Modern Auditing:

Assurance Services and the Integrity

of Financial Reporting, 8th Edition

William C. Boynton
California Polytechnic State
University at San Luis Obispo
Raymond N. Johnson
Portland State University

Chapter 17 – Auditing the Investing and Financing Cycles

Chapter Overview
 Sifat Siklus Investasi dan
Pembiayaan
• Penelaahan atas siklus investasi
dan pembiayaan
– Aktivitas investasi

– Aktivitas pembiayaan

• Pemahaman tentang bisnis dan

industri untuk mengembangkan
strategi audit
Understanding the Entity and
Environment
 Ikhtisar Aktiva tetap bersih dan bagaimana aktiva itu
dibiayai untuk industri tertentu
Hotel Sekolah Pengecer Pabrikan Komputer
makanan perabot RT elektronik

AT bersih 75% 57% 42% 36% 16%

sebagai % dari
total aktiva
Hutang operasi 25% 23% 36% 47% 56%
sbg % dari
total aktiva
Pembiayaan 65% 19% 33% 23% 10%
dengan hutang
sbg % daritotal
aktiva
Ekuitas sbg % 10% 58% 31% 30% 34%
dari total
aktiva
100% 100% 100% 100% 100%

Penjulanan 0,8 1,3 1,6 3,7 17,3

terhadap
aktiva tetap
bersih
Penjualan 0,6 0,8 0,7 1,4 2,8
terhadap total
aktiva
 Siklus Investasi-Tujuan audit

• Siklus investasi difokuskan pada

investasi aktiva tetap
• Tujuan Audit  assersi manajemen
• Perencanaan dan Metodologi Audit
– Materialitas
– Inherent Risk
– Analytical Risk
– Controling Risk
Investing Cycle – Analytical
Procedures
 Pengujian Subtantif Atas Saldo
Aktiva Tetap
• Prosedur Awal

• Prosedur Analisis

• Pengujian Rincian Transaksi

– Memvouching penambahan Aktiva
tetap
– Memvouching pelepasan aktiva tetap
– Mereview ayat jurnal beban reparasi
dan pemeliharaan
 Substantive Tests for Plant
Assets
• Tests of Details of Balances
– Menginspeksi Aktiva Tetap
– Memeriksa dokumen dan kontrak hak
kepemilikan

• Pengujian rincian saldo : Estimasi

Akuntansi
– Review Penyisihan untuk Penyusutan
– Penurunan Nilai Aktiva Tetap
Financing Cycle
Financing Cycle – Audit
Objectives
Financing Cycle – Analytical
Procedures
 Financing Cycle
• Inherent Risk

• Consideration of Internal Control

• Common Documents and Records

Financing Cycle – Functions and
Related Controls
• Authorizing bonds and capital stock

• Issuing bonds and capital stock

• Paying bond interest and cash dividends

• Redeeming and reacquiring bonds and

capital stock

• Recording financing transactions

Preliminary Audit Strategies for
Long-Term Debt
 Substantive Tests of Long-Term
Debt
• Initial Procedures

• Analytical Procedures

• Tests of Details of Transactions

 Substantive Tests of Long-Term
Debt
• Tests of Details of Balances

• Tests of Details of Presentation and

Disclosure
 Study Break
4. This cycle involves activities such
as acquiring debt, issuing bonds,
and issuing common stock.
A. Investing Cycle
B. Financing Cycle
C. Cash Disbursements Cycle
D. Cash Receipts Cycle

B. Financing Cycle
 Study Break
5. This financing function involves
making payments to the proper payees
in according with board of director or
management authorizations.
A. Authorizing bonds
B. Authorizing capital stock
C. Paying bond interest and cash dividends
D. Recording financing transactions

C. Paying bond interest and cash dividends

 Study Break
6. All of the following are tests of
details of balances for the
financing cycle, except:

A. Confirmation of accounts payable

B. Confirmation of long-term debt
C. Review authorization and contracts
D. Recalculate interest expense

A. Confirmation of accounts payable

Preliminary Audit Strategies for
Shareholders’ Equity
Analytical Procedures
 Substantive Tests of
Stockholders’ Equity
• Initial Procedures

• Analytical Procedures

• Tests of Details of Transactions

– Vouch Entries to Paid-in Capital
Accounts
– Vouch Entries to Retained Earnings
 Substantive Tests of
Stockholders’ Equity
• Tests of Details of Balances
– Review Articles of Incorporation and Bylaws
– Review Authorization and Terms of Stock
Issues
– Confirm Shares Outstanding with Registrar
and Transfer Agent
– Inspect Stock Certificate Book
– Inspect Certificates of Shares Held in
Treasury

• Tests of Details of Presentation and

Disclosure