audit planning
DESCRIPTION
Audit PlanningTRANSCRIPT
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AUDIT PLANNING
ANDANALYTICAL PROCEDURE
S
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PLANNING Standard of Field work butir 1 menyatakan : “The auditor must adequately plan the work
and must properly supervise any assistents ” Tiga alasan kenapa auditor harus
merencanakan penugasan dengan tepat :1) Memungkinkan auditor memperoleh
sufficient appropriate evidence2) Menjaga cost audit yang pantas3) Menghindari misunderstanding dengan
klien
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Planning an Audit and Designing an Audit Approach
Accept client and perform initial audit planning
Understand the client’s Business and industry
Assess client business risk
Perform preliminary Analytical procedures
Set materiality and assess Acceptable Audit Risk and Inherent risk
Understand internal control and assess control risk
Gather information to assess fraud risk
Develop overall audit plan and audit program
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1. Accept Client and Perform Initial Audit
PlanningInitial Audit Planning meliputi 4 hal :1. Auditor memutuskan apakah menerima
klien baru atau meneruskan klien lama2. Auditor mengidentifikasi kebutuhan audit
dari auditee3. Mendapat pengertian dari klien tentang
penugasan, u/ menghindari salah pengertian
4. Auditor mengembangkan Overall Strategy u/ audit, termasuk staffing dan kebutuhan spesialis jika diperlukan
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2. Understand the Client’s Business and Industry
Standard of Field work butir 2 menyatakan:
“ The auditor must obtain a sufficient understanding of the entity and its environment, including its internal control, to assess the risk of material misstatement of the financial statements whether due to error or fraud, and to design the nature, timing, and extent of the audit procedures”
Sifat bisnis dan industri klien mempengaruhi Client Business Risk dan Salah saji material dalam Financial statement.
Client business risk
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Strategic Systems Understanding of the Client’s
Business and IndustryUnderstand Client’s
Business and Industry
Industry andExternal Environment
Business OperationAnd process
Management andGovernment
Objecitves andStrategies
Measurement andPerformance
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3. Assess Client Business Risk
Hubungan Client’s business dan industri, Client business risk dan penilaian auditor atas resiko salah saji material laporan keuangan
Industry and External Environment
Business Operation and Process
Management and Government
Objectives and strategies
Understand Client’s Business and Industry
Measurement and Performance
Assess ClientBusiness Risk
Assess Risk ofMaterial Misstatement
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4.Melaksanakan Prosedur Analitis Pendahuluan
Auditor melaksanakan Prosedur Analitis Pendahuluan u/ memahami dengan lebih baik bisnis klien dan u/ menilai resiko bisnis klien
SELECTED RATIOS HILSBURG12/31/07
HILSBURG12/31/06
INDUSTRY12/31/06
INDUSTRY12/31/07
Short-Term Debt –Paying Ability
Cash ratio 0.06 0.22 0.06 0.20Quick ratio 1.57 3.10 1.45 3.00 Current ratio 3.86 5,20 4.04 5.10 Liquidity Activity RatiosAccounts receivable turnover 7.59 12.15 7.61 12.25Days to collect accounts receivable 48.09 30.04 47.96 29.80Inventory turnover 3.36 5.20 4.04 5.10Days to sell inventory 108.63 70.19 120.86 74.49 Ability to Meet Long -Term ObligationDebt to equity 1.73 2.51 1.98 2.53Times interest earned 3.06 5.50 3.29 5.60 Profitibility RatiosGross profit percent 27.85 31.00 27.70 32.00Profit margin 0.05 0.07 0.05 0.08Return on assets 0.09 0.09 0.08 0.09Return on common equity 0.26 0.37 0.24 0.35
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Key Parts of PlanningAPPLICATION TO HILLSBURG HARDWARE CO
SUBPARTS OF PLANNING
MAJOR PART OF PLANNING
Hillsburg adalah audit lanjutan, tidak ada hal yang perlu dikahawatirkan
Ada 2 alasan: Perusahaan public dan audit dibutuhkan bank due to Hutang Wesel yang besar
Mendapatkan Engagement letter sebelum audit lapangan
Menerima klien baruAtau ulangan/lama
Identifikasi alasan klien u/ diaudit
Mendapatkan pengertian dgn klien
Staffing penugasan Partner – Joe Anthony; Manager – Leslie FranklinSenior – Fran Moore: Assisten – Mitch Bray dan Mr X
Menerima klien dan melaksa nakan Perenca naan Awal
Anthony & Franklin mempelajari publikasi industry; Moore mereview data industry dan laporan dr data base dan online
Memahami Industry dan lingkungan klien
Memahami Operasi, strategi dan sistem kinerja
