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▷When planning and performing audit procedure and evaluating and
reporting the result, the auditor should consider the risk of material
misstatement in the financial statement resulting from fraud and error.

Unintentional misstatement in Intentional action by
FS management/ employee to use
• A mistake in gathering and deception to obtain illegal
processing data advantages, results to
• Mathematical/ clerical mistake misrepresentation of FS
• Incorrect accounting estimate
• Mistake in application of • Manipulation & falsification of
accounting principle record/document
• Oversight/misinterpretation of • Misappropriation of assets
fact • Omission of transaction
• Misapplication of accounting

of Assets
Responsibilities of Management
 Prevent and detect fraud
 Establish and maintain adequate accounting and internal
control system

Responsibilities of Auditors
 Conduct of audit in accordance with ISAs
Financial statements are free from material misstatements.
No absolute assurance that material statements are
detected because:
Use of judgement
Use of testing
Inherent Limitations of internal control
Evidence is persuasive but not conclusive in nature
Professional Skepticism

ISA 200-The auditor should plan and perform the

audit with an attitude of professional skepticism,
recognizing that conditions or events may be
found that indicate that fraud or error may exist.
1-Risk Assessment
Planning:  Weak design of
accounting and internal
-the auditors should assess the risk
control system
that fraud and error may cause the
financial statements to contain  Non-compliance of
identified internal control
material misstatement.
 Integrity and
-Auditors should inquire of competence of
management and internal audit management
 Unusual pressure
 Unusual transaction
 Problems in obtaining
sufficient appropriate
Performing audit procedures:
▷ Inquire to management and evaluate any unusual
accounting treatment and unusual relationship
Evaluating the results:
▷ Different systems and co-relationship of the results of
different financial statement components

3-Fraud/ Error are Identified

Auditors should consider about the materiality of the
potential effect to the financial statement.

Material ▷ Properly reflected/corrected in financial statement

▷ Perform appropriate modified or additional
procedures by adjust the nature, timing and
extent of substantive tests.
4-Reporting of Fraud & Error
To Management
 Discuss with management if fraud/ error suspect fraud may
exist or is actually found to exist.
 Seek for legal advice if necessary.

Regulatory and enforcement authorities

 Under certain circumstances that the duties of
confidentiality overridden by statute and law, the auditors
should report the occurrence or suspicion to external
 Eg. Bank Negara Malaysia
To user of audited financial statement
 Fraud and error has a material
Qualified or
effect and has not been properly
Adverse Opinion
reflected /corrected in financial
 Restriction to obtain sufficient Qualified or
evidence to evaluate the material Disclaimer of
fraud & error Opinion (Limitation
on the scope)
 Auditor unable to determine
whether fraud /error has occurred Consider the effect
because of limitation imposed by on auditor’s report
Fraud Risk
1. Corruption (1/3 of all frauds)
Conflict of
Bribery Extortion
• the fraudster exerts their • when money (or • the opposite of
influence to achieve a something else of bribery, and happens
personal gain which value) is offered in when money is
detrimentally affects the
company. The fraudster order to influence a demanded (rather
may not benefit situation. than offered) in order
financially, but rather to secure a particular
receives an undisclosed outcome.
personal benefit as a
result of the situation.
• E.g.: A manager may
approve the expenses of
an employee who is also
a personal friend in
order to maintain that
friendship, even if the
expenses are
2. Asset misappropriation

Cash theft
• the stealing of physical cash,
• E.g.: petty cash, from the premises of a company.
Fraudulent disbursements
• company funds being used to make fraudulent payments.
• E.g.: billing schemes, where payments are made to a fictitious
supplier, and payroll schemes, where payments are made to
fictitious employees (often known as ‘ghost employees’).
Inventory frauds
• the theft of inventory from the company.

Misuse of assets
• employees using company assets for their own personal interest.
3. Financial Statement Fraud
Known as fraudulent financial reporting,

• causes a material misstatement intentionaly in the financial

statements to deceive financial statement users.

Involves management override of controls

seemingly to be operating effectively.
• deliberate falsification of accounting records;
• omission of transactions, balances or disclosures from the
financial statements; or
• the misapplication of financial reporting standards.

With the intention of presenting the financial

statements with a particular bias
• E.g.: concealing liabilities in order to improve any analysis
of liquidity and gearing.
3a) Other Financial Frauds:

Tax Evasion • the illegal non payment or underpayment of tax.

• a crime that occurs when an individual steals money or

Embezzlement property that he or she has been entrusted to manage,
with links to FindLaw's theft and larceny subsection.

• Known as stock fraud and investment fraud,

Securities • Induces investors to make purchase or sale decisions on
Fraud the basis of false information, frequently resulting in
losses, in violation of securities laws.

• occurs most often when an insured individual or entity

Insurance makes a false or exaggerated insurance claim, seeking
Fraud compensation for injuries or losses that were not actually

• Type of fraud where the intentional misrepresentation of a

Contract material fact is made in the formation of the contract.
Fraud • A material misrepresentation is a false statement that has
substantial effects on the formation of the contract.
Money Laundering

What is 'Money Laundering’?

