Audit ReportsLAPORAN AUDIT Chapter 2
Uraian Bagian-Bagian dari Syarat Baku Laporan Audit.
Audit report 1. Report title (Judul Laporan) 2. Audit report address (Alamat laporan Audit) 3. Introductory paragraph (Paragraf pengantar) 4. Scope paragraph (Paragraf Lingkup Audit) 5. Opinion paragraph (Paragraf pendapat) 6. Name of CPA firm (Tanda dan Nama AP) 7. Audit report date (Tanggal laporan Audit)
Report title (Judul Laporan) Harus memuat kata-kata Independen Contoh “ LAPORAN AUDITOR INDEPENDEN”
Audit report addres (Alamat laporan Audit) Ditujukan kepada pemakai Laporan Keuangan Auditan Contoh " PEMEGANG SAHAM & DEWAN KOMISARIS
Menyatakan auditor telah melaksanakan Audit • Menjelaskan laporan keuangan yang diaudit • Menjelaskan laporan keuangan tersebut • merupakan tanggung jawab manajemen Introductory paragraph (Paragraf pengantar)
Scope Paragraph (Paragraf Lingkup Audit • Peryataan aktual apa yang • dilakukan auditor • Auditor melaksankan audit mengikuti • standar auditng yang ditetapkan oleh IAI
Opinion paragraph (Paragraf pendapat) Memuat kesimpulan auditor berdasarkan hasil audit
Name of CPA firm (Tanda dan Nama AP) Yang bertanggung jawab atas audit yang dilakukan
Audit report date (Tanggal laporan Audit) Tanggal pada saat auditor selesai melakukan audit
Four Categoriesof Audit Reports Standard unqualified Qualified Unqualified with explanatory paragraph or modified wording Adverse or disclaimer
Standard unqualified • PAYBU DIGUNAKAN DALAM MENYUSUN LAPORAN KEUANGAN • PERUBAHAN PENERAPAN PAYBU DARI PERIODE KE PERIODE TELAH DITERAPKAN • INFORMASI DALAM CATATAN YANG MEDUKUNG TELAH DIGAMBARKAN DAN DIJELASKAN DENGAN CUKUP DALAM LAPORAN KEUANGAN SESUAI DENGAN PAYBU
Standard unqualified • KETIGA STANDAR UMUM TELAH DIIKUTI SEPENUHNYA DALAM PENUGASAN AUDIT • BAHAN BUKTI AUDIT YANG CUKUP TELAH DIKUMPULKAN • TELAH DILAKSANAKAN DENGAN CARA MEMUNGKINKAN UNTUK MENYIMPULKAN BAHWA KETIGA STANDAR PEKERJAAN LAPANGAN
QUALIFIED • LAPORAN KEUANGAN TIDAK DISUSUN SESUAI DENGAN PAYBU • LINGKUP ADUIT DIBATASI OLEH KLIEN • PAYBU YANG DIGUNAKAN DALM PENYSUSUNAN LAPORAN KEUANGAN TIDAK DITERAPKAN SECRA KONSISTEN
QUALIFIED • AUDITOR TIDAK DAPAT MELAKSANAKAN PROSEDUR AUDIT PENTING ATAU TIDAK DAPAT MEMPEROLEH INFORMASI PENTING KARENA KONDISI-KONDISI YANG BERADA DILUAR KEKAUASAAN KLIEN MAUPUN AUDITOR
Learning Objective 3 Describe the five circumstances when an unqualified report with an explanatory paragraph or modified wording is appropriate.
Unqualified Reportwith Explanation TIDAK AD KONSISTEN KETIDAKPASTIAN YANG MATERIAL KERGUAN ATAS KELANGSUNGAN HIDUP PERUSAHAAN AUDITOR SETUJU DENGAN PEYIMPANGAN TERHADAP PAYBU PENEKANAN ATAS SUATU HAL. LAPORAN YANG MELIBATKAN AUDITOR LAIN.
