Kuliah 1

Overview of Auditing

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 Topik Bahasan
1 Definisi Auditing
2 Fungsi dan Peran Auditing
3 Jenis Audit dan Auditor
4 Perkembangan Profesi Akuntan Publik
5 Karakteristik Organisasi KAP
6 Persyaratan & Sertifikasi AP
7 Organisasi Profesi & Institusi Terkait
8 Regulasi & Standar Profesional

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 Tujuan Pembelajaran
Setelah mengikuti kuliah ini mahasiswa diharapkan
mampu:
• Menjelaskan definisi auditing
• Menjelaskan fungsi dan peran auditing bagi pengguna
informasi
• Mengidentifikasi jenis-jenis umum audit dan auditor
• Mengetahui sejarah dan perkembangan profesi akuntan
publik di dunia dan Indonesia.
• Menjelaskan sifat dan karakteristik organisasi KAP
serta hierarhi karir akuntan publik di KAP.

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 Tujuan Pembelajaran
Setelah mengikuti kuliah ini mahasiswa diharapkan
mampu:
• Mengetahui persyaratan untuk menjadi akuntan publik
dan sertifikasinya (CPA Indonesia)
• Menjelaskan fungsi dan peran organisasi profesi
akuntan publik di Indonesia dan Internasional
• Menjelaskan institusi2 dan regulasi2 yang mendukung
peningkatan mutu akuntan publik .
• Menjelaskan kerangka standar profesional yang
digunakan akuntan publik dalam praktek publik.

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 Describe auditing.

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 Auditing Defined

An audit is a systematic process of objectively

obtaining and evaluating evidence regarding
assertions about economic actions and events to
ascertain the degree of correspondence between
these assertions and established criteria, and
communicating the results to interested users.

American Accounting Association Committee on Basic Auditing

Concepts,“A Statement of Basic Auditing Concepts”,
American Accounting Association, Sarasota, Florida, 1971, p. 2.

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 Auditing Defined
The important components of the audit definition
• A systematic approach;
• Objectivity;
• Obtain and evaluate evidence;
• Assertions;
• Ascertain the degree of of correspondence;
• Communicating the results

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 Auditing Defined
A systematic approach
A logical, structured, and organized series of steps or
procedures.
• An audit must be planned and structured in such a way
that those carrying out the audit can fully examine and
analyse all important evidence.

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 Auditing Defined
Objectively
An audit is an independen, objective, expert examination
and evaluation of evidence.
• The auditors should be independen and competent
person.
• They are fair, and do not allow prejudice or bias to
override their objectivity.

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 Auditing Defined
Obtaining and evaluating evidence
Examining the bases for the assertions (evidence) and
evaluating the results without bias or prejudice.
• Evidence is any information used by the auditor to
determine whether the assertions being audited is stated
in accordance with the established criteria
• Almost the entire of the auditing process relate to the
activities of obtaining and evaluating evidence.

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 Auditing Defined
Asssertions about economic actions and events
Assertions are the representations made by the entity or
individual.
• The basis of evidence-gathering objectives, what the
evidence must prove.
• In an audit of financial statements, they are
representations by management, explicit or otherwise,
that are embodied in the financial statements.
• Example : assertion about existence is that all the assets
reported on the statement of financial position actually
exist at the balance sheet date

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 Auditing Defined

Established Criteria
To do an audit, there must be assertions in a verifiable form
and some standards by which the auditor can evaluate the
assertions.

Example :
Assertions
- Financial Statements
- SPT Pajak Penghasilan
- Laporan Biaya Produksi
Criteria
IFRS, SAK, US GAAP, SAP
UU & Peraturan Pajak
Anggaran Biaya Produksi

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 Auditing Defined

Communicating the results

The final stage in the auditing process is preparing the
Audit Report, which is the communication of the auditor’s
findings to users.

Audit report is writed up in a specific form regulated by

professional standards (standards on auditing).

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 Auditing Defined
Performed by a competent, independent person
 The auditor must be qualified to understand the criteria
used and must be competent to know the types and
amount of evidence to accumulate to reach proper
conclusion after the evidence has been examined.
 The competence of the individual performing the audit
is of little value if he or she is biased in the
accumulation of evidence.
 In an audit of financial statements, auditors essentially
lend credibility to the financial statements presented by
management.

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 Explain the importance
of auditing

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 The Importance of Auditing
Investors & other stakeholders need to know :
 Is the company a going concern?
 Is it free of fraud?
 Is it managed properly?
 Is there integrity in its database?
 Do directors have proper and adequate information to
make decisions?
 Are there adequate controls?
 What effect do the company's products and by-products
have on the environment?
 Can an ‘unfortunate mistake’ bring this company to its
knees?

