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Audit Planning & Audit Program Pertemuan 13-14 Matakuliah: A0294/Audit SI Lanjutan Tahun: 2009.

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Presentation on theme: "Audit Planning & Audit Program Pertemuan 13-14 Matakuliah: A0294/Audit SI Lanjutan Tahun: 2009."— Presentation transcript:

1 Audit Planning & Audit Program Pertemuan 13-14 Matakuliah: A0294/Audit SI Lanjutan Tahun: 2009

2 Bina Nusantara University 2 Learning Outcomes Pada akhir pertemuan ini, diharapkan mahasiswa akan mampu : Menjelaskan audit planning Menjelaskan audit program

3 Bina Nusantara University 3 Audit Planning Process Strategic/tactical audit planning Engagement letter Risk assessment Preliminary evaluation of internal controls Audit plan, program and scope Classification, scope of audit

4 Bina Nusantara University 4 Strategic/tactical Audit Planning Short term –Takes into account audit issues that will be covered during the year Long term –Relates to audit plans that will take into account risk related issues regarding changes in the organization’s IT strategic direction that will affect the organization’s IT environment

5 Bina Nusantara University 5 Areas to be audited Enables management Ensures that relevant information Establishes a basis for effectively managing the audit departement Provides a summary of how the individual audit subject is related to the overall organization as well as to the business plans

6 Bina Nusantara University 6 Steps to perform audit planning Gain an understanding of the business's mission, objectives, purpose and processes, which include information and processing requirements, such as availability, integrity, security and business technology –Touring key organization facilities –Reading background material including industry publications, annual reports and independent financial analysis reports –Reviewing long term strategic plans –Interviewing key managers to understand business issues –Reviewing prior reports Identify stated contents, such as policies, standards and required guidelines, procedures, and organization structure

7 Bina Nusantara University 7 Steps to perform audit planning Evaluate risk assessment and any privacy impact analysis carried out by management Perform a risk analysis Conduct an internal control review Set the audit scope and audit objectives Develop the audit approach or audit strategy Assign personnel resources to the audit and address engagement logistics

8 Bina Nusantara University 8 Risk Assessment Risk assessment method Areas to be audited Use of risk assessment in audit planning (S11, G13, P1)

9 Bina Nusantara University 9 Risk Assessment Method Qualitative and Quantitative Methods Semiquantitative Analysis Methods Quantitative Analysis Methods

10 Bina Nusantara University 10 Audit Program Obtaining and recording and understanding of the audit area/subject Risk assessment and general audit plan and schedule Detailed audit planning Preliminary review of the audit area/subject Evaluating the audit area/subject Compliance testing (often referred to as test of controls) Substantive testing Reporting (communicating results) Follow up

11 Bina Nusantara University 11 PLANNING PREPLAN –CLIENT ACCEPTANCE OR CONTINUATION INVESTIGATION –REASONS FOR AUDIT –ENGAGEMENT LETTER –SELECT STAFF

12 Bina Nusantara University 12 OBTAIN BACKGROUND INFORMATION –Knowledge of Client Industry –Tour Client Facilities –Identify Related Parties –Needs For Specialists CLIENT LEGAL OBLIGATIONS –Charter And By Laws –Minutes Of Meetings –Contracts PRELIMINARY ANALYTICAL REVIEW

13 Bina Nusantara University 13 WORKING PAPERS PURPOSES OF WORKING PAPERS –Planning Audit –Record Evidence Gathered –Basis For Audit Report –Basis For Review CONTENT AND ORGANIZATION –Permanent Files –Current Files

14 Bina Nusantara University 14 –WORKING TRIAL BALANCE Grouped Trial Balance –LEAD SCHEDULES For Each Major Category, Listing Of All Account Type –ADJUSTING AND RECLASSIFICATION ENTRIES –SUPPORTING SCHEDULES ANALYSIS TRIAL BALANCE OR LIST RECONCILIATION TEST OF REASONABLENESS SUMMARY OF PROCEDURES SUPPORTING DOCUMENTS OUTSIDE DOCUMENTATION

