©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Operational AuditOperational Audit

ExampleExample Evaluate computerized payroll systemEvaluate computerized payroll systemfor efficiency and effectivenessfor efficiency and effectiveness

InformationInformation Number of records processed, costs ofNumber of records processed, costs ofthe department, and number of errorsthe department, and number of errors

EstablishedEstablishedCriteriaCriteria

Company standards for efficiency andCompany standards for efficiency andeffectiveness, or best practiceeffectiveness, or best practice

AvailableAvailableEvidenceEvidence

Error reports, payroll records, andError reports, payroll records, andpayroll processing costspayroll processing costs

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1 - 13©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Compliance AuditCompliance Audit

ExampleExample Determine whether bank requirementsDetermine whether bank requirementsfor loan continuation have been metfor loan continuation have been met

InformationInformation Company recordsCompany records

EstablishedEstablishedCriteriaCriteria

Loan agreement provisions, Loan agreement provisions, or law/regulationor law/regulation

AvailableAvailableEvidenceEvidence

Financial statements andFinancial statements andcalculations by the auditorcalculations by the auditor

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1 - 14©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Financial Statement AuditFinancial Statement Audit

ExampleExample Annual audit of Boeing’sAnnual audit of Boeing’sfinancial statementsfinancial statements

InformationInformation Boeing's financial statementsBoeing's financial statements

EstablishedEstablishedCriteriaCriteria

Generally accepted accountingGenerally accepted accountingprinciplesprinciples

AvailableAvailableEvidenceEvidence

Documents, records, and outsideDocuments, records, and outsidesources of evidencesources of evidence

Page 15: 01. Jenis, Tujuan, Lap

1 - 15©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Learning Objective 3Learning Objective 3

Explain:Explain:

- Objective of conducting an audit of FS- Objective of conducting an audit of FS

- Management assertion and its - Management assertion and its correlation to FS Audit.correlation to FS Audit.

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1 - 16©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Steps to Develop Audit ObjectivesSteps to Develop Audit ObjectivesUnderstand objectives andUnderstand objectives andresponsibilities for the audit.responsibilities for the audit.

11

22 Divide financial statements into cycles.Divide financial statements into cycles.

33 Know management assertions about accounts.Know management assertions about accounts.

Know general audit objectives forKnow general audit objectives forclasses of transactions and accounts.classes of transactions and accounts.44

55Know specific audit objectives forKnow specific audit objectives forclasses of transactions and accounts.classes of transactions and accounts.

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1 - 17©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Objective of Conducting an Audit of FSObjective of Conducting an Audit of FS

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

Auditor’s ResponsibilitiesAuditor’s Responsibilities–– Material versus immaterial misstatementsMaterial versus immaterial misstatements–– Reasonable assuranceReasonable assurance–– Errors versus fraudErrors versus fraud–– Professional skepticismProfessional skepticism–– Fraud resulting from fraudulent financialFraud resulting from fraudulent financial

reporting versus misappropriation of assetsreporting versus misappropriation of assets

Page 18: 01. Jenis, Tujuan, Lap

1 - 18©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Sub Learning Objective 3Sub Learning Objective 3

Understand the 5 categories of Understand the 5 categories of

management assertionsmanagement assertions

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1 - 19©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Management AssertionsManagement Assertions

1. Existence or occurrence1. Existence or occurrence

2. Completeness2. Completeness

3. Valuation or allocation3. Valuation or allocation

4. Rights and obligations4. Rights and obligations

5. Presentation and disclosure5. Presentation and disclosure

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1 - 20©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Transaction-Related Audit Objectives and Transaction-Related Audit Objectives and Management AssertionsManagement Assertions

Management AssertionsManagement AssertionsGeneral Transaction-General Transaction-

Related Audit ObjectivesRelated Audit Objectives

Existence or occurrenceExistence or occurrence

CompletenessCompleteness

Valuation or allocationValuation or allocation

ExistenceExistence

CompletenessCompleteness

AccuracyAccuracyClassificationClassificationTimingTimingPosting and summarizationPosting and summarization

Rights and obligationsRights and obligations

Presentation and disclosurePresentation and disclosure

N/AN/A

N/AN/A

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1 - 21©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

ExistenceExistence Recorded transactions exist.Recorded transactions exist.

CompletenessCompleteness Existing transactions are recorded.Existing transactions are recorded.

