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1 - 1 The Demand for Audit and Other Assurance Services Chapter 1.

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Presentasi berjudul: "1 - 1 The Demand for Audit and Other Assurance Services Chapter 1."— Transcript presentasi:

1 1 - 1 The Demand for Audit and Other Assurance Services Chapter 1

2 Auditing

3 1 - 3 Sarbanes-Oxley Act Adelphia Enron Tyco WorldCom The Act established the Public Company Accounting Oversight Board. It also requires auditors to report on the effectiveness of internal control over financial reporting.

4 1 - 4 Nature of Auditing Nature of Auditing Auditing is the accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria. Auditing should be done by a competent, independent person.

5 1 - 5 Information and Established Criteria To do an audit, there must be information in a verifiable form and some standards (criteria) by which the auditor can evaluate the information. IASB FASB Criteria

6 1 - 6 Accumulating Evidence and Evaluating Evidence Evidence is any information used by the auditor to determine whether the information being audited is stated in accordance with the established criteria. Client inquiry Written and electronic Communications with outsiders Observations Transaction data

7 1 - 7 Competent, Independent Person Judgment and Experience Evaluation of Evidence Competence Proper Conclusion Independence

8 1 - 8 Audit of a Tax Return Example

9 Auditing Vs Accounting 1 - 9

10 Distinguish Between Auditing and Accounting Accounting is the recording, classifying, and summarizing of economic events for the purpose of providing financial information used in decision making. Auditing is determining whether recorded information properly reflects the economic events that occurred during the accounting period.

11 Auditing and Reducing Information Risk

12 Economic Demand for Auditing Demand Driver Information risk Auditing can have a significant effect on information risk. What is meant by “Information risk”?

13 Causes of Information Risk  Remoteness of information  Biases and motives of the provider  Voluminous data  Complex exchange transactions

14 Reducing Information Risk  User verifies information  User shares information risk with management  Audited financial statements are provided

15 Relationships Among Auditors, Client, and External Users Auditor Client External Users Client or audit committee hires auditor Auditor issues report relied upon by users to reduce information risk Provides capital Client provides financial statements to users

16 Assurance Services

17 Assurance Services An independent professional service Can be performed by CPAs or by a variety of other professionals

18 Attestation Services  A type of assurance service  CPA reports on the reliability of an assertion  That is the responsibility of another party.

19 Attestation Services Historical Financial Statements 1. Audit 3. Review Client provides financial statements to users 2. Internal Control over Financial Reporting 4. Information Technology 5. Other

20 Attestation Services on Information Technology WebTrust and SysTrust also meet the criteria of attestation service

21 Other Assurance Services Most of the other assurance services that CPAs provide do not meet the formal definition of attestation services. The CPA is not required to issue a written report. The assurance does not have to be about the reliability of another party’s assertion about compliance with specified criteria.

22 Green Initiatives Bring Assurance Opportunities, Competition Global interest has triggered a surge in reports. 80% of the Global Fortune 250 released environmental, social, and governance data. Presented in standalone reports or integrated into annual financial reports.

23 Other Assurance Services Examples Assess risks of accumulation, distribution, and storage of digital information… assessing security risks and related controls over data and other information stored electronically, including the adequacy of backup and off-site storage. including

24 Other Assurance Services Examples  Compliance with trading policies and procedures  Compliance with entertainment royalty agreements  ISO 900 certification  Environmental audit

25 Assurance, Attestation, and Nonassurance Services

26 Types of Audits

27 Types of Audits  Operational  Compliance  Financial Statement

28 Operational Audit Example Evaluate computerized payroll system for efficiency and effectiveness Information Number of records processed, costs of the department, and number of errors Established Criteria Company standards for efficiency and effectiveness in payroll department Available Evidence Error reports, payroll records, and payroll processing costs

29 Compliance Audit Example Determine whether bank requirements for loan continuation have been met InformationCompany records Established Criteria Loan agreement provisions Available Evidence Financial statements and calculations by the auditor

30 Audit of Historical Financial Statements Example Annual audit of Boeing’s financial statements InformationBoeing's financial statements Established Criteria Generally accepted accounting principles Available Evidence Documents, records, and outside sources of evidence

31 Types of Auditors

32 Types of Auditors  Internal auditors  Independent certified public accounting firms  Internal Revenue agents  Governmental general accounting office auditors

33 Requirements for CPA

34 Three Requirements for Becoming a CPA  Educational requirement  Uniform CPA examination requirement  Experience requirement