15 Bina Nusantara University 15 PREPARATION OF WORKING PAPERS –HEADING –INDEXING AND CROSS-REFERENCING –INDICATE AUDIT WORK PERFORMED –TICK MARKS –OBJECTIVE OF PREPARING WORK PAPER –CONCLUSIONS OWNERSHIP OF WORK PAPERS CONFIDENTIALITY

16 Bina Nusantara University 16 PLANNING PREPLAN –CLIENT ACCEPTANCE OR CONTINUATION INVESTIGATION –REASONS FOR AUDIT –ENGAGEMENT LETTER –SELECT STAFF

17 Bina Nusantara University 17 OBTAIN BACKGROUND INFORMATION –KNOWLEDGE OF CLIENT INDUSTRY –TOUR CLIENT FACILITIES –IDENTIFY RELATED PARTIES –NEED FOR SPECIALISTS CLIENT LEGAL OBLIGATIONS –CHARTER AND BYLAWS –MINUTES OF MEETINGS –CONTARCTS PRELIMINARY ANALYTICAL REVIEW

18 Bina Nusantara University 18 WORKING PAPERS PURPOSES OF WORKING PAPERS –PLANNING AUDIT –RECORD EVIDENCE GATHERED –BASIS FOR AUDIT REPORT –BASIS FOR REVIEW CONTENT AND ORGANIZATION –PERMANENT FILES –CURRENT FILES

19 Bina Nusantara University 19 WORKING PAPERS Functions: 1.Assignment and coordinating audit work 2.Supervising and reviewing the work of assistants 3.Supporting the report 4.Complying with the stds of field work 5.Planning and conducting the next audit

20 Bina Nusantara University 20 TYPES OF WORKING PAPERS Administrative working papers –Audit plan –Audit program –Time budget –Internal control documentation Working trial balance Lead schedules Adjusting journal entries

21 Bina Nusantara University 21 Types of Working Papers Supporting schedules Analysis of a ledger account Corroborating documents

22 Bina Nusantara University 22 ORGANIZATION Current files – one file per year Permanent file – preserves working papers that show relatively few or no changes –Articles of incorporation –Bylaws –Leases –Pension plans, labor contracts –Tax returns

23 Bina Nusantara University 23 TYPES OF TESTS PROCEDURES TO OBTAIN UNDERSTANDING OF INTERNAL CONTROL –INQUIRIES OF CLIENT –READ POLICY AND PROCEDURES MANUALS –EXAMINE DOCUMENTS –OBSERVE PERSONNEL TESTS OF CONTROL –OBSERVE PERSONNEL –REPERFORM PROCEDURES WAS PROCEDURE PERFORMED? WAS IT PERFORMED CONSISTENTLY WHO PERFORMED IT?

24 Bina Nusantara University 24 SUBSTANTIVE TESTS OF TRANSACTIONS –TEST FOR DOLLAR MISSTATEMENT –SATISFY ALL SIX TRANSACTION-RELATED OBJECTIVES FOR EACH CLASS OF TRANSACTIONS RECORED SALES OCCURRED RECORDED SALES ARE COMPLETE RECORDED SALES ARE ACCURATE RECORDED SALES ARE IN CORRECT TIME PERIOD RECORDED SALES ARE PROPERLY CLASSIFIED RECORDED SALES ARE ACCURATELY SUMMARIZED ANALYTICAL PROCEDURES –COMPARISONS OF DATA –FOUR PURPOSES

25 Bina Nusantara University 25 TESTS OF DETAILS OF BALANCES –FOCUS ON ENDING G/L BALANCES –EXTENT DEPENDENT ON RESULTS OF OTHER TESTS TESTS OF CONTROL ANALYTICAL PROCEDURES TESTS OF TRANSACTIONS SUMMARY OF TYPES OF TESTS –CONTROL RISK ASSESSMENT TESTS OF CONTROL TESTS OF TRANSACTIONS –LOWER DETECTION RISK TESTS OF TRANSACTIONS ANALYTICAL PROCEDURES TESTS OF DETAILS OF BALANCES

26 Bina Nusantara University 26 AUDIT EVIDENCE Any information that corroborates or refutes an assertion. Must be: –Competent – relevant and valid (Quality) –Sufficient – Quantity There is an inverse relationship between competent and sufficiency.

