Audit minggu 7 ASSESSING THE RISK OF MATERIAL MISSTATEMENT PDF

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RESUME BAB 9 ASSESSING THE RISK OF MATERIAL MISSTATEMENT 1. Audit Risk S tand ar aud itin g men g har u sk an a u dito r u ntu k memah ami en titas d an lingkungannya, termasuk pengendalian internalnya yang berguna untuk penilaian r i s i k o s a l a h s a j i y a n g m a t e r i a l d a l a m la p o r a n k e u a n g a n . S t a n d a r a u d i t i n g mengharuskan auditor menilai risiko salah saji yang material pada tingkat laporan keuangan secara keseluruhan serta tingkat asersi yang relevan bagi kelas transaksi, saldo akun, dan pengungkapan. Terdapat 2 komponen penilaian level risiko salah saji yang material yakni inherent risk dan control risk. 2. Risk Assessment Procedures 1. Pertanyaan manajemen dan entitas lain di dalamnya. 2. Prosedur analitis. 3. Observasi dan inspeksi (pemeriksaan secara langsung). 4. Prosedur peniliaian risiko lainnya. Dilakukan untuk menilai, penilaian auditor pada risiko salah saji yang material. 3. Identification of Significant Risks  Signifikan Risiko marupakan identifikasi dan penilaian risiko salah saji material d a l a m judgment yan g dilakukan oleh au ditor pr ofesion al. H al ter sebu t memerlukan pertimbangan audit khusus.  Jika risiko salah saji sudah diidentfikasi dan dinilai, yang diperlukan ialah menelaah temuan dan kemudian memilih (berdasarkan kearifan professional) risiko-risiko yang memang signifikan.  Ketika risiko digolongkan signifikan, auditor harus memberikan tanggapan.Tanggapan auditor, berupa langkah audit, terhadap risiko signifikan.

4. Model risiko audit adalah model yang digunakan terutama untuk tahap perencanaan dalam menentukan berapa besar bahan bukti yang harus dikumpulkan dalam tiap siklus. Rumus : PDR

= Risiko penemuan yang direncanakan (Planned Detection Risk)

AA R

= Risiko audit yang dapat (Acceptable Audit Risk)

IR

= Risiko bawaan (Inherent Risk)

CR

= Risiko Pengendalian (Control Risk)

PDR = AAR / (IR x CR)

diterima

5. Risiko penemuan yang direncanakan (Planned Detection Risk) adalah risiko bahwa bahan bukti yang dikumpulkan dalam segmen gagal menemukan salah saji yang melewati jumlah yang dapat ditoleransi, kalau salah saji semacam itu timbul. 6. Risiko bawaan (inherent risk)merupakan faktor kerentanan laporan keuangan terhadap kekeliruan yang material, dengan asumsi tidak ada pengendalian intern 7. Risiko pengendalian (control risk) adalah ukuran penetapan auditor akan adanya salah saji dalam segmen audit yang melewati batas toleransi, yang tidak terdeteksi atau tercegah oleh struktur pengendalian intern klien. Risiko pengendalian dipengaruhi efektivitas pengendalian intern dan pemahaman auditor atas struktur pengendalian intern. 8. Risiko Audit yang dapat Diterima ( Acceptable Audit Risk) adalah ukuran ketersediaan auditor untuk menerima bahwa laporan keuangan salah saji material walaupun audit telah selesai dan pendapat wajar tanpa pengecualian telah diberikan 9. Risiko Usaha ( Engagement Rrisk) adalah tingkat risiko bahwa auditor atau kantor akuntan publik akan menderita kerugian yang diakibatkan hubungannya dengan klien, walaupun laporan audit yang diberikannya sudah pantas. Hal ini dipengaruhi oleh tingkat ketergantungan pemakai pada laporan keuangan dan kemungkinan akan adanya kesulitan keuangan klien yang timbul setelah laporan audit diterbitkan. 10. Achieved Audit Risk ( AcAR) : ukuran resiko yang diambil auditor yang mana sebuah akun di laporan keuangan telah salah saji setelah auditor mengakumulasi bukti audit 11. Achieved Detection Risk (AcDR) : ukuran resiko yang mana bukti audit untuk sebuah segmen tidak dapat mendeteksi salah saji melebihi jumlah yang ditoleransi 12. evaluating audit result AcAR = IR x CR x AcDR

13. Hubungan antara resiko dan bukti audit a. b. c. d. e.

situasi 1: AAR high, IR low, CR low, PDR high, evidence low situasi 2: AAR low, IR low, CR low, PDR medium, evidence medium situasi 3: AAR low, IR high, CR high, PDR low, evidence high situasi 4: AAR medium, IR medium, CR medium, PDR medium, evidence medium situasi 5 : AAR high, IR low, CR medium, PDR medium, evidence medium

14. Cara mengurangi AcAR : mengurangi IR, mengurangi CR, mengurangi AcDR dengan memperkuat tes audit

Summary ISA 300 ISA 300 Planning an Audit of Financial Statements ISA 300 Role and Timing of Planning Adequate planning benefits the audit of financial statements in several ways, including the following:    

 

Helping the auditor to devote appropriate attention to important areas of the audit. Helping the auditor identify and resolve potential problems on a timely basis; Helping the auditor properly organize and manage the audit engagement so that it is performed in an effective and efficient manner Assisting in the selection of engagement team members with appropriate levels of capabilities and competence to respond to anticipated risks, and the proper assignment of work to them; Facilitating the direction and supervision of engagement team members and the review of their work; Assisting, where applicable, in coordination of work done by auditors of components and experts.

