Assurance & Audit of Financial Statements

Kuliah 2
Asurans dan
Audit Laporan Keuangan
©2016 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1-1

Topik Bahasan
1 Lingkup jasa yang diberikan Akuntan Publik
2 Pengertian Asurans (Assurance)
3 Audit Laporan Keuangan - Overview
4 Pengendalian Mutu Audit Laporan Keuangan

Tujuan Pembelajaran
Setelah mengikuti kuliah ini mahasiswa diharapkan
mampu:
1. Memahami lingkup jasa yang diberikan akuntan publik
2. Memahami arti dan lngkup jasa asurans
3. Menjelaskan unsur2 yang harus dipenuhi dalam
perikatan asurans
4. Mengidentifikasi dan menjelaskan perbedaan
reasonable assurance dan limited assurance
5. Mengidentifikasi dan menjelaskan perbedaan jasa
asurans dan non-asurans yang lazim dilakukan akuntan
publik

Tujuan Pembelajaran
Setelah mengikuti kuliah ini mahasiswa diharapkan
mampu:
6. Menjelaskan garis besar karakteristik audit laporan
keuangan
7. Menjelaskan professional judgment, professional
scepticism, dan inherent limitation sebagai elemen kritis
dalam perikatan audit laporan keuangan.
8. Menjelaskan prosedur pengendalian mutu untuk audit
yang bermutu

Assurance
Services

Assurance Services
IAASB - IFAC
Assurance engagement —
An engagement in which a practitioner expresses a
conclusion designed to enhance the degree of confidence
of the intended users other than the responsible party
about the outcome of the evaluation or measurement of
a subject matter against criteria.

Assurance Services
Assurance services are independent professional

services designed to improve the quality of
information for decision making.
• Independent
• Professional
• Quality

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.
See definition of auditing in previous slide

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.

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).
©2016 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 10

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.
For example,
Infornation/Subject Matter Criteria
- Financial Statements IFRS, SAK, US GAAP, SAP
- SPT Pajak Penghasilan UU & Peraturan Pajak
- Laporan Biaya Produksi Anggaran Biaya Produksi

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

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

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

Assurance Services
Quality of
reasonable information
assurance
limited
assurance
no
assurance Evidence

Assurance Services
Framework for Assurance Engagements
International 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 • Operational Audit
• Audit of Internal Control over
Reviews of Historical Financial Reporting
• Examination of Prospective
Financial Information
Financial Information
• Fraud & Illegal Act Assessment
• Assurance Services on IT
• Other Assurance Engagements
Non-Assurance Services
CPA firms perform numerous non-assurance services
(called Related Services), such as :
• Agreed-upon Procedures
• Compilation
• Accounting & Bookeeping
• Tax Services
• Management Consulting

Audit of Financial Statements - Overview

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).
• A type of assurance service

• Hasil dari suatu audit adalah laporan
yang memuat pernyataan opini.

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

Kerangka Pelaporan Keuangan - Criteria
• Basis yang digunakan oleh manajemen entitas dalam

menyusun laporan keuangan (standar akuntansi keuangan).
• Digunakan oleh auditor sebagai kriteria

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

Kerangka Pelaporan Keuangan - Criteria
Jenis kerangka pelaporan keuangan
 Fair presentation framework
 General purpose financial reporting
 Menekankan pada penyajian wajar
 SAK, SAK ETAP, IFRS, US GAAP
 Compliance framework
 Laporan keuangan yang disusun
berdasarkan UU/ regulasi

 Menekankan pada kepatuhan

Pernyataan Opini – Penyajian Wajar
Kesimpulan hasil audit dinyatakan dalam bentuk pernyataan

opini (pendapat) auditor tentang apakah laporan keuangan
disajikan secara wajar, dalam semua hal yang material,
sesuai dengan kerangka pelaporan keuangan yang berlaku.
• Kerangka Penyajian Wajar (Fair Presentation Framework)

- Patuh terhadap semua ketentuan dalam kerangka
pelaporan (misal: PSAK, IAS/IFRS, SFAS/US GAAP)
- Bebas dari salah saji material (error & fraud)

Pernyataan Opini – Kerangka Kepatuhan
Kesimpulan hasil audit dinyatakan dalam bentuk pernyataan

opini (pendapat) auditor tentang apakah laporan keuangan,
dalam semua hal yang material, disajikan sesuai peraturan
tertentu.
• Kerangka Kepatuhan (Compliance Framework)

- Patuh terhadap semua ketentuan dalam peraturan
tertentu yang harus diterapkan
- Bebas dari salah saji material (error & fraud)

Opini dan Keyakinan Memadai
• Sebagai dasar untuk menyatakan suatu opini, auditor
harus memperoleh keyakinan memadai (reasonable
assurance) tentang apakah laporan keuangan bebas dari
kesalahan penyajian material, baik yang disebabkan oleh
kesalahan (error) maupun kecurangan (fraud).
• Keyakinan memadai dicapai melalui perolehan bukti audit
yang cukup (sufficient) dan tepat (appropriate) untuk
menurunkan risiko audit ketingkat rendah yang dapat
diterima (acceptable audit risk).

