Bab 8. Audit Planning

7/22/2019 Bab 8. Audit Planning

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Bab 8

Perencanaan audit danProsedur Analitis


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Tiga alasan perencanaan audit

1. Untuk memperoleh bukti audit yang cukup, sesuai

dengan keadaan

2. Untuk membantu auditor dalam menentukan biayayang beralasan

3. Untuk menghindari kesalahpahaman dengan klien


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Risk Terms

Acceptable audit risk

Inherent risk


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Perencanaan audit dan

disain pendekatan audit

Accept client and perform initial audit planning.

Understand the clients business and industry.

Assess client business risk.

Perform preliminary analytical procedures.


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Perencanaan audit dan

disain pendekatan audit

Set materiality and assess acceptable audit risk

and inherent risk.

Understand internal control and assess control risk.

Gather information to assess fraud risks.

Develop overall audit plan and audit program.


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Initial Audit Planning

Client acceptance and continuance

Identify clients reasons for audit

Obtain an understanding with the client

Develop overall audit strategy


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Understanding of the

Clients Business and Industry

Factors that have increased the

importance of understanding the

clients business and industry:

Information technology

Global operations

Human capital


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Understand clients business and industry

Understanding of the

Clients Business and Industry

Industry and external environment

Business operations and processes

Management and governance

Objectives and strategies

Measurement and performance


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Industry and External Environment

Reasons for obtaining an understanding of the

clients industry and external environment:

1. Risks associated with specific industries

2. Inherent risks common to all clients in

certain industries

3. Unique accounting requirements


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Business Operations

and Processes

Factors the auditor should understand:

Major sources of revenue

Key customers and suppliers

Sources of financing

Information about related parties


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Tour the Plant and Offices

By viewing the physical facilities,

the auditor can asses physical

safeguards over assets and interpret

accounting data related to assets.


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Identify Related Parties

A related party is defined as an affiliated

company, a principal owner of the client

company, or any other party with which

the client deals, where one of the parties

can influence the management or

policies of the other.


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Management and Governance

Management establishes the strategies and

processes followed by the clients business.

Governance includes the clients organizational

structure, as well as the activities of the board

of directors and the audit committee.

Corporate charter and bylaws

Code of ethics

Meeting minutes


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Code of Ethics

In response to the Sarbanes-Oxley Act, the SEC

now requires each public company to disclose

whether is has adopted a code of ethics that

applies to senior management.

The SEC also requires companies to disclose

amendments and waivers to the code of ethics.


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Client Objectives and Strategies

Strategies are approaches followed by the

entity to achieve organizational objectives.

Auditors should understand client objectives.

Financial reporting reliability

Effectiveness and efficiency of operations

Compliance with laws and regulations


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Measurement and Performance

The clients performance measurement system

includes key performance indicators. Examples:

market sharesales per employee

unit sales growth

Web site visitors

same-store sales

sales/square foot

Performance measurement includes ratio analysis

and benchmarking against key competitors.


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Assess Client Business Risk

Client business riskis the risk that the

client will fail to achieve its objectives.

What is the auditors primary concern?

Material misstatements in the financial

statements due to client business risk


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Clients Business, Risk, and

Risk of Material Misstatement

Understand clients

business and industry

Assess client businessrisk

Assess risk of materialmisstatements

Industry and external environment

Business operations and processes

Management and governance

Objectives and strategies

Measurement and performance


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Sarbanes-Oxley ( new issue)

The Sarbanes-Oxley Act requires that

management certify it has designed

disclosure controls and procedures to

ensure that material information about

business risks is made known to them.

It also requires that management certifyit has informed the auditor and audit

committee of any significant deficiencies

in internal control.


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Enterprise Risk Management

Enterprise risk management (ERM) has

emerged as a new paradigm for managing risk.

ERM integrates and coordinates risk

management across the entire enterprise.


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Preliminary Analytical Procedures

Comparison of client ratios to industry

or competitor benchmarks provides an

indication of the companys performance.

Preliminary tests can reveal unusual

changes in ratios.


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Examples of Planning

Analytical Procedures

Selected Ratios Client Industry

Short-term debt-paying ability:

Current ratio 3.86 5.20

Liquidity activity ratio:

Inventory turnover 3.36 5.20

Ability to meet long-term obligations:

Debt to equity 1.73 2.51

Profitability ratio:

Profit margin 0.05 0.07


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Summary of the Parts

of Auditing Planning

A major purpose is to gain an understanding

of the clients business and industry.


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Key Parts of Planning

Accept client and perform initial planning

New client acceptance and continuance

Identify clients reasons for audit

Obtain an understanding with client

Staff the engagement


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Understand the clients business and industry

Understand clients industry and external

environment

Understand clients operations, strategies,

and performance system


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Assess client business risk

Evaluate management controlsaffecting business risk

Assess risk of material misstatements


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Perform preliminary analytical procedures


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SAS 56 emphasizes the expectations

developed by the auditor.

