Overview -

Asurans dan
Audit Laporan Keuangan

©2020 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1-1

 Topik Bahasan
1 Pengertian Asurans (Assurance)

2 Audit Laporan Keuangan - Overview

3 Standar Profesional Akuntan Publik

4 The CPA Profession

©2020 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1-2

 What is the difference between
assurance and audit ?

©2020 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1-3

 Assurance Services

©2020 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1-4

Assurance Services

Perikatan Asurans —
Suatu perikatan yang didalamnya seorang praktisi menyatakan
suatu kesimpulan yang dirancang untuk meningkatkan derajat
kepercayaan pengguna yang dituju (selain pihak yang
bertanggung jawab) terhadap hasil pengevaluasian atau
pengukuran atas hal pokok dibandingkan dengan kriteria (SPAP
IAPI/IAASB - IFAC)

©2020 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1-5

Assurance Services

Assurance services are independent professional services

designed to improve the quality of information for decision
making.

• Independent
• Professional
• Quality

©2020 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1-6

Assurance Services
Elements of an Assurance Engagement :
1. A three party relationship involving a practitioner, a responsible party,
and intended users;
2. An appropriate subject matter;
3. Suitable criteria;
4. Sufficient appropriate evidence; and
5. A written assurance report in the form appropriate to a reasonable
assurance engagement or a limited assurance engagement.

©2020 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1-7

Assurance Services
Three Party Relationship
Assurance engagements always involve three separate parties :
• A practitioner gathers evidence to provide a conclusion to intended
users about whether a subject matter conforms to identified criteria.
• A responsible party is one who responsible for the subject matter,
choosing the suitable criteria, and engaging the practitioner.
• Intended users – The person, persons or class of persons for whom the
practitioner prepares the assurance report.

©2020 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1-8

Assurance Services
Subject Matter
Subject matter of an assurance engagement can take many form, such as:
• Information about historical or prospective financial performance or
physical characteristics (e.g. statistical information, capacity of facility,
non-financial performance indicators).
• Systems and process (e.g. internal control, IT systems).
• Behavior (e.g. corporate governance, human resource practices,
compliance with regulation).

©2020 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1-9

Assurance Services
Suitable Criteria
Suitable criteria are the benchmarks–standards, objectives, or set of rules–
used to evaluate evidence or measure the subject matter of an assurance
engagement.
Example,
Infornation/Subject Matter Criteria
- Financial Statements IFRS, SAK, US GAAP, SAP
- SPT Pajak Penghasilan UU & Peraturan Pajak
- Laporan Biaya Produksi Anggaran Biaya Produksi

©2020 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 10

Process of an Assurance Engagement
Suitable 1. Determine
criteria criteria
3. Generate
subject matter
information
Responsible 2. Determine
party Subject matter

6. Issue
4. Engage assurance
Practitioner report
practitioner

Intended
5. Collect evidence
Audit is a type of user
about fairness of
assurance engagements subject matter
information

©2020 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 11

Assurance Services
Two types of Assurance Services :
Reasonable assurance engagement
The objective is to reduce assurance engagement risk to an acceptably low
level in the circumstances of the engagement.
• Express a positive form of expression of the practitioner’s conclusion
• Example : Audit of historical financial statements

Assurance engagement risk —The risk that the practitioner expresses an inappropriate
conclusion when the subject matter information is materially misstated

©2020 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 12

Assurance Services
Two types of Assurance Services :
Limited assurance engagement
The objective is to reduce assurance engagement risk to a level that is
acceptable in the circumstances of the engagement, but where that risk is
greater than for a reasonable assurance engagement.
• Express a negative form of expression of the practitioner’s conclusion
• Example : Review of historical financial statements

Explain positive vs negative form of conclution

©2020 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 13

Assurance Services
Two types of Assurance Services :

Quality of
reasonable information
assurance

limited
assurance

no
assurance Evidence

©2020 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 14

Assurance Services

Framework for Assurance Engagements

Audits and Reviews of Assurance Engagements Other

Historical than Audits or Reviews of
Financial Information Historical Financial Information

Audits of Historical • Compliance Audit

Financial Statements
Reviews of Historical
Financial Information
• Operational Audit
• Audit of Internal Control
• Examination of Prospective
Financial Information
• Fraud & Illegal Act Assessment
• Assurance Services on IT
• Other Assurance Engagements