Keyakinan memadai dan evidence
Quality of
reasonable information
assurance
no
assurance Sufficient and
appropiate
evidence

Risiko dan evidence
Risk of
material
misstatement
Sufficient and
appropiate
evidence

Professional Judgment
• Professional judgment (pertimbangan profesional) :
Penerapan hasil pelatihan, pengetahuan & pengalaman
yang relevan dalam konteks standar audit, akuntansi dan
etika, dalam membuat keputusan (informed decision)
tentang pilihan/tindakan yang tepat sesuai dengan
kondisi yang dihadapi dalam penugasan audit.
• Keputusan2 dalam keseluruhan proses audit didasarkan

pada pertimbangan profesional auditor.
• Kunci dari keberhasilan auditor dalam pelaksanaan audit
yang bermutu.

Professional Judgment
• Elemen audit penting yang wajib diterapkan oleh auditor
dalam keseluruhan proses audit, antara lain ketika
• Membuat perencanaan audit : menentukan kepatuhan
terhadap etika profesi, risiko kesalahan penyajian
material, materialitas, sample;
• Melaksanakan audit : merespons risiko teridentifikasi,
pemilihan prosedur audit untuk memperoleh bukti,
menilai ketepatan penerapan SAK yang diterapkan,
mengevaluasi kecukupan dan ketepatan bukti audit
yang diperoleh ;
• Membuat laporan audit : merumuskan kesimpulan
hasil audit (opini)

Professional Scepticism
● Sikap (attitude) yang mencakup
√ pikiran yang selalu mempertanyakan (a questioning
mind);
√ waspada terhadap kondisi2 yang mengindikasikan
kesalahan penyajian karena kecurangan (fraud) dan
kesalahan (error);
√ penilaian yang kritis (critical assessment) terhadap
bukti audit.

Professional Scepticism
Sikap skeptisme profesional harus diterapkan dalam :

• perencanaan;
• pelaksanaan audit; dan
• perumusan kesimpulan (opini).

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.

Risk Based Audit
A risk-based audit has three key steps :
Performing risk assessment procedures
Risk to identify and assess the risks of material
1
Assessment misstatement in the financial statements
Designing and performing further audit

procedures that respond to identified and
Risk
2 assessed risks of material misstatement, at
Response
both the financial statements and assertion
levels
This involves forming an opinion based on

1
3 Reporting the audit evidence obtained; and preparing
and issuing a report that is appropriate to
the conclusions reached

Risk Based Audit - Benefits
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

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

Limitation Reason
Nature of • Audit evidence tends to be persuasive in
Audit Evidence character 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

Limitation Reason
The Nature of Audit procedures will not detect every
Audit misstatement.
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.

Limitation Reason
Timeliness of The relevance/value of financial information
Financial tends to diminish over time, so a balance
Reporting needs to be struck between the reliability of
information and its cost.

International Standard on Quality Control
ISQC 1
This Standard on Quality Control deals with a firm’s
responsibilities for its system of quality control for audits
and reviews of financial statements, and other assurance
and related services engagements.
A system of quality control consists of policies designed

to achieve the objective and the procedures necessary to
implement and monitor compliance with those policies.
Objective High Quality of Assurance Services

Elements of Quality Control Standards
The firm shall establish and maintain a system of quality
control that includes policies and procedures that address
each of the following elements:
1. Leadership responsibilities for quality within the firm.
2. Relevant ethical requirements.
3. Acceptance and continuance of client relationships
and specific engagements.
4. Human resources.
5. Engagement performance.
6. Monitoring

Leadership Responsibilities for Quality
The firm should established policies and procedures
designed to promote an internal culture focused on quality
control.
• Promoting an Internal Culture of Quality,
• Assigning Operational Responsibility for the Firm’s
System of Quality Control.
 Require CEOs/Managing partners to assume ultimate
responsibility for the firms system of quality control.

Relevant ethical requirements.
designed to provide it with reasonable assurance that the
firm and its personnel comply with relevant ethical
requirements.
• 5 Fundamental Principles
• Independence (in assurance engagement).
• Firm and its personnel including network firm personnel.