• Money laundering is the process of creating the appearance that

large amounts of money obtained from serious crimes, such as
drug trafficking or terrorist activity, originated from a legitimate

There are three steps involved in the process of

laundering money:
• Placement
- refers to the act of introducing "dirty money" (money obtained
through illegitimate, criminal means) into the financial system in
some way
• Layering
- the act of concealing the source of that money by way of a series
of complex transactions and bookkeeping gymnastics
• Integration.
- refers to the act of acquiring that money in purportedly legitimate
Statement Audit
• Engagements that examine • Special engagement from FS
and evaluate the financial audit
statements of any given • usually necessary when there
organization. is a dispute or lawsuit already
• Objective: in place. (FORENSIC AUDIT)
to provide assurance, to the • to assist in the litigation process
intended user, that the as an expert
information contained in those • to analyze, report, and assist the
court in understanding the
financial statements is a fair financial aspects of the case.
and accurate representation of
the organization. • Engagement from clients when
they suspect somebody is
misappropriating funds from
their business.
• analyze the financial information,
interview employees, and help
them implement effective internal
controls for their businesses.
Non-audit Services
Non-audit services provided by auditors fall into three categories :

1. Services required by legislation or contract to be undertaken by the

auditors of the business.
• regulatory returns
• legal requirements to report on matters such as share issues for non-cash
• contractual requirements to report to lenders or vendors on net assets,
covenant requirements

2. Services that it is most efficient for the auditors to provide because of

their existing knowledge of the business, or because the information
required is a by-product of the audit process.

3. Services that could be provided by a number of firms. Examples of such

services include:
• management consultancy
• tax advice
• human resources consultancy.
What is Forensic Accounting?

"Forensic" means "suitable for use in a court of law”.

The use of accounting skills to investigate fraud or

embezzlement and to analyse financial information for use in
legal proceedings.

Action of identifying, recording, settling, extracting, sorting,

and verifying past financial data or other accounting activities
for settling current or prospective legal dispute or using such
path financial data for projecting future financial data to settle
legal disputes.
• An accountant especially skilled in
Fraud auditing
• Generally engaged in auditing with a
Auditor view toward
• fraud discovery, documentation, and

• May be a fraud auditor, but will also

use other accounting, consulting,
and legal skills in broader
Forensic engagements.
• Working knowledge of the legal
system and excellent
Accountant communication skills
• To carry out expert testimony In the
courtroom and to aid in other
litigation support engagement.
Forensic Accounting

Forensic Forensic
Investigation Auditing

Find out possible  Who actually involved.

fraud committers.  Quantify the amount.
Forensic Auditing

Forensic audit refers to the specific procedures

(examination, techniques, regularity, investigation, audit
of financial statements) to produce evidence.

Generally, the term ‘forensic accounting’ is used to

describe the wide range of investigative work which
accountants in practice could be asked to perform.

• normally involve an investigation into the financial affairs

of an entity and is often associated with investigations
into alleged fraudulent activity through practical steps
taken by forensic accountant in order to gather
evidence. (Forensic Investigation)
Forensic Auditing

The primary objectives:

• to find out whether or not true business value has

been reflected in financial statements and
• by examination to find whether any fraud has taken
Audit techniques are used to identify and to gather
1. to prove.
how long the fraud has been carried out

how it was conducted and concealed by the


2. to support the suspect’s motive and opportunity to commit fraud

other issues
which would whether the fraud involved collusion between several
be relevant suspects
in the event any physical evidence at the scene of the crime or
of a court
case. contained in documents

comments made by the suspect during interviews

and/or at the time of arrest

attempts to destroy evidence.

Forensic Investigation
The investigation is likely to be similar in many WAYS to an
audit of financial information, in that it will include:
• a planning stage,
• a period when evidence is gathered,
• a review process, and
• a report to the client.
Its PURPOSES, in the case of an alleged fraud:
• Happen? (discover fraud)
• Obtain the perpetrators
• Prosecute the perpetrators
• Economic loss (quantify)
5 Langkah Audit Forensik
1. Menerima Penyiasatan
(Accepting the Investigation)

2. Perancangan
(Planning the Investigation)

3. Pengumpulan Bukti (Gathering Evidence)

4. Pelaporan (Reporting)

5. Pengadilan (Court Proceedings)

1. Menerima Penyiasatan
(Accepting the Investigation)

 Mempunyai kemahiran dan pengalaman yang diperlukan

untuk menerima kerja.
 Pengetahuan yang mendalam tentang teknik siasatan
penipuan dan rangka kerja undang-undang.
 Menerima latihan dalam satu temubual, teknik
soalsiasat, dan bagaimana untuk mengekalkan bukti
yang dikumpulkan dalam keadaan selamat.

2. Perancangan
(Planning the Investigation)

 Kenalpasti jenis penipuan, berapa lama telah beroperasi

dan bagaimana penipuan itu telah disembunyikan.
 Kenalpasti penipu yang terlibat
 Ukur kerugian kewangan yang dialami oleh pelanggan
 Kumpul bukti untuk digunakan dalam prosiding
mahkamah (court proceedings).
 Berikan nasihat untuk mencegah berulangnya penipuan.