AccuracyAccuracy Recorded transactions are stated Recorded transactions are stated at the correct amounts.at the correct amounts.

Transaction-Related Audit Obj. and Mgt AssertionsTransaction-Related Audit Obj. and Mgt Assertions

ClassificationClassification Transactions are properly classified.Transactions are properly classified.

TimingTiming Transactions are recorded on Transactions are recorded on the correct dates.the correct dates.

Posting andPosting andsummarizationsummarization

Trans. are included in the master Trans. are included in the master files and are correctly summarized.files and are correctly summarized.

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1 - 22©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Assertions and Balance-Related Audit Obj.Assertions and Balance-Related Audit Obj.

Management AssertionsManagement AssertionsGeneral BalanceGeneral Balance

Related Audit ObjectivesRelated Audit Objectives

Existence or occurrenceExistence or occurrence

CompletenessCompleteness

Valuation or allocationValuation or allocation

ExistenceExistence

CompletenessCompleteness

AccuracyAccuracyClassificationClassificationCut-off, Detail tie-inCut-off, Detail tie-inRealizable valueRealizable value

Rights and obligationsRights and obligations

Presentation and disclosurePresentation and disclosure

Rights and obligationsRights and obligations

Presentation and disclosurePresentation and disclosure

Page 23: 01. Jenis, Tujuan, Lap

1 - 23©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

ExistenceExistence Amounts included exist.Amounts included exist.

CompletenessCompleteness Existing amounts are included.Existing amounts are included.

AccuracyAccuracy Amounts included are stated at Amounts included are stated at the correct amounts.the correct amounts.

General Balance-Related Audit ObjectivesGeneral Balance-Related Audit Objectives

ClassificationClassification Amounts are properly classified.Amounts are properly classified.

CutoffCutoff Trans. recorded in the proper period.Trans. recorded in the proper period.

Page 24: 01. Jenis, Tujuan, Lap

1 - 24©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Detail tie-inDetail tie-in Account balances agree with master Account balances agree with master file amounts, and with the GLfile amounts, and with the GL

Realizable valueRealizable value Assets are included atAssets are included atestimated realizable value.estimated realizable value.

Rights andRights andobligationsobligations Assets must be owned.Assets must be owned.

PresentationPresentationand disclosureand disclosure

Account balances and disclosures Account balances and disclosures are presented in FS.are presented in FS.

General Balance-Related Audit ObjectivesGeneral Balance-Related Audit Objectives

Page 25: 01. Jenis, Tujuan, Lap

1 - 25©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Explain the relationship betweenExplain the relationship between

audit objectives and theaudit objectives and the

accumulation of audit evidence.accumulation of audit evidence.

Page 26: 01. Jenis, Tujuan, Lap

1 - 26©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

How Audit Objectives Are MetHow Audit Objectives Are Met

The auditor must obtain sufficient competentThe auditor must obtain sufficient competentaudit evidence to support all managementaudit evidence to support all managementassertions in the financial statements.assertions in the financial statements.

An audit process is a methodologyAn audit process is a methodologyfor organizing an audit.for organizing an audit.

Page 27: 01. Jenis, Tujuan, Lap

1 - 27©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Four Phases of a Financial Four Phases of a Financial Statement AuditStatement Audit

Phase IPhase IPlan and designPlan and designan audit approach.an audit approach.

Phase IIPhase II

Perform tests ofPerform tests ofcontrols andcontrols andsubstantive testssubstantive testsof transactions.of transactions.

Phase IIIPhase III

Perform analyticalPerform analyticalprocedures andprocedures andtests of detailstests of detailsof balances.of balances.

Phase IVPhase IVComplete theComplete theaudit and issueaudit and issuean audit report.an audit report.

Page 28: 01. Jenis, Tujuan, Lap

1 - 28©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Learning Objective 4Learning Objective 4

Financial Audit ReportingFinancial Audit Reporting

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1 - 29©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Parts of the StandardParts of the StandardUnqualified Audit ReportUnqualified Audit Report

1. Report title1. Report title2. Audit report address2. Audit report address3. Introductory paragraph3. Introductory paragraph4. Scope paragraph4. Scope paragraph5. Opinion paragraph5. Opinion paragraph6. Name of CPA firm6. Name of CPA firm7. Audit report date7. Audit report date

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1 - 30©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Conditions for Conditions for Standard Unqualified Audit ReportStandard Unqualified Audit Report1. All financial statements are included.1. All financial statements are included.