27 Bina Nusantara University 27 TYPES OF EVIDENCE 1.Physical evidence- provides evidence about existence but needs to be supplemented by other types of evidence.

28 Bina Nusantara University 28 TYPES OF EVIDENCE 2. Third party representations –Confirmations – effective at providing evidence about existence. –Lawyers’ Letters – primary source of evidence regarding lawsuits and litigation. –Reports of specialists

29 Bina Nusantara University 29 TYPES OF EVIDENCE 3. Documents –Created outside the client and transmitted directly to the auditors –Created outside the client and held by the client –Created and held within the client 4. Computations 5. Analytical reviews 6. Oral and written client representation 7. Accounting records

30 Bina Nusantara University 30 TESTS_EVIDENCE Relationship RELATIVE COSTS –ANALYTICAL PROCEDURES –PROCEDURES TO OBTAIN UNDERSTANDING OF I/C AND TESTS OF CONTROL –SUBSTANTIVE TESTS OF TRANSACTIONS –TESTS OF DETAIL OF BALANCES RELATION BETWEEN TESTS OF CONTROL AND SUBSTANTIVE TESTS –DEVIATION FROM CONTROL INCREASES RISK OF DOLLAR ERROR

31 Bina Nusantara University 31 EVIDENCE MIX TRADE OFF BETWEEN TESTS OF CONTROL AND SUBSTANTIVE TESTS

32 Bina Nusantara University 32 AUDIT PLAN (AUDIT PROGRAM) Detailed listing of the audit procedures to be performed in the course of the audit (nature, timing, and extent). Objectives: –Design to accomplish audit objectives with respect to each major account in the financial statements. These objectives are: 1.Existence or occurrence 2.Completeness 3.Rights and obligations 4.Valuation or allocation 5.Presentation and disclosure 6.Accuracy 7.Cutoff 8.Classification

33 Bina Nusantara University 33 DESIGN AUDIT PROGRAM TESTS OF CONTROL AND SUBSTANTIVE TESTS OF TRANSACTIONS –FOUR STEPS APPLY TRANSACTION-RELATED OBJECTIVES IDENTIFY SPECIFIC CONTROLS TO REDUCE RISK DEVELOP TESTS OF CONTROL DESIGN SUBSTANTIVE TESTS OF TRANSACTIONS FOR POTENTIAL MISSTATEMENTS –CONSIDER CONTROL RISK ASSESSMENT

34 Bina Nusantara University 34 ANALYTICAL PROCEDURES –AUDITOR JUDGMENT –INDUSTRY-SPECIFIC PROCEDURES TESTS OF DETAIL OF BALANCES –SET MATERIALITY LEVEL, ACCEPTABLE AUDIT RISK, AND ASSESS INHERENT RISK –ASSESS CONTROL RISK –DESIGN TESTS OF BALANCES FOR EACH BALANCE- RELATED OBJECTIVE RELATION OF AUDIT OBJECTIVES

35 Bina Nusantara University 35 AUDIT PROCESS PHASE I –PLAN AUDIT –DESIGN APPROACH PHASE II –PERFORM TESTS OF CONTROLS –PERFORM TESTS OF TRANSACTIONS PHASE III –PERFORM ANALYTICAL PROCEDURES –PERFORM TESTS OF BALANCES PHASE IV –COMPLETE AUDIT AND ISSUE REPORT

36 Bina Nusantara University 36 AUDIT PROCEDURES Hal-hal yang perlu dipertimbangkan dalam menyusun rencana kerja audit –Timing –Nature –Extent –Cost

37 Bina Nusantara University 37 OTHER CONSIDERATIONS –Confidential nature –Ownership of working papers –Auditors’ liability –Differences of opinion

38 Bina Nusantara University 38 THE End


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