ISA 300 Scope ISA 300 deals with the auditor’s responsibility to plan an audit of financial. ISA 300 is written in the context of recurring audits. Additional considerations in an initial audit engagement are separately identified. ISA 300 Effective date 15 December 2009 ISA 300 Objective The objective of the auditor is to plan the audit so that it will be performed in an effective manner. ISA 300 Requirements ISA 300 requires to get engagement partner and other key members of the engagement team to get involve in:  Planning  Discussion

ISA 300 require under take the following activities at the beginning of the current audit engagement; 

Perform requirements of ISA 220



Establishing and understanding terms of engagement in accordance with ISA 210

ISA 300 Require to establish overall audit strategy    



Identify the characteristics of the engagement that define its scope; Ascertain the reporting objectives of the engagement to plan the timing of the audit and the nature of the communications required; Consider the factors that, in the auditor’s professional judgement, are significant in directing the engagement team’s efforts; Consider the results of preliminary engagement activities and, where applicable, whether knowledge gained on other engagements performed by the engagement partner for the entity is relevant; and Ascertain the nature, timing and extent of resources necessary to perform the engagement.

ISA 300 require to develop audit plan that involve;   

The nature, timing and extent of planned risk assessment procedures, as determined under ISA 315; The nature, timing and extent of planned further audit procedures at the assertion level, as determined under ISA 330; and Other planned audit procedures that are required to be carried out so that the engagement complies with ISAs

ISA 300 require to plan the nature, timing and extent of direction and supervision. ISA 300 require to document the strategy, plan and any significant changes. ISA 300 require that In respect of Initial Audit Engagement;  

Performing procedures required by ISA 220 regarding the acceptance of the client relationship and the specific audit engagement; and Communicating with the predecessor auditor, where there has been a change of auditors, in compliance with relevant ethical requirements.

Summary ISA 315 ISA 315- Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and its Environment

Scope of ISA 315 This International Standard on Auditing (ISA) deals with the auditor’s responsibility to identify and assess the risks of material misstatement in the financial statements, through understanding the entity and its environment, including the entity’s internal control. Objective The objective of the auditor is to identify and assess the risks of material misstatement, whether due to fraud or error, at the financial statement and assertion levels, through understanding the entity and its environment, including the entity’s internal control, thereby providing a basis for designing and implementing responses to the assessed risks of material misstatement. Risk Assessment Procedure: a. Understand the entity 1. Industry, regulatory and other external factors: This means having an understanding of the industry in which the company operates, including the level of competition, the nature of the relationships with suppliers and customers, and the level of technology used in the industry. The industry may have specific laws and regulations which impact on the business. The auditor should also consider wider economic factors such as the level and volatility of interest rates and exchange rates and their potential impact on the client. The importance of these issues is their potential impact on the financial statements and on the planning of the audit. For example, if a client operates in a highly regulated industry, it may be worth considering the inclusion in the audit team of a person with specific experience or knowledge of those regulations. Regulations include the financial reporting framework, for example, whether the company uses local or international financial reporting standards. 2. Nature of the entity and its accounting policies: This includes having an understanding of the legal structure of the company (and group where relevant), the ownership and governance structure, and the main sources of finance used by the company. Complex ownership structures with multiple subsidiaries and/or locations may increase the risk of material misstatement.Understanding the nature of the company also includes an

understanding of the accounting policies selected and applied to the financial statements. The auditor must consider whether the accounting policies applied are consistent with the applicable financial reporting framework. 3. Objectives and strategies and related business risks: The management of the company should define the objectives of the business, which are the overall plans for the company. Strategies are the operational approaches by which management intend to meet the defined objectives. For example, an objective could be to maximize market share, and the strategy to achieve this could be to launch a new brand or product every year. Business risks are factors which could stop the company achieving its stated objectives, for example, launching a product for which there is limited demand. Most business risks will eventually have financial consequences, and thus an effect on the financial statements. This is why auditors perform a business risk assessment as part of their planning procedures. 4. Measurement and review of the entity’s financial performance: Here the auditor is looking to gain an understanding of the performance measures which management and others consider to be of importance. Performance measures can create pressure on management to take action to improve the financial statements through deliberate misstatement. For example, a bonus payable to the management based on revenue growth could create pressure for revenue to be overstated. Thus the auditor must gain an understanding of the company’s financial and non-financial key performance indicators, targets, budgets and segmental information. b. Understand controls The auditor must gain knowledge of internal control in order to consider how different aspects of internal control could impact on the audit. Internal control includes the control environment, the entity’s risk assessment procedures, information systems, control activities, and the monitoring of controls. Put simply, the evaluation of the strength or weakness of internal control is a crucial consideration in the assessment of audit risk, and so will have a significant impact on the audit strategy. The design and implementation of controls should be considered as part of gaining an understanding. The auditor should also understand whether controls are manual or automated. Procedures used to gain understanding:     

Inquiries of management and others within the company Analytical procedures Observation Inspection Information Obtained in Prior Periods...