Consistency versusComparability Changes that affect consistency and require an explanatory paragraph if they are material: 1. Changes in accounting principles 2. Changes in reporting entities 3. Corrections of errors involving principles
Consistency versusComparability Changes that affect comparability but not consistency: 1. Changes in an estimate 2. Error corrections not involving principles 3. Variations in format and presentation of financial information 4. Changes because of substantially different transactions or events
Substantial Doubtabout Going Concern 1. Significant recurring operating losses or working capital deficiencies 2. Inability of the company to pay its obligations as they come due 3. Loss of major customers, the occurrence of uninsured catastrophes 4. Legal proceedings, legislation, that might jeopardize the entity’s ability to operate
Auditor Agrees with a Departurefrom a Promulgated Principle The auditor must be satisfied and must state and explain, in a separate paragraph or paragraphs in the audit report, that adhering to the principle would have produced a misleading result in that situation.
Emphasis on a Matter Under certain circumstances, the CPA may want to emphasize specific matters regarding the financial statements, even though the CPA intends to express an unqualified opinion.
Reports InvolvingOther Auditors 1. Make no reference in the audit report. 2. Make reference in the report (modified wording report). 3. Qualify the opinion.
Learning Objective 4 Identify the types of audit reports that can be issued when an unqualified opinion is not justified.
Departures from anUnqualified Opinion 1. Scope limitation 2. GAAP departure 3. Auditor not independent
Qualified Opinion A qualified opinion report can result from a limitation on the scope of the audit or failure to follow generally accepted accounting principles.
Adverse Opinion It is used only when the auditor believes that the overall financial statements are so materially misstated or misleading that they do not present fairly the financial position or results of operations and cash flows in conformity with GAAP.
Disclaimer of Opinion It is issued when the auditor is unable to be satisfied that the overall financial statements are fairly presented.
Learning Objective 5 Explain how materiality affects audit reporting decisions.
Materiality A misstatement in the financial statements can be considered material if knowledge of the misstatement would affect a decision of a reasonable user of the statements.
Levels of Materiality Amounts are immaterial. Amounts are material but do not overshadow the financial statements as a whole. Amounts are so material or so pervasive that overall fairness of the statements is in question.
Materiality Level Significance in Terms of Reasonable Users’ Decisions Type of Opinion Immaterial Users’ decisions are unlikely to be affected. Unqualified Material Users’ decisions are likely to be affected. Qualified Highly Material Users’ decisions are likely to be significantly affected. Disclaimer or Adverse Relationship of Materialityto Type of Opinion
Failure to follow GAAP Audit report Unqualified Qualified opinion only Adverse Materiality Decisions
Materiality Decisions Dollar amount compared with a base Measurability Nature of the item
Materiality Decisions Scope limitation Audit report Unqualified Qualified scope and opinion Disclaimer
Learning Objective 6 Draft appropriately modified audit reports under a variety of circumstances.
Discussion of ConditionsRequiring Departure Auditor’s scope has been restricted. Statements are not in conformity with GAAP. Auditor is not independent.
Level of Materiality Immaterial Material Extremely Material Unqualified report Qualified scope, additional paragraph, and qualified opinion (except for) Disclaimer of opinion Scope Restricted byClient or Conditions
Level of Materiality Immaterial Material Extremely Material Unqualified report Additional paragraph and qualified opinion (except for) Adverse opinion Statements Not Prepared inAccordance With GAAP
Level of Materiality Immaterial Material Extremely Material Disclaimer of opinion (regardless of materiality) The Auditor Is NotIndependent
Learning Objective 7 Determine the appropriate audit report for a given audit situation.
Auditor’s Decision Process Determine whether any condition exists requiring a departure from a standard unqualified report. Decide the materiality for each condition. Decide the appropriate type of report. Write the audit report.
Number of Paragraphsin the Report Standard 3 Unqualified with explanatory paragraph 4 Unqualified shared report with other auditors 3 Qualified – opinion only 4 Qualified – scope and opinion 4 Disclaimer – scope limitation 3 Adverse 4
Learning Objective 8 Discuss the impact of e-commerce on audit reporting.
Impact of E-Commerceon Audit Reporting Most companies provide access to financial information through their home Web page. Auditors are not required to read information contained in electronic sites. Auditing standards note that electronic sites are not considered “documents.”