3. Pengumpulan Bukti
(Gathering Evidence)

 Ujian kawalan untuk mengumpul bukti yang mengenalpasti

kelemahan, yang membenarkan penipuan yang hendak
 Menggunakan prosedur analisis untuk membandingkan trend
dari semasa ke semasa ATAU untuk memberikan
perbandingan antara segmen perniagaan yang berlainan.
 Menggunakan bantuan teknik audit komputer, sebagai contoh
untuk mengenalpasti masa dan lokasi butiran yang terdapat
dalam sistem komputer.
 Perbincangan & temuramah dengan pekerja.
 Teknik substanstif seperti penyesuaian, kiraan tunai & ulasan
4. Kandungan Laporan

 Ringkasan keterangan & kesimpulan tentang jumlah

kerugian yang ditanggung akibat daripada penipuan.
 Bagaimana penipu menubuhkan skim penipuan.
 Kawalan, jika ada, yang dielakkan.
 Cadangan untuk meningkatkan kawalan di dalam
organisasi untuk mengelakkan sebarang penipuan
sama berlaku pada masa akan datang.
5. Prosiding Mahkamah
(Court Proceeding)

 Membawa kepada tindakan undang-undang terhadap

 Bukti-bukti akan dibentangkan di mahkamah.
Perakaunan Forensik di Cetak
(Forensic Accounting in Print)

Artikel mengenai timbang tara (arbitration), penipuan (fraud),

penyiasatan (investigation), dan saksi pakar (expert
witnesses) mula muncul dalam tahun 1800-an

Selepas komen pada tahun 1952 oleh pengerusi Lembaga

Rayuan Cukai U.S, The Journal of Accountancy
mencadangkan supaya institusi pendidikan perlu mula
memasukkan kajian keterangan undang-undang (the study
of the law of evidence) dalam kurikulum mereka
Munculnya frasa “Perakaunan Forensik”

 Maurice E. Peloubet mencipta frasa

tersebut pada 1946

Akauntan tidak perlu menghadiri

sekolah undang-undang untuk
 Max Lourie menulis artikel dan juga mempelajari seni keterangan pakar
mendakwa menggunakan kata frasa ( the art of expert testimony)
tersebut, tujuh tahun selepas Peloubet.
Kolej dan Universiti
harus menyampaikan
 Artikel Lourie menyatakan tiga kedudukan latihan perakaunan
Buku rujukan dan buku teks
perakaunan forensik dan perlu
dibangunkan untuk pelajar

Buku perakaunan forensik pertama muncul pada 1982

FBI dan Forensik

Semasa Perang Dunia Kedua, kira-kira 500 ejen

pekerja FBI adalah akauntan

Pada tahun 1960, kira-kira 700 ejen FBI adalah Ejen

Khas Akauntan (Special Agent Accountans)

• Kini, terdapat lebih daripada 600 ejen FBI dengan latar

belakang perakaunan. FBI mempunyai Seksyen
Jenayah Kewangan (Financial Crime Section) yang
akan menyiasat tentang pengubahan wang haram
(money laundering), jenayah internet (internet crime),
penipuan institusi kewangan (inancial institutions fraud),
dan sebarang jenayah ekonomi yang lain.
Peranan Akauntan dalam Mengesan

 Pada awal 1980-an, kebanyakan syarikat mula menggunakan

sistem computer untuk melakukan penyimpanan rekod.
 Persaingan sengit menyebabkan yuran audit jatuh menjunam
serendah 50% daripada pertengahan tahun 1980-an
sehingga pertengahan tahun 1990-an.
 Juruaudit mengurangkan kos dengan mengurangkan proses
mengkaji semula beratus-ratus akaun korporat. Mereka
semakin bergantung kepada pengauditan dalaman.
 Jurnal mengenai perakaunan forensik telah diterbitkan.
Peranan Akauntan dalam Mengesan
 Pihak pengurusan atasan dapat memintas kawalan
dalaman dan memanipulasi rekod.
 Ini membawa kepada situasi seperti dalam kes Enron,
WorldCom, Xerox, Adelphia Communication, dan
kejatuhan Arthur Andersen pada awal tahun 2000-an.
 Disebabkan oleh masalah kewangan syarikat-syarikat
seperti Enron dan WorldCom, wujud peningkatan dalam
penggunaan teknik forensik audit dan peningkatan
dalam yuran.
Peranan Akauntan dalam Mengesan
 Sesetengah pakar perakaunan mempercayai bahawa
setiap kerja (engagement) audit harus merangkumi
banyak lagi keraguan dan kajian terperinci mengenai
 Pakar-pakar perakaunan lain pula berpendapat bahawa
hanya penglibatan khas yang mengkhusus kepada
penipuan boleh membanteras masalah tersebut
dengan secukupnya dan berkesan.
 Syarikat Big Four dan dua firma perakaunan pula
mempercayai bahawa setiap perbadanan awam perlu
menjalankan audit forensik setiap tiga tahun.

Thank You