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AUDIT PLANNING

ANDANALYTICAL PROCEDURE

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PLANNING Standard of Field work butir 1 menyatakan : “The auditor must adequately plan the work

and must properly supervise any assistents ” Tiga alasan kenapa auditor harus

merencanakan penugasan dengan tepat :1) Memungkinkan auditor memperoleh

sufficient appropriate evidence2) Menjaga cost audit yang pantas3) Menghindari misunderstanding dengan

klien

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Planning an Audit and Designing an Audit Approach

Accept client and perform initial audit planning

Understand the client’s Business and industry

Assess client business risk

Perform preliminary Analytical procedures

Set materiality and assess Acceptable Audit Risk and Inherent risk

Understand internal control and assess control risk

Gather information to assess fraud risk

Develop overall audit plan and audit program

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1. Accept Client and Perform Initial Audit

PlanningInitial Audit Planning meliputi 4 hal :1. Auditor memutuskan apakah menerima

klien baru atau meneruskan klien lama2. Auditor mengidentifikasi kebutuhan audit

dari auditee3. Mendapat pengertian dari klien tentang

penugasan, u/ menghindari salah pengertian

4. Auditor mengembangkan Overall Strategy u/ audit, termasuk staffing dan kebutuhan spesialis jika diperlukan

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2. Understand the Client’s Business and Industry

Standard of Field work butir 2 menyatakan:

“ The auditor must obtain a sufficient understanding of the entity and its environment, including its internal control, to assess the risk of material misstatement of the financial statements whether due to error or fraud, and to design the nature, timing, and extent of the audit procedures”

Sifat bisnis dan industri klien mempengaruhi Client Business Risk dan Salah saji material dalam Financial statement.

Client business risk

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Strategic Systems Understanding of the Client’s

Business and IndustryUnderstand Client’s

Business and Industry

Industry andExternal Environment

Business OperationAnd process

Management andGovernment

Objecitves andStrategies

Measurement andPerformance

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3. Assess Client Business Risk

Hubungan Client’s business dan industri, Client business risk dan penilaian auditor atas resiko salah saji material laporan keuangan

Industry and External Environment

Business Operation and Process

Management and Government

Objectives and strategies

Understand Client’s Business and Industry

Measurement and Performance

Assess ClientBusiness Risk

Assess Risk ofMaterial Misstatement

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4.Melaksanakan Prosedur Analitis Pendahuluan

Auditor melaksanakan Prosedur Analitis Pendahuluan u/ memahami dengan lebih baik bisnis klien dan u/ menilai resiko bisnis klien

SELECTED RATIOS HILSBURG12/31/07

HILSBURG12/31/06

INDUSTRY12/31/06

INDUSTRY12/31/07

Short-Term Debt –Paying Ability

Cash ratio 0.06 0.22 0.06 0.20Quick ratio 1.57 3.10 1.45 3.00 Current ratio 3.86 5,20 4.04 5.10 Liquidity Activity RatiosAccounts receivable turnover 7.59 12.15 7.61 12.25Days to collect accounts receivable 48.09 30.04 47.96 29.80Inventory turnover 3.36 5.20 4.04 5.10Days to sell inventory 108.63 70.19 120.86 74.49 Ability to Meet Long -Term ObligationDebt to equity 1.73 2.51 1.98 2.53Times interest earned 3.06 5.50 3.29 5.60 Profitibility RatiosGross profit percent 27.85 31.00 27.70 32.00Profit margin 0.05 0.07 0.05 0.08Return on assets 0.09 0.09 0.08 0.09Return on common equity 0.26 0.37 0.24 0.35

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Key Parts of PlanningAPPLICATION TO HILLSBURG HARDWARE CO

SUBPARTS OF PLANNING

MAJOR PART OF PLANNING

Hillsburg adalah audit lanjutan, tidak ada hal yang perlu dikahawatirkan

Ada 2 alasan: Perusahaan public dan audit dibutuhkan bank due to Hutang Wesel yang besar

Mendapatkan Engagement letter sebelum audit lapangan

Menerima klien baruAtau ulangan/lama

Identifikasi alasan klien u/ diaudit

Mendapatkan pengertian dgn klien

Staffing penugasan Partner – Joe Anthony; Manager – Leslie FranklinSenior – Fran Moore: Assisten – Mitch Bray dan Mr X

Menerima klien dan melaksa nakan Perenca naan Awal

Anthony & Franklin mempelajari publikasi industry; Moore mereview data industry dan laporan dr data base dan online

Memahami Industry dan lingkungan klien

Memahami Operasi, strategi dan sistem kinerja

Moore berdiskusi dengan CEO & CFO, membaca Notulen , mereview Laporan Kunci dan indikator kinerja