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 The Importance of Auditing

Information risk
Information risk reflects the
possibility that the information
upon which the business
decision was made was Risk
inaccurate

Auditing can have a significant

effect on information risk unaudited audited
(reduced significantly)

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 The Importance of Auditing

The function of auditing is to lend credibility to

the financial statements.
- Financial statements are the responsibility of
management and the auditor’s responsibility is to lend
them credibility.
- By the audit process, the auditor enhance the usefulness
and the value of the financial statements

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 Differentiate the three
main types of audits.

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 Types of Audit

• Operational Audits
• Compliance Audits
• Audits of Financial Statements

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 Operational Audits
An operational audit is a study of a specific unit of an
organization for the purpose of measuring its performance
(effectiveness, efficient & economy).

Evaluate computerized payroll system

Example
for efficiency and effectiveness
Information/ Number of records processed, costs of
assertions the department, and number of errors
Established Company standards for efficiency and
Criteria effectiveness in payroll department
Available Error reports, payroll records, and payroll
Evidence processing costs

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 Compliance Audits
A compliance audit is a review of an organization’s
procedures performed to determine whether the organization
is following specific procedures, rules , or regulations set out
by some higher authority.

Determine whether bank requirements

Example
for loan continuation have been met
Information/
Company records
assertions
Established
Loan agreement provisions
Criteria
Available Financial statements and calculations by the
Evidence auditor

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 Audits of Financial Statements
Audits of financial statements examine financial statements
to determine if they give a true and fair view or fairly present
the financial statements in conformity with specified criteria.

Example Annual audit of Boeing's financial statements

Information/
Boeing's financial statements
assertions
Established
International financial reporting standards
Criteria
Available Documents, records, and outside sources of
Evidence evidence

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 Example –
Audit of Financial Statements
Information
Competent,
independent Assertions in the
person Financial statements

Report on results
Independent
Auditor Determines Independent
correspondence Auditors’
Report
Accumulates and
evaluates evidence Established criteria

Examine evidence
Financial Reporting
underlying of
Framework
financial statements

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 Identify the primary
types of auditors.

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 Types of Auditors

Internal auditors are employed by a company to

investigate and appraise the effectiveness company
operations for management.

Independent auditors are typically certified either by a

professional organization or government agency.
• Certified Public Accountants (Akuntan publik)

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 Certifications of the Auditors

• Certified Public Accountants (CPA)

• Certified Internal Auditors (CIA)
• Certified Fraud Examiners (CFE)
• Certified Information System Auditors (CISA)
• Certified Government Auditing Professionals
(CGAP)
• Certified Financial Services Auditors (CFSA)

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 The development of
CPA profession.

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 The development of CPA Profession
ANCIENT HISTORY
• Records of auditing activity in early Babylonian times
(around 3,000 BC) - China, Greece, Egypt and Rome.
• The Latin meaning of the word 'auditor' was a 'hearer or
listener' because in Rome auditors heard taxpayers
regarding the results of their business and the tax duty
due.

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 The development of CPA Profession
ERA MODERN AUDITING
Mid 1800s - British
• Revolusi industri di Eropa,
- awal dimulainya audit perusahaan, dilakukan oleh
Stockholders
- berdiri Society of Accountants

Late 1800s - British

• Audit dilakukan oleh independence person
• Berdiri Institute of Chartered Accountants
• Awal tumbuhnya profesi auditor/KAP
- Deloitte & Co; Peat, Marwick & Mitchell; Price
Waterhouse & Co.

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 The development of CPA Profession
Late1800s – early 1900s : USA
• Investasi orang2 Eropa di USA, investor mengirim
akuntan ke USA untuk memeriksa investasinya - profesi
akuntan tumbuh di USA,
• Dimulainya lisensi CPA
• 1917 berdiri American Institute of Accountants,
kemudian menjadi America Institute of Certified Public
Accountants (AICPA).
• 1917 standar auditing (SAS) yang pertama terbit,
selanjutnya disebut GAAS (Generally Accepted Auditing
Standards).

