MATERIALITAS, RISIKO, DAN

STRATEGI AUDIT AWAL

MATERIALITAS
• MATERIALITAS
Adalah besarnya nilai yang dihilangkan atau salah saji informasi
akuntansi, yang dilihat dari keadaan yang melingkupinya, dapat
mengakibatkan perubahan atas atau pengaruh terhadap
pertimbangan orang yang meletakkan kepercayaan terhadap
informasi tersebut karena adanya penghilangan atau salah saji itu.
• PENTINGNYA KONSEP MATERIALITAS
 Auditor tidak dapat memberikan jaminan (guarantee) bagi klien atau
pemakai laporan keuangan yang lain, bahwa laporan keuangann
auditan adalah benar. Karena auditor tidak memeriksa setiap transaksi
yang terjadi dalam tahun yang diaudit karena akan memerlukan waktu
dan biaya yang jauh melebihi manfaat yang dihasilkan.
 Auditor memberikan keyakinan berikut :
1. Bahwa jumlah yang disajikan dalam laporan keuangan serta pengungkapannya
telah dicatat, diringkas, digolongkan dan dikompilasi.
2. Bahwa telah mengumpulkan bukti audit kompeten yang cukup sebagai dasar
yang memadai untuk memberikan pendapat.
3. Bahwa laporan keuangan secara keseluruhan disajikan secara wajar dan tidak
terdapat salah saji material karena kekeliruan dan kecurangan.
 Steps in Applying
Materiality
Set preliminary
Step
judgment about
1
materiality.
Planning
extent
Allocate preliminary of tests
Step judgment about
2 materiality
to segments.
Steps in Applying
Materiality
Step Estimate total
3 misstatement in segment.

Step Estimate the Evaluating

4 combined misstatement. results
Compare combined
Step
estimate with judgment
5
about materiality.
Estimated Total
Misstatement Example

Net misstatement of the sample

÷ Total sampled
× Total recorded population value
= Direct projection estimate of misstatement
$3,500 ÷ $50,000 × $450,000 = $31,500
 Example of Estimate
for Sampling Error
Tolerable Direct Sampling
Account Misstatement Projection Error Total
Cash $ 4,000 $ 0 $ N/A $ 0
Accounts receivable 20,000 12,000 6,000* 18,000
Inventory 36,000 31,500 15,750* 47,250
Total estimated
misstatement amount $43,500 $16,800 $60,300
Preliminary judgment
about materiality $50,000
*estimate for sampling error is 50%
 Materiality

The quantitative base for

The quantitative amounts
materiality is a percentage
may be adjusted lower for
(typically 3 to 5 percent) of:
qualitative factors such as:
• Total assets.
• First-year engagement.
• Total revenues.
• Control weaknesses.
• Income before taxes.
• Management turnover.
• Income from continuing
• High market pressures.
operations.
• High fraud risk.
• Gross profit
• Higher than normal risk
• Three-year average of
of bankruptcy.
income before taxes.

McGraw-Hill/Irwin Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved.
Risk

Auditors accept some level of risk

in performing the audit.
An effective auditor recognizes that
risks exist, are difficult to measure,
and require careful thought to respond.
Responding to risks properly is critical
to achieving a high-quality audit.
Risk and Evidence

Auditors gain an understanding of the

client’s business and industry and
assess client business risk.
Auditors use the audit risk model to further
identify the potential for misstatements
and where they are most likely to occur.
 3

The Audit Risk Model

Inherent risk and control risk:

Risk that material misstatements exist

Audit Risk = IR × CR × DR

Detection risk:
Risk that auditor will not detect misstatements

• Inappropriate audit procedure

• Fail to detect when using Nonsampling Sampling
appropriate audit procedure risk risk
• Misinterpreting audit results
McGraw-Hill/Irwin Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved.
Audit Risk Model
for Planning
PDR = AAR ÷ (IR × CR)

PDR = Planned detection risk

AAR = Acceptable audit risk
IR = Inherent risk
CR = Control risk
 3

Using the Audit Risk Model

Assess the client’s business risks.

Assess the risk of material

misstatement
due to error or fraud.

AR = IR × CR × DR

Auditee risk
McGraw-Hill/Irwin Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved.
 Example of Differing
Evidence Among Cycles
Sales and Acquisition Payroll and
Collection and Payment Personnel
Cycle Cycle Cycle
Inherent
A risk
medium high low
Control
B risk
medium low low
Acceptable
C audit risk
low low low
Planned
D detection risk
medium medium high
 Example of Differing
Evidence Among Cycles
Inventory and Capital Acquisition
Warehousing and Repayment
Cycle Cycle
Inherent
A risk
high low
Control
B risk
high medium
Acceptable
C audit risk
low low
Planned
D detection risk
low medium
 Relationship of Risk Factors,
Risk, and Evidence
Acceptable audit risk

D D I
Factors Planned Planned
Inherent I I
Influencing detection audit
risk
Risks risk evidence
I D

Control risk
D = Direct relationship; I = Inverse relationship
 Relationships of Risk
to Evidence

Acceptable Planned Amount of

Audit Inherent Control Detection Evidence
Situation Risk Risk Risk Risk Required
1 High Low Low High Low
2 Low Low Low Medium Medium
3 Low High High Low High
4 Medium Medium Medium Medium Medium
5 High Low Medium Medium Medium
Interrelationships Among Materiality, Audit
Risk, and Audit Evidence
Figure 8-3