©2003 Prentice Hall Business Publishing, Auditing and Assurance Services 9/e, Arens/Elder/Beasley...

©2003 Prentice Hall Business Publishing, Auditing and Assurance Services 9/e, Arens/Elder/Beasley 15 - 1

BAB 15

Melengkapi Tes dalam Siklus Penjualan Dan Pengaihan : Rekening Piutan


Menjelaskan Metodelogi Desain Rincian saldo menggunakan model audit resiko


Detail tie-in

Completeness

ClassificationExistence

Accuracy

Cutoff

Realizablevalue

Rights andobligations

Presentationand disclosure

Tujuan Audit rekening Piutang Yang berkaitan dengan Saldo Piutang


Metodelogi untuk desain Tes Rincian Saldo –Piutang

Dagang

Identify client business risksaffecting accounts receivable.

Set tolerable misstatementand assess inherent riskfor accounts receivable.

Assess control risk for salesand collection cycle.



Dagang

Design and perform tests ofcontrols and substantive testsof transactions for sales and

collection cycle.

Design and perform analyticalprocedures for accounts

receivable balance.



Dagang

Design tests of details ofaccounts receivable balance

to satisfy balance-relatedaudit objectives.

Audit proceduresSample size

Items to selectTiming

Design tests of details ofaccounts receivable balance

to satisfy balance-relatedaudit objectives.

Sample size


Hubungan Antara Siklus Penjualan Dengan Rekening Piutang

ExistenceCompletenessAccuracyClassificationTiming

Pre

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Det

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Exi

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Com

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Acc

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Cla

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Posting/Summary

Accounts ReceivableBalance-RelatedAudit Objectives

Translation-RelatedAudit Objectives

Sales

××

×

××


Relationship Between Sales and Accounts Receivable

ExistenceCompletenessAccuracyClassificationTiming

Pre

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d d

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Det

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Exi

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Com

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Acc

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Cla

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Rea

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Posting/Summary

Accounts ReceivableBalance-RelatedAudit Objectives

Translation-RelatedAudit Objectives

Cash receipts

××

××

××


Mendesain dan melaksanakan

Prosedur Analitik Untuk Rekenig

Siklus Penjualan Dan Penagihan


Analytical Procedures for the Sales and Collection Cycle

Gross margin percentage with previous years

Sales by month over time

Sales returns and allowances as a percentageof gross sales with previous years



Individual customer balances over a stated amount

Bad debt expense as a percentage of gross sales

Days that accounts receivable are outstanding



Aging category as a percentage of receivables

Allowance for uncollectible accountsas a percentage of accounts receivable

Charge-off of uncollectible accountsas a percentage of total accounts receivable


Selected Comparative Information

Percent Percent2002 Change 2001 Change 2000

(000) 02-01 (000) 00-01 (000)Sales 144.3 9.4 132.0 6.5 124.0Gross margin 39.8 9.3 36.4 7.1 34.0Accounts receivable 20.2 7.4 18.8 13.9 16.5Bad debt expense 3.3 (2.9) 3.4 9.7 3.1Total assets 61.4 (7.0) 66.0 8.0 61.1Net earnings 5.7 21.3 4.7 38.2 3.4Number of accounts receivable 258 16.7 221 5.7 209


Analytical ProceduresSales and Collection Cycle

2002 2001 2000Gross margin/net sales 27.8% 27.7% 27.5%Sales R&A/gross sales .9% .9% .8%Bad debt expense/net sales 2.3% 2.6% 2.4%Allowance for uncollectible accounts/accounts receivable 6.1% 8.2% 8.4%Number of days receivables outstanding 51.5 52.3 51.2Net accounts receivable/ current assets 37.2% 38.6% 36.0%


Design and Perform Tests of Details

of A/R Balance (Phase III)

Planned detection risk for eachobjective is an auditor’s decision.

Combining the factors that determineplanned detection risk is complex.


Analytical Procedures for Gross Margin

Gross Margin Percent 2002 2001

Client Industry Client IndustryHardwood 36.3 32.4 36.4 32.5Softwood 23.9 22.0 20.3 22.1Plywood 40.3 50.1 44.2 54.3


Learning Objective 3

Design and perform tests of

details of balances for accounts

receivable for each balance-

related audit objective.


Designing Tests ofDetail of Balances

Aged trial balance

Recorded accounts receivable exist

Existing accounts receivable are included

Accounts receivable are accurate

Accounts receivable are properly classified


Designing Tests ofDetail of Balances

Cutoff for accounts receivable is correct

Accounts receivable is stated at realizable value

The client has rights to accounts receivable

Accounts receivable presentationand disclosures are proper



Obtain and evaluate accounts

receivable confirmations.


AICPA Requirements

1. Accounts receivable are immaterial.

2. The auditor considers confirmationsineffective evidence because responserates will likely be inadequate or unreliable.

3. The combined level of inherent risk andcontrol risk is low and other substantiveevidence can be accumulated to providesufficient evidence.


Type of Confirmation

Positive confirmationPositive confirmation

Blank confirmation formBlank confirmation form

Invoice confirmationInvoice confirmation

Negative confirmationNegative confirmation


Timing

The most reliable evidence fromconfirmations is obtained when

they are sent as close to the balancesheet date as possible, as opposedto confirming the accounts several

months before year-end.


Sample Size

Tolerable misstatement

Inherent risk

Control risk

Achieved detection risk fromother substantive tests

Type of confirmation


Selection of Itemsfor Testing

When selecting a sample of accounts receivablefor confirmation, the auditor should be careful

to avoid being influenced by the client.


Selection of Itemsfor Testing

If a client tries to discourage the auditor fromsending confirmation to certain customers,the auditor should consider the possibility

that the client is attempting to concealfictitious or known misstatements of

accounts receivable.


Subsequent Cash Receipts

Evidence of the receipt of cash subsequentto the confirmation date includes examining

remittance advices, entries in the cash receiptsrecords, or perhaps even subsequent credits in

the accounts receivable master files.


Duplicate Sales Invoices

These are useful in verifyingthe actual issuance of a salesinvoice and the actual date

of the billing.


Shipping Documents

These are important in establishingwhether the shipment was actually

made and as a test of cutoff.


CorrespondenceWith the Client

Usually, the auditor does not need to reviewcorrespondence as a part of alternative

procedures, but correspondence canbe used to disclose disputed and

questionable receivables notuncovered by other means.


Analysis of Difference

Payment has already been madePayment has already been made

Goods have not been receivedGoods have not been received

The goods have been returnedThe goods have been returned

Clerical errors and disputed accountsClerical errors and disputed accounts


Drawing Conclusions

Reevaluate internal control.

Evaluate the qualitative nature of misstatements.

Determine whether sufficient evidence was obtained.



Design audit procedures for the

audit of accounts receivable,

using an evidence planning

worksheet as a guide.


Source of Each Row in the Evidence Planning Worksheet

Tolerablemisstatement

Acceptableaudit risk

Inherent risk

Control risk

Substantive testsof transactions

results

Planned detectionrisk and plannedaudit evidence


End of Chapter 15

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