2. The three general standards have been2. The three general standards have beenfollowed in all respects on the engagement.followed in all respects on the engagement.

3. Sufficient evidence has been accumulated to conclude 3. Sufficient evidence has been accumulated to conclude that the three standards of field work have been met.that the three standards of field work have been met.

4. The FS are presented in accordance w/ GAAP4. The FS are presented in accordance w/ GAAP ..

5. No circumstances requiring the addition of an explanatory 5. No circumstances requiring the addition of an explanatory paragraph or modification of the wording of the report.paragraph or modification of the wording of the report.

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1 - 31©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Four Categories of Audit ReportsFour Categories of Audit Reports

Standard unqualifiedStandard unqualified

QualifiedQualified

Unqualified withUnqualified withexplanatory paragraphexplanatory paragraph

or modified wordingor modified wording

Adverse or disclaimerAdverse or disclaimer

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1 - 32©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Sub Learning Objective 4Sub Learning Objective 4

Describe the 5 circumstances, when Describe the 5 circumstances, when

an unqualified report with:an unqualified report with:

- An explanatory paragraph, or - An explanatory paragraph, or

- Modified wording is appropriate.- Modified wording is appropriate.

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1 - 33©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Unqualified Report with Unqualified Report with Explanatory ParagraphExplanatory Paragraph

1. Lack of consistent application of GAAP1. Lack of consistent application of GAAP2. Substantial doubt about going concern2. Substantial doubt about going concern3. Auditor agrees with a departure from3. Auditor agrees with a departure from

promulgated accounting principlespromulgated accounting principles4. Emphasis of a matter4. Emphasis of a matter5. Reports involving other auditors5. Reports involving other auditors

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1 - 34©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Consistency Versus ComparabilityConsistency Versus Comparability

Changes that affect consistency and requireChanges that affect consistency and requirean explanatory paragraph if they are material:an explanatory paragraph if they are material:

1. Changes in accounting principles1. Changes in accounting principles2. Changes in reporting entities2. Changes in reporting entities3. Corrections of errors involving principles3. Corrections of errors involving principles

Changes that affect comparability but not consistency:Changes that affect comparability but not consistency:

1. Changes in an estimate1. Changes in an estimate2. Error corrections not involving principles2. Error corrections not involving principles3. Variations in format and presentation of financial inf.3. Variations in format and presentation of financial inf.4. Changes because of substantially diff. trans. or events4. Changes because of substantially diff. trans. or events

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1 - 35©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Substantial Doubt About Going ConcernSubstantial Doubt About Going Concern1. Sig. recurring operating losses or1. Sig. recurring operating losses or working cap. deficienciesworking cap. deficiencies2. Inability of the comp. to pay its obligations as come due2. Inability of the comp. to pay its obligations as come due3. Loss of major customers, the occurrence of uninsured 3. Loss of major customers, the occurrence of uninsured catastrophescatastrophes4. Legal proceedings, legislation that might jeopardize the entity’s 4. Legal proceedings, legislation that might jeopardize the entity’s ability to operateability to operate

Auditor Agrees with a Departure from Auditor Agrees with a Departure from a Promulgated Principlea Promulgated Principle

The auditor must be satisfied and must state and explain, in The auditor must be satisfied and must state and explain, in a separate paragraph(s) in the audit report, that adhering to a separate paragraph(s) in the audit report, that adhering to the principle would‘ve produced a misleading result in that situationthe principle would‘ve produced a misleading result in that situation

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1 - 36©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Emphasis of a MatterEmphasis of a Matter

Under certain circumstances, the CPA may want to emphasize Under certain circumstances, the CPA may want to emphasize specific matters regarding the FS, even though the CPA intends specific matters regarding the FS, even though the CPA intends to express an unqualified opinion.to express an unqualified opinion.

Reports Involving Other AuditorsReports Involving Other Auditors

1. Make no reference in the audit report.1. Make no reference in the audit report.

3. Qualify the opinion.3. Qualify the opinion.

2. Make reference in the report (modified wording report).2. Make reference in the report (modified wording report).

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1 - 37©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Sub Learning Objective 4Sub Learning Objective 4

Identify the types of audit reportsIdentify the types of audit reports

that can be issued when anthat can be issued when an

unqualified opinion is not justified.unqualified opinion is not justified.

