22-6

Distinguish between (a) test of controls and substantive test of transactions and (b) test of details of
balances for liability accounts in the capital acquisition and repayment cycle:

Pengujian pengendalian dan pengujian substantif atas transaksi akun liabilitas dalam siklus akuisisi dan
pembayaran kembali terdiri dari pengujian pengendalian dan pengujian substantive atas pembayaran
pokok dan bunga serta penerbitan surat utang baru atau kebawjiban lain, sedangkan pengujian rincian
saldo meliputi saldi kewajiban, hutang bunga, dan beban bunga.

22-14

What should be the major emphasis in auditing the retained earnings account?

Dalam audit retained earning account, penekanan utama auditor harus pada perubahan tercatat yang
telah dibuat selama tahun tersebut, seperti dividend declared, net earnings, penyesuaian periode
sebelumnya atau penghapusan alokasi.

22-17

The following questions concern the audit of accounts in the capital acquisition and repayment cycle.
Choose the best response.

a. During and audit of a publicly held company, the auditor should obtain written confirmation
regarding debenture transaction from the....
o Debentures holders
o Client’s attorney
o Internal auditor
• Trustee
a. Which of the following internal controls is least likely to reduce risk related to the occurrence
transaction-related audit objective for issuance of stock?
• The board of directors must approve the distribution of cash dividends.
o The issuance of any shares of stock must be preapproved by the board of directors.
o The company changes an independent registrar to issue stock certificates.
o The company maintains a capital stock certificate record that includes certificate
number, number of shares issued, issue date, and name of person to whom certificates
are issued.
b. Which of the following audit procedures would be most relevant when examining the
completeness transaction-related audit objective for capital stock?
• The auditor examines minutes of the board of director’s meetings to identify any
actions involving the issuance of capital stock.
o The auditor vouches entries in the client’s capital stock records to board minutes.
o Confirmations of new stock issuances are sent to the client’s stock transfer agent.
o The auditor traces entries of new stock issuances to the cash receipts journal.
22-28

a. Prepare the detailed audit program for the audit of the three accounts comprising the
stockholder’s equity section of Rakin Corporation’s balance sheet:
• Memeriksa artikel pendirian, catatan direksi dan anggaran rumah tangga untuk
menentukan keputusan atau ketentuan terkait dengan akun modal.
• Menentukan bahwa catatan akuntansi sesuai dengan ketentuan dan pengungkapan
catatan kaki yang benar dibuat.
• Periksa buku sertifikat saham untuk menentukan apakah sesuai dengan akun modal
saham. Konfirmasi untuk transaksi saham jika terdaftar dengan agen individu.
• Jadwalkan semua entri sejak dimulainya akun. Periksa dokumen yang mendukung
semua entri yang dibuat ke dalam akun. Tentukan bahwa jumlah yang dikredikan ke
modal secara berlebihan dihitung dengan tepat.
• Memeriksa laba ditahan sejak awal.
• Memeriksa dukungan untuk setiap entri yang dibuat ke dalam laba ditahan untuk
menentukan apakah klasifikasi benar atau tidak. Semua saham atau dividen tunai harus
diperiksa untuk menetukan penilaian yang tepat terhadap laba ditahan.

b. After every other figure on the balance sheet has been audited, it might appear that the
retained earnings figure is a balancing figure and requires no further verification. Why does
the CPA verify retained earnings as is done with the other figures on the balance sheet?

Retained earning sendiri merupakan saldo laba yang tersisa, lalu alasan mengapa CPA
memeriksa laba ditahan seperti angka-angka yang lainnya adalah karena terkadang perusahaan
sering melakukan kecurangan terhadap RE. seperti meninggikan RE karena ingin membagikan
dividen pada tahun ini, padahal alasan menaikan RE hanya untuk menghindari pembayaran
pajak.

22-29

a. Before performing analytical procedures related to the capital acquisition and repayment
cycle accounts, consider how the process of becoming publicly held will affect accounts at E-
Antiques Inc. Describe whether each of the following balances would have increased,
decreased, or experienced no change between 2014 and 2015 because of the public offering:
• Cash: increased
• AR: no changes
• PPE: increased
• Ap: increased
• Ltd: decreased
• CS: increased
• Additional paid: increased
• RE: no changes
• TS: increased
• Dividend: no changes
• Revenues: no changes
b. During 2016, the stock price for E-Antiques plummeted to around $19 per share. No new share
were issued during 2016. Describe the impact of this drop in stock price on the following
accounts for the year ended December 31, 2016:
• Common stock: decreased
• Additional paid-in capital: decreased
• Retained earnings: no changes
c. How does the decline in stock price effect your assessment of the clients business risk and
acceptable audit risk?
Harga saham dapat mempengaruhi penilaian terhadap resiko bisnis karena harga saham
mencerminkan kondisi perusahaan. Jika harga saham turun, maka menunjukan bawha
perusahaan tersebut sedang mengalami kesulitan atau penurunan revenue sehingga dapat
menimbulkan banyak resiko.