Fakultas Ekonomi & Bisnis Universitas Padjadjaran UIAN TENGAH SEMESTER (GENAP) ___TAHUN AKADEMIK 2016/2019 Viaksaae Mata Kuliah— AUDITING II HariTanggal : Kami, 02 April 2019 Waktu 420 Menit Dosen Tim Dosen MULTIPLE CHOICES (40 points). 41. Which of the following statements is true regarding assertions in the revenue (sales and collections) cycle? itis typical that all the assertions for revenue are equally important. @ 1 a cient has an incentive to overstate revenues, the existence assertion would be more relevent completeness assertion. ‘c. Aucit evidence about the existence of revenues is also appropiate evidence about the valuation of re 4d. The allowance for doubtful accounts has important implications forthe ownership assertion of receivatles. 2. Which of the following controls would be most effective in detecting a failure to record cash received fram customers ying on their aocounts? é ‘Apperson in accounting reconciles the bank deposit tothe cash receipts journal Transactions recorded in the cash receipts journal are posted on a real-time basis to the aocoun's receivat file ios c. Monthly statements are sent to customers and any discrepancies are resolved by someone independent of cash handling and accounting 4, Deposits of cash received are made daly. 3, An auditor is performing substantive tests of sales transactions. One step is to trace a sample of debit entries accounts receivable ledger back to the supporting duplicate sales invoices. What will the auditor intend to es! step? a. Sales invoices represent existing sales. b._Allsales have been recorded Al sales invoices have been correctly posted to customer accounts Debit entries in the accounts receivable ledger are correctly supported by sales invoices 4, Assume that an auditor expected that the client's activities related to sales and accounts receivab! industry averages. Which of the folowing relationships detected as part of preliminary analytical procedures a heighted risk of misstatement in the revenue cycle? a. The number of days’ sales in accounts receivable increased from 44 days in the prior year to 65 days in ty being audited @ The gross margin increased {rom 16.7% to 18.3%, while the industry average changed from 16.7% to 16.3% ‘c. Accounts receivable increased 35% over the prior year, while sales stayed relatively stable d.Allofthe above. 5. Alter identifying the risks of material misstatement, the auditor develops an ausit plan in response to those risks. the following plans for testing revenue would be most likely when the aucitor believes that control isk is high? @ The only evidence the auditor plans to obtain i from tests of deals. , The auditor plans to obtain 40% of the necessary audit evidence from tests of contro, and the remeiring substantive analytical procedures ‘c. The auditor plans to obtain the majority of the necessary audit evidence from tests of controls 4d. Any of the above would be an appropiate aucit plan ifthe auditor believe that contro risk is high. 6. The auditor is concerned that fictitious sales have been recorded. The best audit procedure to identiy the existence of the fictitious sales would be to perform which of the following? ‘a. Select a sample of recorded sales invoices and trace to shipping documents (bil of lading and packing s'ps) to verity shipment of goods. Select a random sample of shipping documents (bill of lading) and trace tothe sales invoice to determine whet invoice was properly recorded. c. Select a sample of customer purchase order and trace through to the generation ofa sales inveice d. Select a sample of customer purchase order to determine whether a vid customer actually exists.7. Which of the following procedures will an auditor most likely perform for year end confirmations when the auditor did N : received replies 10 second requests? Review the cash receipts journal for the month prior to year end. Intensity the study of internal control concerning the revenue cycle. é Inspect the shipping records documenting the merchandise sold to the debtors d, Increased the assessed level of detection risk for the existence assertion. 8 Negative form of accounts receivable confirmation request is usefull except when a. Internal contro! sorrounding accounts receivable is considered to be effective. b. large number of small balances are involved. % The auditor has reason to believe the persons receiving the requests are likely to give them consideration. @ individual account balances are relatively large. 8. Which of the following would most likely be included in an intemal control questionaire regarding the completeness assertion for purchases? a. Is an authorized purhase order required before the receiving departement can accept the shipment or the vouchers payable departement can record a voucher? . Are purchase requisitions prenumbered and independently matched with vendor invoice? ¢, Is the unpaid voucher file periodically reconciled with inventory records by an employee who does not have access to purchase requisition? @ Are purchase orders, receiving reports, and vouchers prenumbered and periodically accounted for? 10. Which of the following is an example of fraud in the expenditures (aquisitions and payments) cycle? ‘a, Employee schemes involving fictitious vendors as means to transfer payments to themselves, '. _Inappropiately capitalizing items that are truly curent-period expenses. c. Executives misusing travel and entertainment accounts and charging them as company expenses, @ Alofine above. 