Standar Pekerjaan Lapangan: Audit ats Sales Revenues dan Account Receivables Pertemuan 9

Tujuan Pembelajaran: Memahami standar pemeriksaan lapangan terkait dengan audit atas Sales Revenues dan Accouunt Receivables Memahami tujuan dari audit atas Sales Revenues dan Accouunt Receivables Memahami internal control atas Sales Revenues dan Accouunt Receivables Memahami dasar pencatatan Sales Revenues dan Accouunt Receivables Memahami dan mampu membuat prosedur audit atas Sales Revenues dan Accouunt Receivables Menyusun temuan audit atas Sales Revenues dan Accouunt Receivables Membuat surat konfirmasi piutang

SPAP – SA 300 Standar Pekerjaan Lapangan SA 311 – Perencanaan dan Supervisi SA 312 – Resiko Audit dan Materialitas dalam Pelaksanaan Audit SA 313 – Pengujian Substantif sebelum Tanggal Neraca SA 314 – Penentuan Resiko dan Pengendalian Intern SA 316 – Pertimbangan atas Kecurangan dalam Audit Laporan Keuangan SA 318 – Pemahaman atas Bisnis Klien SA 325 – Komunikasi Masalah yang Berhubungan dengan Pengendalian Intern yang ditemukan dalam suatu Audit. SA 330 – Proses Konfirmasi

Understanding the Process of Credit Sales Points of activities Units/functions involve in the process of credit sales Documents to record the process.

Business functions and the related documents and records in the sales and collection cycle Processing customer order Granting credit Shipping goods Billing customers and recording sales Processing and recording cash receipts Processing and recording sales return and allowances Charging of uncollectible A/R Providing for bad debts (see Arens Table 13-1 p. 373)

Common Documents and Records of SR and A/R Customer Order Sales Order Shipping Document Sales Invoice Authorized Price List Sales Transaction Files Sales Journal Customer Master File A/R Master File Customer Monthly Statement

Components of Internal Control of Cash The control environment Risk assessment Control activities Information and Communication Monitoring

Inherent Risk, including the Risk of Fraud Pressure to overstate revenues in order to report achieving announced revenue and profit targets Pressure to overstate cash and gross receivables or understate the allowance for doubtful accounts. The timing of amount to be recognized (Accounting standards used) When receivables are factored – classification ? Classification of A/R – Current vs non current ? Sales adjustment transactions may be used to conceal theft or “lapping” Lapping Window dressing

Diskusikan contoh implementasinya ! Types of Evidence Inquires of the Client Observation Analytical Procedures Documentation Reperformance Confirmation Physical Examination Diskusikan contoh implementasinya !

Audit Procedures Audit Procedure ? is the steps should be done sequentially in order to achieve the audit objectives.

Audit Objectives of SR and A/R Transaction Objectives Occurrence Completeness Accuracy Cut off Classification Balance Objectives Existence Rights and obligations Valuation and Allocation (Boynton Modern Auditing 8ed p 631)

Audit Objectives of Cash Disclosure Objectives Occurrence and Right and Obligation Completeness Classification and understandability Accuracy and Valuation (Boynton Modern Auditing 8ed p 631)

Confirmation Letter (1) Methods of Confirmation Positive Confirmation Bad internal control system Most of the balance of receivables are big Number of receivables are few (not many) Long standing of receivables Negative Confirmation Good internal control system Many receivables with small balance Short standing of receivables Confirmation Request Form  see word file

Methods for Recording Uncollectibles Direct Write Off Method Allowance Method Percentage of Sales (Income Statement) Approach Percentage of Receivables (Balance Sheet) Aging Schedule Individual of Receivable (in practice) How to record the collection of Receivables written off ?

Examples of Audit Findings of Fixed Assets Assignment for students: Write an hypothetical audit finding of fixed assets ! Condition Criteria Causes Effects Recommendation