35 CPA Examination Sections Auditing and Attestation Financial Accounting And Reporting Business Environment and Concepts Regulation

36 Three Requirements for Becoming a CPA

37 Akuntan Publik Persyaratan dan Definisi Di Indonesia

38 Dasar Hukum  Undang-undang Republik Indonesia Nomor 5 Tahun 2011 Tentang Akuntan Publik, tanggal 3 Mei 2011  Peraturan Pemerintah Republik Indonesia Nomor 20 Tahun 2015 Tentang Praktik Akuntan Publik, tanggal 6 April 2015

39 Definisi dan Jasa yang Diberikan  Akuntan Publik adalah seseorang yang telah memperoleh izin untuk memberikan jasa jasa asurans, yang meliputi:  a. jasa audit atas informasi keuangan historis;  b. jasa reviu atas informasi keuangan historis; dan  c. jasa asurans lainnya.  Jasa asurans tersebut hanya dapat diberikan oleh Akuntan Publik.  Selain jasa asurans Akuntan Publik dapat memberikan jasa lainnya yang berkaitan dengan akuntansi, keuangan, dan manajemen sesuai dengan ketentuan peraturan perundang-undangan.

40 Persyaratan Izin Akuntan Publik (AP)  Untuk mendapatkan izin menjadi Akuntan Publik seseorang harus memenuhi syarat sebagai berikut: a) memiliki sertifikat tanda lulus ujian profesi akuntan publik yang sah; b) berpengalaman praktik memberikan jasa; c) berdomisili di wilayah Negara Kesatuan Republik Indonesia; d) memiliki Nomor Pokok Wajib Pajak; e) tidak pernah dikenai sanksi administratif berupa pencabutan izin Akuntan Publik; f) tidak pernah dipidana yang telah mempunyai kekuatan hukum tetap karena melakukan tindak pidana kejahatan yang diancam dengan pidana penjara 5 (lima) tahun atau lebih; g) menjadi anggota Asosiasi Profesi Akuntan Publik yang ditetapkan oleh Menteri; dan h) tidak berada dalam pengampuan.  Ijin diberikan untuk masa 5 Tahun  Akuntan Publik wajib mendirikan atau menjadi Rekan pada KAP dalam jangka waktu 180 (seratus delapan puluh) hari sejak izin Akuntan Publik yang bersangkutan diterbitkan

41 Persyaratan Ujian Profesi Akuntan Publik (CPA)  Untuk mengikuti ujian profesi Akuntan Publik, seseorang harus:  memiliki pengetahuan dan kompetensi di bidang akuntansi atau telah terdaftar dalam register negara untuk akuntan.  Pengetahuan dan kompetensi di bidang akuntansi iperoleh melalui: a) program pendidikan sarjana (S-1) atau diploma empat (D-IV) di bidang akuntansi pada perguruan tinggi Indonesia atau perguruan tinggi luar negeri yang telah disetarakan oleh pihak yang berwenang sesuai dengan ketentuan peraturan perundang-undangan; b) program pendidikan pascasarjana (S-2) atau doktor (S-3) di bidang akuntansi yang diselenggarakan perguruan tinggi Indonesia atau perguruan tinggi luar negeri yang telah disetarakan oleh pihak yang berwenang sesuai dengan ketentuan peraturan perundang-undangan; c) pendidikan profesi akuntansi sesuai dengan ketentuan Peraturan Perundang-undangan; atau d) pendidikan profesi Akuntan Publik sesuai dengan ketentuan Peraturan Perundang-undangan.

42 Persyaratan Sertifikat Tanda Lulus Ujian Profesi Akuntan Publik (CPA)  Untuk memperoleh sertifikat tanda lulus ujian profesi Akuntan Publik yang diterbitkan oleh Asosiasi Profesi, seseorang harus memenuhi persyaratan sebagai berikut: a) lulus ujian profesi Akuntan Publik; b) lulus pendidikan sebagaimana dimaksud dalam Pasal 3 ayat (2) atau terdaftar dalam register negara untuk akuntan; c) lulus penilaian pengalaman kerja di bidang akuntansi dari Asosiasi Profesi; dan d) terdaftar sebagai anggota Asosiasi Profesi.  Seseorang yang telah memperoleh sertifikat tanda lulus ujian profesi Akuntan Publik mendapatkan sebutan profesi dari Asosiasi Profesi. Saat ini sebutannya adalah Certified Public Accountant (CPA)

43 End of Chapter 1


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