Moore berdiskusi dengan CEO & CFO, membaca Notulen , mereview Laporan Kunci dan indikator kinerja
Memahami bisnis dan
industri klien
Moore menggunakan pemahaman atas klien dan industry u/ menilai Resiko bisnis
Moore mereview kontrol manajemen dan pengelolaan dan pengaruhnya pada Resiko bisnis
Moore menggunakan penilaiannya atas Resiko bisnis dan kontrol manajemen u/ identfikasi area audit yg beresiko salah saji
Moore membandingkan Neraca unaudited 2007 dgn tahun sebelumnya . Moore menghitung Key Ratios dan membandingkannya dgn tahun sebelumnya dan industry ratas. Semua hal signifkan difollow up
Menilai Resiko bisnis klien
Menilai Mgt control yg pengaruhi resiko bisnis
Menilai resiko Material misstatement
Menilai Resiko Bisnis Klien
Melaksanakan Prosedur Analitis Awal
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Analitical Procedures (Prosedur Analitis)Prosedur analitis umumnya dilaksanakan 3 kali selama penugasan :Prosedur analitis diperlukan dalam fase
perencanaan untuk membantu dalam menentukan sifat, luas dan waktu pelaksanaan prosedur audit; contoh, kalkulasi inventory turnover, sebelum test harga inventory dilakukan dapat menunjukkan perlunya perhatian khusus selama test harga
Prosedur analitis dilaksanakan selama fase test substantif u/mendukung saldo akun. Test ini dilakukan berhubungan dengan prosedur audit lain. Contoh; bagian asuransi yang dibayar dimuka dibandingkan dengan polis yang sama dengan tahun lalu.
Prosedur analitis diperlukan selama fase penyelesaian audit. Test ini membantu Review akhir u/ salah saji material atau masalah keuangan dan membantu auditor melihat secara objektif atas Laporan Keuangan yang diaudit
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• Timing and Pusposes of Analytical Procedures
Tujuan(purpos
e)
Fase
(Required) (Required)Fase
PerencanaanFase Testing
Fase Penyelesaian
Memahami Bisnis dan Industri klienMenilai Going concern
Menunjukkan indikasi Misstatement (menujukkan arah perhatian)
Mengurangi Test Detailed
Tujuan Utama (Primary purpose)
Tujuan Utama (Primary purpose)
Tujuan Utama (Primary purpose)
Tujuan Utama (Primary purpose)
Tujuan Sekunder (Secondarypurpos
e)
Tujuan Sekunder (Secondarypurpos
e)
Tujuan Sekunder (Secondary purpose)
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5 Jenis Prosedur Analitis Auditor biasanya membandingkan Saldo
dan ratio klien dengan saldo dan ratio yang diharapkan dengan menggunakan satu atau lebih jenis prosedur analitis berikut ini. Dalam tiap kasus auditor membandingkan data klien dengan :1. Data Industri2. Data yang sama dengan periode yang lalu3. Hasil diharapkan yang ditentukan klien4. Hasil diharapkan yang ditentukan auditor5. Hasil diharapkan dengan menggunakan
data nonfinancial
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• Komparasi internal dan hubungannyaRatio or Comparation
Possible Misstatement
Raw material turnover for a manufacturing company
Misstatement of inventory or cost of goods sold or obsolescence of Raw material inventory
Sales commission divided by net sales
Misstatement of sales commission
Sales return and allowances divided by gross sales
Misclasified sales returns and allowances or unrecorded returns or allowances subsequent to year-end
Cash surrender value of life insurance (current year) divided by cash surrender value of life insurance (preceding year)
Each of individual manufacturing expenses as a percent of total manufacturing expense
Failure to record the change in cash surrender value or an error in recording the change
Significant misstatement of individual expenses within a total
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Common Financial Ratios
Cash ratio =Cash + Marketable securities
Current liabilities
Current ratio =
Cash + Marketable securities + net account receivable
Current liabilitiesQuick ratio =
Current assets
Current liabilities
A/R turnover =Net sales
Average gross receivable
365 daysDays to collect receivable A/R turnover
Inventory turnover =Cost of goods sold
Average Inventory
Days to sell inventory
365 days
Inventory turnover
Liquidity Activity Ratios
Short-term Debt - Paying
=
=
=
1
2
3
1
2
3
4
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Debt to equity =Total liabilities
Total equity
Operating income
Interest expenseTimes interest earned =
Earning per share =Net income
Average common share outstanding
Gross profit percent =
Return on assets =
Return on Common equity Average stockholder equity
.Profitability Ratios
Ability to Meet Long-term Debt Obligation
=
1
2
1
2
3
4
Net income – cost of goods sold
Net sales
Profit margin =Operating income
Net income Income before taxes
Average total assets
Income before taxes – Preferred dividends5