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 The development of CPA Profession
Late 1900s – 2000s
• 1977 berdiri International Federation of Accountants
(IFAC), organisasi profesi akuntan sedunia.
- the International Auditing and Assurance Standard Board
(IAASB) menerbitkan International Code of Ethics for
Professional Accountants, Standards on Auditing, Review,
Other Assurance, and Related Services, dan International
Standard on Quality Control
- Wajib diterapkan oleh seluruh anggota IFAC

• USA :
- Sarbanse-Oxley Act
- Public Company Accounting Oversight Board (PCAOB)

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 The CPA Profession - Indonesia
1950s
• Profesi akuntan di Indonesia mulai dikenal tahun 50s.
• 1954 terbit UU tentang pemakaian gelar Akuntan
• Ikatan Akuntan Indonesia (IAI) didirikan 1957.
1970s
• 1973, IAI menerbitkan standar akuntansi (Prinsip
Akuntansi Indonesia/PAI) & standar auditing (Norma
Pemeriksaan Akuntan/NPA)
• 1977 dibentuk IAI Seksi Akuntan Publik (IAI SAP) dalam
struktur IAI sebagai wadah bagi para akuntan yang
berpraktek sebagai akuntan publik

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 The CPA Profession - Indonesia
1990s
• 1994 IAI SAP berubah menjadi kompartemen (IAI KAP)
• 1994 PAI & NPA direvisi menjadi SAK & SPAP dengan
harmonisasi terhadap standar internasional.
• Audit oleh auditor independen menjadi mandatory dalam
peraturan2 perundang-undangan
• Pembinaan & pengawasan praktek akuntan publik oleh
regulator (Kemenkeu-PPPK) & Asosiasi Profesi-IAPI.

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 The CPA Profession - Indonesia
2000s
 2000 sertifikasi untuk akuntan publik (USAP – CPA)
 2004 pendidikan profesi (PPAk) untuk gelar Akuntan
 2007 IAI KAP berubah menjadi Institut Akuntan Publik
Indonesia (IAPI) yang independen dan mandiri.
 IAPI menjadi anggota IFAC
 2011 UU No.5/2011 tentang Akuntan Publik (UUAP)
 2011 pemberlakuan SAK konvergensi IFRS dan SAK
ETAP
 2013 pemberlakuan SPAP berbasis ISAs
 2015 PP N0.20/2015 tentang Praktek Akuntan Publik

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 Nature & Characteristics of
CPA Firms

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 CPA Firms - Services
Assurance Services Related Services/
Non-Assurance
Audit of Historical
Financial Information Accounting services.

Review of Historical Tax services

Financial Information
Management consulting
Assurance Engagements
other than Other non-assurance
Historical Financial Information

Exclusive Services Independence

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 CPA Firms - Services

The legal right to perform audits is granted to CPA firms

by regulations
• UU AP
• UU PT
• UU OJK
• UU BUMN
• UU Perbankan
• UU Yayasan
• UU Pemilu
• etc.

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 CPA Firms – Big Four

• Ernst & Young Global (EY)

• PriceWaterhouseCoopers (PWC)
• Deloitte, Touche, Tohmatsu
• KPMG (Klynveld, Peat, Marwick, Goerdeler)
These firms have offices in most major cities in the world

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 Forum of Firms (FoF)

• FoF adalah organisasi jaringan KAP internasional yang

anggotanya dipandang telah memenuhi/menerapkan
persyaratan tertentu (audit quality) yang ditetapkan oleh
FoF Constitution.
• Tujuan FoF : Audit Quality
• Members : next slide

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 Forum of Firms (FoF)

• Daftar KAP & jaringan KAP anggota FoF:

- The Big Four - Russel Bedford Intl.
- Baker Tilly Intl. Ltd - SMS Latinoamerica
- RSM Intl. Ltd - UHY Intl, Ltd
- Crowe Horwarth Intl. - BDO
- Grant Thornton Intl. Ltd - Constantin Associate
Network
- HLB Intl. - IECNet
- Kreston Intl. - JHI
- Moore Stephens Intl. Ltd - JPA Intl.
- Nexia Intl - Mazars
- PKF Intl. Ltd - Talal Abu Gahzaleh Intl.

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 Structure of CPA Firms

Three main factors influence the organizational

structure of all firms:
1. The need for independence from clients
2. The importance of a structure to encourage competence
3. The increased litigation risk faced by auditors

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 Organizational Structure

Indonesia USA

Proprietorship Proprietorship

General Partnership General Partnership

Professional Corporation
Bentuk lain yang
sesuai dengan
karakteristik profesi
Limited Liability Company
(ditetapkan Menkeu)
Limited Liability Partnership

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 Hierarchy of a Typical CPA Firm

CPA Partner Reviews audit work, makes

significant audit decisions,
10+ years signs report
CPAI Audit Manager Helps the plan, manages the
audit, reviews work, and
5 - 10 years works with the client
Senior/Incharge Responsible for audit
fieldwork & supervise the
2 - 5 years staff work
ACPAI Assistants Performs most of detailed
S-1 audit work
0 - 2 years