Memahami bisnis dan

industri klien

Moore menggunakan pemahaman atas klien dan industry u/ menilai Resiko bisnis

Moore mereview kontrol manajemen dan pengelolaan dan pengaruhnya pada Resiko bisnis

Moore menggunakan penilaiannya atas Resiko bisnis dan kontrol manajemen u/ identfikasi area audit yg beresiko salah saji

Moore membandingkan Neraca unaudited 2007 dgn tahun sebelumnya . Moore menghitung Key Ratios dan membandingkannya dgn tahun sebelumnya dan industry ratas. Semua hal signifkan difollow up

Menilai Resiko bisnis klien

Menilai Mgt control yg pengaruhi resiko bisnis

Menilai resiko Material misstatement

Menilai Resiko Bisnis Klien

Melaksanakan Prosedur Analitis Awal

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Analitical Procedures (Prosedur Analitis)Prosedur analitis umumnya dilaksanakan 3 kali selama penugasan :Prosedur analitis diperlukan dalam fase

perencanaan untuk membantu dalam menentukan sifat, luas dan waktu pelaksanaan prosedur audit; contoh, kalkulasi inventory turnover, sebelum test harga inventory dilakukan dapat menunjukkan perlunya perhatian khusus selama test harga

Prosedur analitis dilaksanakan selama fase test substantif u/mendukung saldo akun. Test ini dilakukan berhubungan dengan prosedur audit lain. Contoh; bagian asuransi yang dibayar dimuka dibandingkan dengan polis yang sama dengan tahun lalu.

Prosedur analitis diperlukan selama fase penyelesaian audit. Test ini membantu Review akhir u/ salah saji material atau masalah keuangan dan membantu auditor melihat secara objektif atas Laporan Keuangan yang diaudit

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• Timing and Pusposes of Analytical Procedures

Tujuan(purpos

e)

Fase

(Required) (Required)Fase

PerencanaanFase Testing

Fase Penyelesaian

Memahami Bisnis dan Industri klienMenilai Going concern

Menunjukkan indikasi Misstatement (menujukkan arah perhatian)

Mengurangi Test Detailed

Tujuan Utama (Primary purpose)

Tujuan Utama (Primary purpose)

Tujuan Utama (Primary purpose)

Tujuan Utama (Primary purpose)

Tujuan Sekunder (Secondarypurpos

e)

Tujuan Sekunder (Secondarypurpos

e)

Tujuan Sekunder (Secondary purpose)

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5 Jenis Prosedur Analitis Auditor biasanya membandingkan Saldo

dan ratio klien dengan saldo dan ratio yang diharapkan dengan menggunakan satu atau lebih jenis prosedur analitis berikut ini. Dalam tiap kasus auditor membandingkan data klien dengan :1. Data Industri2. Data yang sama dengan periode yang lalu3. Hasil diharapkan yang ditentukan klien4. Hasil diharapkan yang ditentukan auditor5. Hasil diharapkan dengan menggunakan

data nonfinancial

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• Komparasi internal dan hubungannyaRatio or Comparation

Possible Misstatement

Raw material turnover for a manufacturing company

Misstatement of inventory or cost of goods sold or obsolescence of Raw material inventory

Sales commission divided by net sales

Misstatement of sales commission

Sales return and allowances divided by gross sales

Misclasified sales returns and allowances or unrecorded returns or allowances subsequent to year-end

Cash surrender value of life insurance (current year) divided by cash surrender value of life insurance (preceding year)

Each of individual manufacturing expenses as a percent of total manufacturing expense

Failure to record the change in cash surrender value or an error in recording the change

Significant misstatement of individual expenses within a total

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Common Financial Ratios

Cash ratio =Cash + Marketable securities

Current liabilities

Current ratio =

Cash + Marketable securities + net account receivable

Current liabilitiesQuick ratio =

Current assets

Current liabilities

A/R turnover =Net sales

Average gross receivable

365 daysDays to collect receivable A/R turnover

Inventory turnover =Cost of goods sold

Average Inventory

Days to sell inventory

365 days

Inventory turnover

Liquidity Activity Ratios

Short-term Debt - Paying

=

=

=

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2

3

1

2

3

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Debt to equity =Total liabilities

Total equity

Operating income

Interest expenseTimes interest earned =

Earning per share =Net income

Average common share outstanding

Gross profit percent =

Return on assets =

Return on Common equity Average stockholder equity

.Profitability Ratios

Ability to Meet Long-term Debt Obligation

=

1

2

1

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Net income – cost of goods sold

Net sales

Profit margin =Operating income

Net income Income before taxes

Average total assets

Income before taxes – Preferred dividends5