1. Required in the planning phase

2. Often done during the testing phase

3. Required during the completion phase


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Timing and Purposes

of Analytical Procedures

(Required)

Planning

PhaseTestingPhase

(Required)Completion

PhasePurpose

Understand clients

industry and business

Assess going concern

Indicate possible

misstatements(attention directing)

Reduce detailed tests

Primary

purpose

Secondary

purpose

Primary

purpose

Secondary

purpose

Secondary

purpose

Primary

purpose

Secondary

purpose

Primary

purpose


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Five Types of


Compare client data with:

1. Industry data

2. Similar prior-period data

3. Client-determined expected results

4. Auditor-determined expected results

5. Expected results using nonfinancial data.


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Compare Client and Industry Data

Client Industry

2007 2006 2007 2006

Inventory turnover 3.4 3.5 3.9 3.4Gross margin 26.3% 26.4% 27.3% 26.2%


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Compare Client Data with Similar

Prior Period Data

2007 2006

(000)

Prelim.% of

Net sales

(000)

Prelim.

% of

Net sales

Net sales $143,086 100.0 $131,226 100.0Cost of goods sold 103,241 72.1 94,876 72.3

Gross profit $ 39,845 27.9 $ 36,350 27.7

Selling expense 14,810 10.3 12,899 9.8

Administrative expense 17,665 12.4 16,757 12.8

Other 1,689 1.2 2,035 1.6

Earnings before taxes $ 5,681 4.0 $ 4,659 3.5

Income taxes 1,747 1.2 1,465 1.1

Net income $ 3,934 2.8 $ 3,194 2.4


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Common Financial Ratios

Short-term debt-paying ability

Liquidity activity ratios

Ability to meet long-term debt obligations

Profitability ratios


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Contoh prosedur analitis dalam tahap

perencanaan

Rasio 31/12/2010 31/12/2009 Industri

Short-Term Debt-Paying Ability

Cash ratio

Quick ratio

Current ratio

0,06

1,57

3,86

0,06

1,45

4,04

0,20

3,10

5,20

Liquidity Activity Ratio

Account Receivable turnover

Days to collect account receivable

Inventory turnover

Days to sell inventory

7,59

48,09

3,36

108,63

7,61

47,96

3,02

120,86

12,15

30,04

5,20

70,19

Ability to Meet Long-Term Obligation

Debt to equity

Times interest earned

1,73

3,06

1,98

3,29

2,51

5,50


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Contoh prosedur analitis dalam tahap

perencanaan

Rasio 31/12/2010 31/12/2009 Industri

Profitability ratios

Gross profit percent

Profit marginReturn on assets

Return on common

equity

27,85

0,050,09

0,26

27,70

0,050,08

0,24

31,00

0,070,09

0,37


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Formula Financial ratios

Short-term Debt Paying Ability

Cash ratio =

Quick ratio =

Current ratio =

Cash + Marketable securities

Current liabilities

Cash + Marketable securities + net A R

Current liabilities

Current assets

Current liabilities


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Liquidity Activity Ratios

Account receivable

Turnover

Days to collect receivable

Inventory turnover

Days to sell inventory

Net sales

Average gross receivables

365 dyas

Account receivable turnover

Cost of goods soldAverage inventory

365 days

Inventory turnover


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Ability to Meet Long-Term Debt Obligations

Debt to equity

Times interest eraned

Total liabilities

Total equity

Operating income

Interest expense


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Profitability Ratios

Earning per share

Gross profit percent

Profit margin

Return on assets

Return on common equity

Net income

Average common shares outstanding

Net sales- Cost of goods soldNet sales

Operating income

Net sales

Income before taxesAverage total ssets

Income before taxes preferred dividens

Average stockholders equity


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Summary of Analytical Procedures

They involve the computation of ratios

and other comparisons of recorded

amounts to auditor expectations.

They are used in planning to understand

the clients business and industry.

They are used throughout the audit to identify

possible misstatements, reduce detailed tests,

and to assess going-concern issues.


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Contoh kertas kerja perencanaan audit

No Perencanaan audit Ref

Wp1 Penerimaan klien dan perencanaan audit awal :

Penerimaan klien PT. Mandiri tahun buku 2012, adalah pertama

kali diaudit.

Tahun buku sebelumnya diaudit oleh KAP lain

2 Pemahaman bisnis dan industri klien

3 Penilaian risiko bisnis klien

4 Perhitungan awal prosedur analitis AA5

5 Penetapan materialitas dan risiko audit

6 Pemahaman pengendalian intern dan risiko pengendalian


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PROSEDUR ANALITIS AWAL AA5

Rasio Tahun 2012 Tahun 2011

Bab 8. Audit Planning

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