Acceptance and continuance of client relationships
and specific engagements
The firm should established policies and procedures for the
acceptance and continuance of client relationships and
specific engagements, designed to provide it with reasonable
assurance that it :
• is competent to perform the engagement and has the capabilities,
including time and resources,
• has considered the integrity of the client.
• can comply with relevant ethical requirements;

Human resources
designed to insure that :
• it has sufficient personnel with the capabilities, competence,
and ethical commitment to perform its engagements in line with
professional standards and regulatory and legal requirements,
• assign responsbility for each engagement to an engagement
partner with the appropiate capabilities, competence, authority,
and time to perform the role,
• assign appropiate staff with the necessary capabilities.

Human resources
The firm’s policies and procedures related to human
resources include, for example :
• Recruitment
• Performance evaluation
• Capabilities, including time to perform assignments
• Competence
• Career development
• Promotion
• Compensation

Engagement performance
The firm shall establish policies and procedures designed to
provide it with reasonable assurance that
• engagements are performed in accordance with professional
standards and applicable legal and regulatory requirements,
• and that the firm or the engagement partner issue reports that
are appropriate in the circumstances
Include :
• Consultation
• Engagement quality control review
• Documentation

Monitoring
The firm shall establish a monitoring process designed to
provide it with reasonable assurance that the policies and
procedures relating to the system of quality control are
relevant, adequate, operating effectively, and complied with
in practice.
• On going evaluation and a periodic inspection of a selection of
completed engagements, and
• Communicate the results of the monitoring.
Read : SPAP - Standar Pengendalian Mutu Nomor 1

Quality Control & Internal Control
• The system of quality control in an accounting firm could
be mapped to the five internal control elements that
auditors are required to evaluate as part of understanding
any entity being audited.
• In a firm, these five internal control elements would also
be applicable to control systems in place (other than
quality control), such as time and billing, office workflow,
expense control, and marketing activities.

Internal Control Firm-Level Engagement-Level
Elements QC Elements QC Elements
(ISA 315) (ISQC 1) (ISA 220)
Control Environment Leadership Leadership
(Tone at the Top) Responsibilities for Responsibilities for
Quality within the Quality on Audits
Firm Relevant Ethical
Relevant Ethical Requirements
Requirements Assignment of
Human Resources Engagement Teams
Risk Assessment Acceptance and Acceptance and
(What Could Go Continuance of Client Continuance of Client
Wrong?) Relationships and Relationships and Audit
Specific Engagements Engagements
Risks that the report
might not be appropriate
in the circumstances

Internal Control Firm-Level Engagement-Level
Elements QC Elements QC Elements
(ISA 315) (ISQC 1) (ISA 220)
Information Systems Quality Control System Audit Documentation
(Tracking performance) Documentation
Control Activities Engagement Engagement
(Prevent & detect Performance Performance
controls)
Monitoring Ongoing Monitoring of Applying Results of
(Are the firm’s/ the Firm’s Quality Ongoing Monitoring to
engagement’s objectives Control Policies and Specific Audit
being met?) Procedures Engagements

End

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Kuliah 2

©2016 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1-1

2 Pengertian Asurans (Assurance)

3 Audit Laporan Keuangan - Overview

4 Pengendalian Mutu Audit Laporan Keuangan

©2016 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1-2

©2016 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1-3

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©2016 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1-6

Assurance services are independent professional

©2016 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1-7

See definition of auditing in previous slide

©2016 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1-8

©2016 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1-9

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©2016 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 12

Assurance engagement risk —The risk that the practitioner expresses

©2016 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 13

Explain positive vs negative form of conclution

©2016 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 14

©2016 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 15

International Framework for Assurance Engagements

Audits and Reviews of Assurance Engagements Other

Audits of Historical • Compliance Audit

©2016 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 17

©2016 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 18

Tujuan audit laporan keuangan adalah untuk meningkatkan

• A type of assurance service

©2016 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 19

©2016 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 20

• Basis yang digunakan oleh manajemen entitas dalam

• Digunakan oleh auditor sebagai kriteria

©2016 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 21

berdasarkan UU/ regulasi

©2016 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 22

Kesimpulan hasil audit dinyatakan dalam bentuk pernyataan

• Kerangka Penyajian Wajar (Fair Presentation Framework)

©2016 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 23

Kesimpulan hasil audit dinyatakan dalam bentuk pernyataan

• Kerangka Kepatuhan (Compliance Framework)

©2016 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 24

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• Keputusan2 dalam keseluruhan proses audit didasarkan

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Sikap skeptisme profesional harus diterapkan dalam :

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An audit approach in which the auditor

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Designing and performing further audit

This involves forming an opinion based on

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©2016 FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS PADJADJARAN 1 - 34

Perform risk Perform Prepare the