11, Which of the following is the best audit procedure for determining the existence of unrecorded liabilities? ‘a. Examine confirmation requests retumed by creditors whose accounts appear on a subsidiary balance of accounts payable, b. Examine unusual relationships between monthly accounts payable balances and recorded purchases. ¢, Examine a sample of invoices a few days prior to and subsequent to year end to ascertain whether they have been properly recorded, @ Examine a sample of cash disbursements in the period subsequent to year end 12. Cutoff tests designed to detect purchases made before the end of the year that have been recorded in the subsequent year most likely would provide assurance about management's assertion of: a. Valuation. Completeness b. Occurrence 4. Classification 13. As part of auditing equipment, the auditor will inspect new equipment additions selected from the lient’s property ledger. The procedure will provide evidence about which of the following assertions? Completeness ¢. Valuation b. Existence d. Rights and obligations 414, Ifthe client fails to record disposals of property, plant, and equipment, both the original cost of the asset account and the net book value will be incorrect. a. Both willbe overstated indefinitely @ The original cost will be overstated indefinitely, and the net book value will be overstated until the asset is fully depreciated. c. The original cost will be overstated indefinitely, and the net book value will be understated indefinitely 4d. The original cost will be overstated indefinitely. and the net book value will be understated until the asset is finally depreciated 16. To test the effectiveness of controls over assel impairment, the auditor could perform which ofthe following procedures? e. Perform analytical procedures {. Send confirmation fo the management specialist who performed work related to the impairment @ Inqure of management as to its process for determining assessment impairment. Inspect the asset for potential impairment. 16.For which ofthe following auditing procedures would sampling be most appropiate? Examining documents c. Observing controls being completed Inquiring of management d. Conducting arlytical procedures7. a > disadvantage of nonstatistical sampling over statistical sampling is the inabilly, when using nonstatistical, in Justify the cceptance or rejtion ofthe population b. Use random selection in drawing the sample. : Calculate allowance for sampling risk for a measureable level of risk. Explicitly state the upper misstatement level 418. Which ofthe following describes sampling risk? The risk of the auditor carying out test the wrong way round . The risk of relance on unsuitable aut evidence The risk that the sample does not reflect the population 4. The tisk of the auaitor reaching the wrong conclusions from testing 49, Which ofthe following is a question tha the auditor wll answer when sampling? ‘Which population and sampling unit shouldbe tested, and whal characteristic should be examined? . How many items shouldbe selected for aut testing? . Which items shouldbe included in he sample? @ Alofthe above 20. In attribute sampling, which of the following will not affect the ‘determination of sample size? a. Sampling risk b. The tolerable rate of deviation c. The expected population deviation rate @ The tisk of incorrect rejection of book value CASE 1 (80 points) (You may answer the questions in Bahasa Indonesia) ‘Cher Blossom Co (Cherry) manuactres custom made future ants year end is December 31st. The company purchases is ‘aw materials from a wide range of suppliers, Below isa description of Cherty’s purchasing system. \When production supervisors require rw materials, they compl 2 rein as ote ben based on ‘The purchasing dieclor authorises the orders prior 0 ‘hese being sent tothe supper. are sent directly to the purchase He then inpus them into the purchase ledger using batch BPtode, The invoices are reviewed and authorised for payment by the nance director, bu Required: In respect ofthe purchasing system af Cherry Blossom Co: ‘ently and explain FIVE deficiencies; and 'b. Recommend a control fo address each of hese deficiencies, ‘CASE 2 (30 points) Pada akir tahun 2018 Saudara sedang memerksa aldo piutang dan utang usaha dalam audit lgporan Kevangan PT X untuk fatun yang beraknir pada 31 Desember 2018. Perusahaan adalah produsen produk tile yang dpasarkan di dalam neger an lua neger 1. Posisi sald piutang tanggal 31 Desember 2018 tercatal sebagai berkut I ey alk ea. Performance materiality untuk pivtang usaha adalah Rp6 milyar. ». Tingkat risiko (RM) untuk setiap Kategori adalah sebagai berkut : Pemerinah dan pelanggan luar negerl ~ rend, pihak berelasi - moderat; dan pihak keliga tinggi Satu piutang kepada pihak berclal dan 5 piutang Kepada pihak ketiga bersaldo di bawah 500 juta, lainnya bersaldo di atas 5 milyar. 4. Informasi terkaitsaldo piutang — Has Konfimasi kepada salah satu piulang Wuar negeri menyatakan bahwa pada tanggal tanggal 31 Desember 2018, barang yang diterima tol 22 Desember 2018 beyjumiah USS2 juta masih sedang dalam proses pengujan dan karenanya belum diakui sebagai utang, Jika hasil penguiian yang memerlukan waktu sekitar 14 hari dinyatakan tidak layak maka perusahaan wajib mengganti barang lersebut, sedangkan barang yang tidak layak dianguskan, Perusahaan mencatat transaksi tersebut (mengakui penjualan) sesuai dengan tanggal pengiriman 15 Desember 2018 sebesar R26 4 milyar (kurs US$1 = Rp1!3.200, sama dengan kurs pada tanggallaporan). ~ Saldo piutang salah satu distibutor pinak ketiga sebesar Rp25 jula timbul dari Klaim tas potongan penjuatan transaksi bulan Mei 2018. e. Kecuali temuan butird di atas, seluruh prosedur audit yang diperlukan telah diterapkan dengan hasil memuaskan (tidak terdapat kesalahan material dalam konversi kurs valuta asing). DIMINTA a. Jka Saudara merencanakan prosedur Konfimasi secara sampel, berapa pelanggan dari setiap Kategori piutang yang -akan dikiim konfirmast? Uraikan daserpertimbangen yang digunaken. . Uraican dengan jelas apakah telah terjadi Kesalahan material dalam jumlah saldo piulang? Jika ada buat usulan koreksi audinya, dan berapakah jumlah saldo piutang yang seharusnya jka Kerangka pe'aporan keuangan yang diterapkan adalah SAK?