AUDIT UTANG JANGKA PANJANG

PENGUJIAN SUBSTANTIF TERHADAP

UTANG JANGKA PANJANG

Oleh :

1. NI PUTU AYU ARNITA DEWI (1715644025)

2. NI WAYAN TRISNA PURNAMA DEWI (1715644061)
3. I PUTU FENDY ARISYANDANA (1715644103)
4. PUTU DIAH HERAYANTI (1715644115)

JURUSAN AKUNTANSI
PROGRAM STUDI DIV AKUNTANSI MANAJERIAL
POLITEKNIK NEGERI BALI
2019
Illustration : Fendy, Isna, Diah and Arnita formed a company that name was FIDA Ltd. FIDA Ltd is a
company engaged in communication. The company was doing leases 4G signal transmitting towers about Rp
100,000,000 with five years economic value and Rp 10,000,000 down payment without residual values at 1
January 2018 with term of payment is paid five times for five years made at the beginning of the year with
3% of an interest. At the end of 2019 FIDA Ltd. conducted an audit to find out the fairness of the company's
financial statements.

Based on the illustration above, we make a paper related to substantive testing of long-term
liabilities specially at FIDA Ltd. According to Baridwan, long-term liabilities is liabilities whose
repayments in more than one year. Examples of long-term liabilities including bond payable, long-
term of notes payable, mortgage payable, advances from affiliated companies, long-term credit
payable, etc (Baridwan, 2014). On this occasion, we will discuss the long-term liabilities audit
especially at FIDA Ltd as a lessee who is doing leases (long term rent) 4G signal transmitting towers.
long-term liabilities account is one component in the financial statements, it is necessary to conduct
an audit to ensure that the reports presented accordance with procedures to fit the objective based on
PSAK 1 (IAI, 2019).
Before doing an audit to financial statements, The auditor needs to consider whether he will
accept or reject the audit engagement from FIDA Ltd according to SA 200 (IAPI, 2013). In the
engagement letter everything agreed in the engagement must be recorded in writing in the engagement
letter according with SA 210 (IAPI, 2013). After making the engagement, the auditor must be prepare
for an audit planning according with SA 300 (IAPI, 2013).
The first step before conducting substantive testing is understanding about an internal control
of FIDA Ltd according with SA 315 (IAPI, 2013) because understanding of an internal control must
be obtained to plan the audit and determine the character, timing and scope of the testing to be carried
out (Agoes, 2012). In internal control the auditor assess, gather information and communication related
to actions, policies and procedures that are applied to long-term liabilities, how FIDA Ltd identifies,
analyzes, and manages risks which is may or has happened in the recording and physical investment,
and assessing and monitoring whether internal control has been effectively and efficiently. The auditor
also check the recording of lease payable based on leasing accounting standards according with PSAK
30 (IAI, 2019). If a deficiency is found in the implementation of internal control, the Auditor can report
it to the entity's audit committee based on SA 265 (IAPI, 2013). After the auditor has identified the
material misstatement, according to SA 320 (IAPI, 2013) auditors must apply the concept of
materiality in planning and conducting audits of financial statements. If identified, the auditor need to
obtain sufficient and appropriate evidence also giving responses to fraud or suspected fraud to the risks
identified at FIDA Ltd according to SA 240 (IAPI, 2013).
For obtain sufficient and appropriate audit evidence related to the risk assessment for material
misstatement based on SA 330 (IAPI, 2013) it is necessary to design substantive testing procedures in
the form of detailed testing and substantive analytical procedures and also auditors must pay attention
to the time, nature and extent. According to (Mulyadi, 2014), Initial audit procedures performed on
FIDA Ltd is investigating the listed long-term liabilities balance, recalculate long-term liabilities
account balances in the ledger, review an extraordinary mutases, investigating the beginning balance
of long-term liabilities, and investigating posts in the journal concerned. After that the Auditor
conducts a detailed transaction test by examining documents that supporting the lease agreement,
documents that support leasing payment transactions, tower insurance and maintenance payment
documents, or documents that support interest payment transactions. After that the auditor conducts
detailed account testing by requesting a list of long-term liabilities. At last, verify and disclose by
checking the classification of long-term liabilities which is due soon on the balance sheet, ask for a
copy of the long-term credit agreement and learn article contained therein, and check whether or not
the disclosure is sufficient on long-term liabilities on the balance sheet of FIDA Ltd. The sufficient
audit evidence is one thing that must be prepared before conducting an evaluation SA 500 (IAPI,2013).
To obtain relevant and reliable evidence according to SA 505 (IAPI, 2013) then, external confirmation
can be carried out such as asking for confirmation from the lessor regarding the lease.
Based on SA 520 (IAPI, 2013) analytical is an evaluation of financial information which is
done through an analysis of the relationship between financial data and non-financial data. Before the
auditor doing analytical procedures, SA 450 (IAPI, 2013) states that the auditor must evaluate the
impact of misstatements identified in an audit and also uncorrected misstatements (if any) in financial
statements.
In the case of FIDA ltd, Auditor must do an examination of the long-term debt account balance
is in accordance with PSAK 68 presented at fair value (IAI, 2019). In the financial statements, the
value of the lease is Rp 100,000,000. In this case FIDA Ltd lease payments are made at the beginning
of the year.
After checking, the transaction has been recorded correctly.
1/1/2018 Fixed Assets - Signal Transmitting Towers Rp 100.000.000
Cash Rp 10.000.000
Lease Debt Rp 90.000.000

1/1/2018 Lease debt Rp 15.300.000

Interest Expense Rp 2.700.000
Cash Rp 18.000.000
But in the financial statements until the end of 2018 there was Rp 100,000,000 recorded and
no adjustments. Adjustments are made to long-term liabilities account, which are initially long-term
liabilities adjusted to short-term liabilities because they have a maturity of less than a year. Then based
on the evidence obtained, the auditor suggested making adjustments as at 31st December 2018
31/12/2018 Fixed Assets – Signal Transmitting Towers Rp 74.700.000
Lease Debt Rp 74.700.000

After adjustments, reclassifications are made for long-term liabilities that have been adjusted
to short-term liabilities which is due in 1st January 2019.
1/1/2019 Lease debt Rp 18.000.000
Short-term liabilities Rp 18.000.000

after conducting substantive testing and assessing the level of materiality, the auditor can
formulate an opinion and draw conclusions according to SA 700 (IAPI, 2013). The financial statements
will get an opinion such as Unqualified Opinion, Qualified Opinion, Adverse Opinion, or Disclaimer
of Opinion. Because the company has not made any adjustments to long-term debt and has not yet
reclassified long-term debt that has matured in less than 12 months, it can be said that the level of long-
term debt materiality is high. If the company makes adjustments and reclassifications, the audit opinion
is unqualified opinion and without modification. However, if the company refuses to make adjustments
in accordance with SA 705 (IAPI, 2013) regarding modification of opinions in the independent
auditor's report, then the audit opinion may be reasonable with a qualified opinion
 DAFTAR PUSTAKA

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