Audit dan Pengendalian

Internal
UNIVERSITAS ATMAJAYA
Fakultas Ekonomi dan Bisnis – Program Magister Akuntansi
Agung Nugroho Soedibyo
 The auditor‘s
responsibilities
relating fraud

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 The 2nd half
sesi Topik Tgl
  Ujian Tengah Semester / UTS ( Mid Test) 23 mar
8 Fraud & Financial Shenanigans  13 April
9 Tanggung Jawab Auditor atas fraud 14 April 
10 Forensic Accounting : peranan auditor dan Investigator 20 Aptil 
11 Financial reporting fraud dan capital market 27 April 
12 Interenal Control dan Fraud - ICoFR 4 Mei 
13 Internal Audit : 2nd line of defense  11 Mei
14 Wrap – up  
   
Ujian Akhir Semester / UAS ( Final Test)

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 Auditor’s
Responsibility

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 Friday, May 01, 2020

• During the nineteenth century and the early part of

the twentieth century fraud detection was seen as
THE an important part of the audit:
• The judgement in Nichol's Case (1859) stated
DETECTION that it was part of an auditor's duty to discover
fraudulent misrepresentations.
OF FRAUD • Kingston Cotton Mill Case (1896). Auditors did
not have to approach their work with the
AS AN AUDIT foregone conclusion that something was wrong,
however, once something untoward was
OBJECTIVE
discovered, the auditor should investigate it to
ensure that the error or defalcation was not so
material as to affect the view given by the
accounts.

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 An Audit of Financial Statements
The purpose of an audit is to (1) enhance the degree of confidence of intended users in the
financial statements. This is achieved by the (2) expression of an opinion by the auditor on
whether the financial statements are prepared, (3) in all material respects, in accordance
with an (4) applicable financial reporting framework

Objective of Financial Statement Audit

In conducting an audit of financial statements, the overall objectives of the
auditor are:
1. To obtain (5)reasonable assurance about whether the financial statements as a whole are (3) free
from material misstatement, whether due to fraud or error, thereby enabling the auditor to express
an opinion on whether the financial statements are prepared, in all material respects, in
accordance with an (4)applicable financial reporting framework; and
2. To report on the financial statements, and communicate as required by the ISAs, in accordance with
the auditor’s findings.

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 Audit atas laporan keuangan

Bukti
Bukti Audit
Audit Pernyataan Pendapat
Auditor Tepat
Tepat dan
dan Memadai
Memadai Auditor’s opinion
Appropriate
Appropriate &
& Suficient
Suficient

Audit atas laporan keuangan adalah pekerjaan mencari bukti audit yang tepat dan
memadai untuk merumuskan Pernyataan Pendapat ( Auditor’s opinion ) atas
Laporan Keuangan yang diaudit
10 Responsibility for the Prevention and
Detection of Fraud
The primary responsibility for the prevention and detection of fraud rests with both those
charged with governance of the entity and management:
• It is important that management, with the oversight of those charged with
governance, place a strong emphasis on fraud prevention
• This involves a commitment to creating a culture of honest and ethical behavior
which can be reinforced by an active oversight by those charged with governance.
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• Oversight by those charged with governance includes considering the potential for
override of controls or other inappropriate influence over the financial reporting
Agung Nugroho Soedibyo

process, such as efforts by management to manage earnings in order to influence the

perceptions of analysts as to the entity’s performance and profitability.
 Responsibilities of the Auditor
Inherent limitation Auditor’s skill &
Potential Fraud Fraud risk is higher
experience
The auditor’s ability to
Owing to the inherent detect a fraud depends
limitations of an audit, on factors such as the
there is an unavoidable skillfulness of the
The risk of not
risk that some material the potential effects of perpetrator, the
detecting a material
misstatements of the inherent limitations are frequency and extent of
misstatement resulting
financial statements particularly significant manipulation, the
from fraud is higher
may not be detected, in the case of degree of collusion
than the risk of not
even though the audit misstatement resulting involved, the relative
detecting one resulting
is properly planned and from fraud size of individual
from error
performed in amounts manipulated,
accordance with the and the seniority of
ISAs. those individuals
involved

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 Friday, May 01, 2020

a. To identify and assess the risks of

material misstatement of the
financial statements due to fraud;
b. To obtain sufficient appropriate audit
evidence regarding the assessed risks
Objectives of material misstatement due to fraud,
through designing and implementing
appropriate responses; and
c. To respond appropriately to fraud or
suspected fraud identified during the
audit.

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 Definitions

Fraud – An intentional act by

one or more individuals among
management, those charged
with governance, employees, or
third parties, involving the use
of deception to obtain an unjust
or illegal advantage.
Fraud risk factors – Events or
conditions that indicate an
incentive or pressure to commit
fraud or provide an opportunity
to commit fraud.

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 Friday, May 01, 2020

• the auditor shall maintain professional

skepticism throughout the audit,
recognizing the possibility that a material
misstatement due to fraud could exist,
notwithstanding the auditor’s past
experience of the honesty and integrity
of the entity’s management and those
Professional charged with governance
Skepticism • Unless the auditor has reason to believe
the contrary, the auditor may accept
records and documents as genuine
• Where responses to inquiries of
management or those charged with
governance are inconsistent, the auditor
shall investigate the inconsistencies.

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 Audit
Professional Professional
Judgement
Evidence
Skepticism
process

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 The auditor shall exercise professional judgment in planning and
performing an audit of financial statements
Professional
Judgement
The application of relevant training, knowledge and experience, within
the context provided by auditing, accounting and ethical standards, in
making informed decisions about the courses of action that are
appropriate in the circumstances of the audit engagement

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 Professional skepticism is necessary to the critical assessment of audit
evidence and assists the auditor in remaining alert for possible
indications of management bias

This includes questioning contradictory audit evidence and the

Professional reliability of documents, responses to inquiries and other information
Scepticism obtained from management and those charged with governance

being alert to conditions that may indicate possible misstatement due to

error or fraud and considering the sufficiency and appropriateness of audit
evidence obtained in light of the circumstances

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Application of professional
skepticism
Evaluating whether sufficient appropriate audit evidence has been obtained

Evaluating management’s judgments, and the potential for management bias, in applying the
entity’s applicable financial reporting framework, in particular management’s choice of valuation
techniques, use of assumptions in valuation techniques, and addressing circumstances in which the
auditor’s judgments and management’s judgments differ.

Drawing conclusions based on the audit evidence obtained, for example assessing the
reasonableness of valuations prepared by management’s experts and evaluating whether
disclosures in the financial statements achieve fair presentation. Planning

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 The Application of Professional Skepticism

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 Risk
Assessment

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 Communication Inquiries of Risk Analytical Other
Among Audit team Management Factors procedures Information

Identification Process:
• type
• Significance
• Likehood
• pervasiveness

Identified Risk of Material Misstatements due to fraud

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 Risk Assessment Procedures and
Related Activities

• Inquiries of Management
• Inquiry of Management and Others within the Entity
• Inquiry of Internal Audit
• Obtaining an Understanding of Oversight Exercised by Those Charged with
• Governance
• Consideration of Other Information
• Evaluation of Fraud Risk Factors

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 Friday, May 01, 2020

Identification and • Risks of Fraud in Revenue Recognition

Assessment of • Identifying and Assessing the Risks of
the Risks of Material Misstatement Due to Fraud
Material and Understanding the Entity’s Related
Misstatement Controls
Due to
Fraud

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 Fraud will not every day transaction

Alert with anomalies

Key Points
Red flags are symptoms or warning signals for
fraud possibility.

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