©2020 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 15

Non-Assurance Services
(Related Services) :
• Agreed-upon Procedures
• Compilation
• Accounting & Bookeeping
• Tax Services
• Management Consulting

©2020 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 16

 Audit of Financial Statements
- Overview

©2020 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 17

Audit of Financial Statements

Tujuan audit laporan keuangan adalah untuk meningkatkan tingkat

keyakinan pengguna laporan yang dituju melalui pernyataan suatu opini
oleh auditor tentang apakah laporan keuangan disajikan, dalam semua hal
yang material, sesuai dengan suatu kerangka pelaporan keuangan yang
berlaku. (SA 200).
Unmodified
• A type of assurance service opinion

• Hasil dari suatu audit adalah laporan

yang memuat pernyataan opini.

©2020 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 18

Audit of Financial Statements
Information
Competent,
independent Assertions in the
person Financial statements

Report on results
Independent
Auditor Determines Independent
correspondence Auditors’
Report
Accumulates and
evaluates evidence Established criteria

Examine evidence
Financial Reporting
underlying of
Framework
financial statements

©2020 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 19

Kerangka Pelaporan Keuangan - Criteria

• Basis yang digunakan oleh manajemen entitas dalam menyusun laporan

keuangan.

• Digunakan oleh auditor sebagai kriteria

untuk menilai apakah laporan keuangan
telah disajikan sesuai dengan kerangka
pelaporan keuangan yang berlaku.

Dibahas lebih lanjut dalam audit responsibility & audit report – next slide.

©2020 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 20

Risk Based Audit

An audit approach in which the auditor

• carefully analyzes the entity and its existing internal controls,
• identifies areas that pose a higher risk of financial statement errors
and fraud, and
• allocates a greater proportion of audit
resources to those areas.

©2020 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 21

Risk Based Audit
Benefits of the risk-based audit :
• Time flexibility when audit work needs to be performed
• Audit team’s effort focused on key areas
• Audit procedures focused on specific risks
• Understanding of internal control
• Timely communication of matters of interest to management

©2020 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 22

Risk Based Audit
Three key steps :
Performing risk assessment procedures to identify and
Risk
1 assess the risks of material misstatement in the financial
Assessment
statements

Designing and performing further audit procedures that

Risk respond to identified and assessed risks of material
2
Response misstatement, at both the financial statements and
assertion levels

This involves forming an opinion based on the audit

3 Reporting evidence obtained; and preparing and issuing a report
that is appropriate to the conclusions reached

©2020 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 23

Audit Process - Risk Based Audit
Plan Design Evaluate audit
the Audit further audit evidence
Assessment

Response

Reporting
procedures obtained

Risk
Risk

Perform risk Perform Prepare the

assessment further audit auditor’s
procedures procedures report

What events could occur Did the events identied What audit opinion, based
that would cause a occur and result in a on the evidence obtained,
material misstatement in material misstatement in is appropriate on the
the financial statements? the financial statements? financial statements?

Identify potential Obtain evidence Draw conclusion

fraud & error
©2020 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 24
Inherent Limitation of an Audit

Limitation Reason
The Nature of The preparation of financial statements involves:
Financial • Judgment by management in applying the applicable
Reporting financial reporting framework; and
• Subjective assessments (such as estimates) by
management involving a range of acceptable
interpretations or judgments.

©2020 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 25

Inherent Limitation of an Audit
Limitation Reason
Nature of • Audit evidence tends to be persuasive in character
Audit Evidence rather than conclusive.
Available • Audit evidence may include information obtained from
other sources such as:
‒ previous audits;
‒ a firm’s quality control procedures for client
acceptance and continuance;
‒ the entity’s accounting records; and
‒ audit evidence prepared by an expert employed or
engaged by the entity

©2020 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 26

Inherent Limitation of an Audit
Limitation Reason
The Nature of Audit procedures will not detect every misstatement.
Audit Procedures • Audit procedures applied to a sample introduces some
risk that a misstatement will not be detected;
• Management or others may not provide the complete
information required. Fraud may involve sophisticated
and carefully organized schemes designed to conceal it;
and
• Audit procedures used to gather audit evidence may not
detect that some information is missing.

©2020 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 27

 Standar Profesional Akuntan Publik
Next slide

©2020 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 28

 The CPA Profession
Next slide

©2020 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 29

 Audit Responsibility
Next slide

©2020 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 30

 Audit Report
Next slide

©2020 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 31

 End

©2020 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 32