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Case 1 Arizona Mustikarini, CPA, is examining the December 31, 2011 inventory of Panasonic Electronic, Inc.

, a distributor of electronic parts. She has already performed procedures to satisfy herself that: 1) A computer printout listing inventory at year-end in ascending sequence by stock number and lot number is complete,(existence) 2) The quantities shown there on are correct, (existence) 3) The extensions of quantity times price are accurate,(accuracy) 4) The listing is properly footed, and (existence/occurence) 5) The total agrees ti the general ledger ending inventory account balance. (completeness) As the next step, Arizona decides to use a nonstatistical sample to test the pricing of the inventory. She plans to perform thus test by checking prices to: 1) Vendors invoices, and 2) Current price lists provided by vendors. The ending inventory consists of 3,000 stock items with a total recorded value of $1.9 million. A perpetual inventory record is maintained for each stock item. In addition, an inventory tag showing the quantity on hand at year-end is on file for each item. Arizona agrees that a misstatement of $85,000 or more in the inventory balance, when combined with misstatements in other accounts, might result in material misstatement of the financial statements. Required: a) In what stage of auditing do these procedures are usually performed? Identify the assertions of each procedures performed? To what component of audit risk does the inventory pricing test relate? b) What factors should influence Arizonas determination of sample size? c) What should the sampling unit be and how should the sample items be selected? d) Assume that a sample of the pricing of 100 stock items was examined. The total recorded value for these items was $75,000. Eight of the items in the sample had pricing erros resulting in those items being overstated by $4,800. How should Arizona interpret the sample results?

Jawaban: a) Prosedur-prosedur tersebut umumnya dilakukan pada tingkatan auditor melakukan audit prosedur lebih lanjut (phase IV Perform Further Audit Procedures). Uji harga persediaan (inventory pricing test) terkait dengan risiko bawaan dari persediaan (inherent risk). Alasannya karena perusahaan tidak mengetahui barang yang dijual itu memiliki cost berapa sehingga sering terjadi kesalahan dalam menetapkan harga persediaan. b) hal-hal yang bisa mempengaruhi dalam menentukan ukuran sampel adalah: a. lingkungan pengendalian perusahaan = semakin terautomatisasi dan konsisten lingkungan pengendalian di suatu perusahaan maka auditor dapat menggunakan sampel yang ukurannya lebih kecil. b. ukuran populasi = semakin besar populasi maka semakin besar sampel yang digunakan. c. risiko sampel = semakin besar risiko sampel maka semakin kecil jumlah sampel yang diambil. d. frekuensi transaksi = semakin sering transaksi dilakukan maka semakin besar sampel yang diambil. c) Unit sampling yang digunakan oleh Arizona yaitu bukti-bukti (faktur) yang dapat membuktikan kebenaran transaksi perusahaan, daftar kartu persediaan juga dapat menggambarkan kebenaran keluar masuknya barang sehingga angka dalam laporan keuangan itu bisa dikatakan wajar. d) Berdasarkan sampel tersebut Arizona menentukan nilai materialitas sebesar 85.000, untuk asumsi 75.000 dicatat terlalu besar sebesar 4.800 seharusnya hanya dicatat sebesar 70.200 Persediaan yang dicatat terlalu besar akan mengakibatkan HPP terlalu rendah dan laba menjadi akan lebih tinggi. Sehingga Arizona harus melakukan jurnal koreksi untuk Retained earnings terhadap inventory.

Case 2 Eddie John, CPA was conducting an audit over fixed assets account for the year ended 31 December 2011 of ThinkDigital Corp, a digital marketing company. ThinkDigital conceptualized and implements creative solutions using a full range of technical services. He obtained a fixed assets register from accounting department, as shown in Fixed Assets Register attachment. From the Companys general ledgers and prior year audited balance, it is shown the fixed assets balance as below: Audited 31 December 2010 balance: Rp1.232.996.459,00. General ledger 31 December 2011 balance: Rp1.357.098.845,00. The materialiaty over account balance was set up at Rp30.000.000,00. The capitalisation policy stated that whereby all fixed assets greater than or equal to Rp4.000.000,00, will be assessed for capitalisation. Required: a) Explain the main assertions that Eddie should obtain to state that the fixed assets account was fairly stated. b) Explain the appropriate audit procedures to address the audit assertions above. Identify if any findings or exceptions. c) Explain the audit sampling methods should Eddie apply to ensure that the fixed assets account is free from material misstatements.