Page 38: 01. Jenis, Tujuan, Lap

1 - 38©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Departures from anDepartures from anUnqualified OpinionUnqualified Opinion

1. Scope limitation1. Scope limitation

2. GAAP departure2. GAAP departure

3. Auditor not independent3. Auditor not independent

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1 - 39©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Qualified OpinionQualified Opinion

A A qualified opinionqualified opinion report can result from a limitation on report can result from a limitation on the scope of the audit or failure to follow GAAP.the scope of the audit or failure to follow GAAP.

Adverse OpinionAdverse OpinionIt is used only when the auditor believes that the overall FS areIt is used only when the auditor believes that the overall FS areso materially misstated or misleading that they do not present so materially misstated or misleading that they do not present fairly the financial position or results of operations and cashfairly the financial position or results of operations and cashflows in conformity with GAAP.flows in conformity with GAAP.

Disclaimer of OpinionDisclaimer of Opinion

It is issued when the auditor is unable to be satisfied that It is issued when the auditor is unable to be satisfied that the overall FS are fairly presented.the overall FS are fairly presented.

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1 - 40©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Sub Learning ObjectiveSub Learning Objective

Explain how materiality affectsExplain how materiality affects

audit reporting decisions.audit reporting decisions.

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1 - 41©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Scope Restricted by Client or Other ConditionsScope Restricted by Client or Other Conditions

ImmaterialImmaterial MaterialMaterial

Level of MaterialityLevel of MaterialityExtremelyExtremelyMaterialMaterial

UnqualifiedUnqualifiedreportreport

Qualified scope, additional paragraph, Qualified scope, additional paragraph, and qualified opinion (except for)and qualified opinion (except for)

DisclaimerDisclaimerof opinionof opinion

Statements Not Prepared in Accordance With GAAPStatements Not Prepared in Accordance With GAAP

ImmaterialImmaterial MaterialMaterial

Level of MaterialityLevel of Materiality

ExtremelyExtremelyMaterialMaterial

UnqualifiedUnqualifiedreportreport

Additional paragraph and qualified Additional paragraph and qualified opinion (except for)opinion (except for)

AdverseAdverseopinionopinion

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1 - 42©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

The Auditor Is Not IndependentThe Auditor Is Not Independent

ImmaterialImmaterial MaterialMaterial

Level of MaterialityLevel of Materiality

ExtremelyExtremelyMaterialMaterial

Disclaimer of opinionDisclaimer of opinion(regardless of materiality)(regardless of materiality)

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1 - 43©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

End of Session 1End of Session 1

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1 - 44©2006 Prentice Hall Business Publishing, ©2006 Prentice Hall Business Publishing, Auditing 11/e,Auditing 11/e, Arens/Beasley/Elder Arens/Beasley/Elder

Tugas: (tulis tangan)Tugas: (tulis tangan)

1.1. Jelaskan definisi audit? Berikan penjelasan elemen-elemen dari definisi Jelaskan definisi audit? Berikan penjelasan elemen-elemen dari definisi tersebut.tersebut.

2.2. Sebutkan dan jelaskan 3 tipe audit? Uraikan persamaan dan Sebutkan dan jelaskan 3 tipe audit? Uraikan persamaan dan perbedaannya?perbedaannya?

3.3. Jelaskan tujuan audit keuangan?Jelaskan tujuan audit keuangan?

4.4. Jelaskan definisi asersi manajemen? Jelaskan 5 asersi manajemen?Jelaskan definisi asersi manajemen? Jelaskan 5 asersi manajemen?

5.5. Sebutkan dan jelaskan 3 jenis utama opini dalam laporan audit Sebutkan dan jelaskan 3 jenis utama opini dalam laporan audit keuangan?keuangan?

6.6. Dapatkan dari internet 1 contoh unqulified opinion laporan audit Dapatkan dari internet 1 contoh unqulified opinion laporan audit keuangan (tidak termasuk LK Perusahaannya). Lalu, print, dan keuangan (tidak termasuk LK Perusahaannya). Lalu, print, dan kemudian identifikasi 7 parts Laporan Audit dengan Unqualified Opinion kemudian identifikasi 7 parts Laporan Audit dengan Unqualified Opinion dalam laporan tersebut. dalam laporan tersebut.