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 Requirements for Becoming
an Indonesia CPA

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 Requirements for Becoming an
Indonesia CPA (UUAP)
S1/D-IV/
Akuntansi/Non Akuntansi

Pendidikan Profesi (belum ada)

Akuntan Publik

Ujian Sertifikasi – CPA 3 level sertifikasi

(IAPI)

Ijin Akuntan Publik Need experience

(Menkeu)

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 Sertification Levels for Indonesia CPA
Level Sertifikasi Materi Ujian
Tingkat Dasar
• Pengantar Audit & Asurans
• Akuntansi & Pelaporan
Keuangan
Junior/ Associate Certified • Akuntansi Biaya, Manajemen
Associate *) Professional Auditor (ACPAcc) Keuangan & Sistem Informasi
• Pengantar Manajemen,
Perpajakan & Hukum Bisnis
• Pengantar Ekonomi Mikro &
Makro

*) dapat ditempuh mahasiswa yang telah lulus mata kuliah Auditing.

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 Sertification Levels for Indonesia CPA
Level Sertifikasi Materi Ujian
Certified Public Accountant
Partner Audit & Asurans Lanjutan
(CPA)
Tingkat Profesional
• Audit, Asurans & Kode Etik
• Akuntansi & Pelaporan
Keuangan Lanjutan
Senior/ Certified Professional
• Akuntansi Manajemen,
Audit Manager *) Auditor (CPAI)
Manajemen Keuangan & TI
• Strategi Bisnis & Pajak Lanj
• Manajemen Risiko, Tata Kelola
& Pengendalian Internal
Junior……….

*) Pengalaman minimal 5 tahun dalam audit

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 Institutions Governing the
Operation of CPA Firms

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 Institutions Governing the Operation
of CPA Firms in Indonesia
Institut Akuntan Publik Indonesia (IAPI)
Organisasi para akuntan yang berprofesi sebagai AP
- Menetapkan standar2 profesi – SPM, Kode Etik, SPAP
- Menyelenggarakan ujian sertifikasi AP (CPA)
- Menyelenggarakan pendidikan profesi berkelanjutan
- Melakukan review mutu
- Merekomendasikan sangsi pelanggaran standar profesi.

Semua anggota IAPI wajib mengikuti standar dan aturan

yang ditetapkan IAPI.

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 Institutions Governing the Operation
of CPA Firms in Indonesia
Pusat Pembinaan Profesi Keuangan (PPPK)
– Kementerian Keuangan
Pengemban amanat UUAP untuk melakukan pembinaan &
pengawasan terhadap AP & KAP (regulator)
- Tujuan : Meningkatkan kualitas profesi AP
- Menetapkan persyaratan AP dan KAP
- Menerbitkan ijin praktek AP & ijin usaha KAP
- Mengawasi praktek AP & KAP – Review Mutu
- Memberikan sangsi pelanggaran peraturan & standar
profesi – administratif, pembekuan ijin, pencabutan ijin.

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 Institutions Governing the Operation
of CPA Firms in Indonesia
Organisasi Jasa Keuangan (OJK)
• Mengatur & mengawasi AP yang memberikan jasa di
pasar modal & lembaga keuangan (bank, dana pensiun)
• Tergabung dalam Forum Akuntan Pasar Modal (FAPM)
dan Forum Akuntan Perbankan (FAP)

Badan Pemeriksa Keuangan (BPK)

• Mengatur & mengawasi AP yang memberikan jasa audit
laporan keuangan institusi pemerintahan

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 Institutions Governing the Operation
of CPA Firms - International
International Federation of Accountants (IFAC)
International Auditing and Assurance
Standards Board (IAASB)
International Ethics Standards Board for
Accountants (IESBA)
Public Company Accounting Oversight Board
(PCAOB - USA)

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 Rules & Standards
Indonesia
• Undang-Undang Akuntan Publik
Students have to
• PP & PMK tentang Akuntan Publik read more details
• Peraturan BAPEPAM/OJK
• Standar Profesional Akuntan Publik (SPAP)

United States
• Sarbanes-Oxley Act
• SEC Regulations
• US GAAS

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 Rules & Standards
International - IFAC
• International Standards on Quality Control
• International Code of Ethics for Professional
Acccountants
• International Standards on Auditing
• International Standards on Review Engagements
• International Standards on Assurance Engagements
• International Standards on Related Services

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 Faktor Pendukung Peningkatan Mutu
KAP - Indonesia
Sistem
Pengendalian
CPA Exam Mutu SPAP

Conduct of CPA KemenKeu/

OJK firm personnel PPPK

Review Kode Etik

Mutu PPL

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 End

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