Materi Kuliah Minggu Ke-12 - CH 12 Buku Rick Hayes Ed 3

Slide 12.
Principles of Auditing: An Introduction to

International Standards on Auditing
Chapter 12 – Audit Reports and

Communication
Rick Hayes, Hans Gortemaker

and Philip Wallage
Hayes, Gortemaker and Wallage, Principles of Auditing PowerPoints on the Web, 3rd edition © Pearson Education Limited 2014
Slide 12.2
Tanggung Jawab Manajemen terhadap Laporan

Audit – SOX
SOX mensyaratkan bahwa pimpinan pejabat eksekutif dan
pimpinan pejabat keuangan menerangkan dalam setiap
laporan yang diajukan ke SEC, beberapa hal berikut :
pejabat yang menandatangani telah mereviu laporan;
laporan yang tidak memuat pernyataan apapun yang tidak
benar atas fakta-fakta yang bersifat material atau mengabaikan
untuk menyatakan fakta-fakta yang bersifat materia;
laporan keuangan dan informasi keuangan lainnya disajikan
secara wajar dalam seluruh hal yang bersifat material mengenai
kondisi keuangan perusahaan;
pejabat yang menandatangani :
• bertanggung jawab untuk menetapkan dan mempertahankan
pengendalian internal ;
• telah mengevaluasi efektivitas pengendalian internal perusahaan ;
• telah memberikan kesimpulannya dalam laporan terkait efektivitas
pengendalian internal berdasarkan evaluasi yang dilakukan.
Slide 12.3
Tanggung Jawab Manajemen terhadap Laporan

Audit – SOX (Lanjutan)
Mensyaratkan pimpinan pejabat eksekutif atau

pimpinan pejabat keuangan, menerangkan dalam setiap
laporan yang diajukan ke SEC, beberapa hal berikut :
pejabat yang menandatangani telah mengungkapkan
kepada auditor perusahaan dan komite audit dari dewan
direksi, terkait :
• seluruh defisiensi penting dalam rancangan atau
pelaksanaan pengendalian internal yang berdampak
merugikan terhadap kemampuan perusahaan untuk
mencatat, memproses, mengikhtisarkan, dan melaporkan
data keuangan, dan telah mengidentifikasi setiap kelemahan
dalam pengendalian internal yang bersifat material kepada
auditor perusahaan;
• setiap kecurangan, baik yang bersifat material maupun tidak
material, yang melibatkan manajemen atau karyawan
lainnya yang memiliki peranan penting dalam pengendalian
intrenal perusahaan.
Slide 12.4
Old style audit report (3 paragraph)
Sample Wording – Auditor’s Unqualified Report17
Slide 12.5
ISA 700 auditors opinion on F/S

• Title: ‘Independent Auditor’s Report’
• [Appropriate Addressee]
• Introductory Paragraph (Report on Financial Statements)
• Management’s Responsibility for the Financial Statements
• Auditor’s Responsibility
• Opinion
• Report on Other Legal and Regulatory Requirements
[Form and content of this section of the auditor’s report will
vary depending on the nature of the auditor’s other reporting
responsibilities.]
• [Auditor’s signature]
• [Date of the auditor’s report]
• [Auditor’s address]
Slide 12.6
Included in the audit report

• A title, e.g. ‘Independent Auditor’s Report’
• An addressee, as required by the
circumstances of the engagement,
e.g. ‘Shareholders of ABC company’
• An introductory paragraph that identifies
the financial statements audited.
Slide 12.7
ISA 700 sample financial statement audit

report
Independent Auditor’s Report
[Appropriate Addressee]
Report on the Financial Statements
We have audited the accompanying financial
statements of ABC Company, which comprise the
statement of financial position as at December 31,
20X1, and the statement of comprehensive income,
statement of changes in equity and statement of
cash flows for the year then ended, and a summary
of significant accounting policies and other
explanatory information.
Slide 12.8
The audit report management responsibility

and auditor responsibility
• A description of the responsibility of
management for the preparation of the
financial statements.
• A description of the auditor’s responsibility to
express an opinion on the financial statements
and the scope of the audit, that includes:
• A reference to International Standards on
Auditing and the law or regulation
• A description of an audit in accordance with
those standards.
Slide 12.9
Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair
presentation of these financial statements in accordance
with International Financial Reporting Standards, and for
such internal control as management determines is
necessary to enable the preparation of financial
statements that are free from material misstatement,
whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these
financial statements based on our audit. We conducted
our audit in accordance with International Standards on
Auditing. Those standards require that we comply with
ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether the financial
statements are free from material misstatement.
Slide 12.10
An audit involves performing procedures to obtain audit

evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditor’s
judgement, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud
or error. In making those risk assessments, the auditor
considers internal control relevant to the entity’s preparation
and fair presentation of the financial statements in order to
design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the entity’s internal control.
An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting
estimates made by management, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit
opinion.
Slide 12.11
Included in the audit report opinion

and signatures
 An opinion paragraph containing an expression
of opinion on the financial statements and a
reference to the applicable financial reporting
framework used to prepare the financial statements
(including identifying the jurisdiction of origin of the
financial reporting framework that is not
International Financial Reporting Standards or
International Public Sector Accounting Standards.
 The auditor’s signature.
 The date of the auditor’s report.
 The auditor’s address.
Slide 12.12
Opinion
In our opinion, the financial statements present fairly, in
all material respects, (or give a true and fair view of) the
financial position of ABC Company as at December 31,
20X1, and (of) its financial performance and its cash
flows for the year then ended in accordance with
International Financial Reporting Standards.
Report on Other Legal and Regulatory Requirements
[Form and content of this section of the auditor’s report
will vary depending on the nature of the auditor’s other
reporting responsibilities.]
[Auditor’s signature]
[Date of the auditor’s report]
[Auditor’s address]
Slide 12.13
Laporan harus diberi tanggal
Auditor harus memberikan tanggal laporan tidak

lebih awal dari tanggal saat auditor memperoleh
memperoleh kecukupan bukti audit yang memadai
yang menjadi dasar bagi opini auditor atas laporan
keuangan mencakup bukti bahwa :
(a) seluruh laporan yang terdiri dari atas laporan-
laporan keuangan yang disiapkan, termasuk
catatan-catatan terkait;
(b) pihak-pihak yang otoritasnya diakui telah
menyatakan bahwa mereka bertanggung jawab
atas laporan keuangan tersebut.
Slide 12.14
The opinion expressed in the auditor’s report

may be one of four types:
Unmodified
(unqualified),
Three Modified Opinions:
qualified, Q U A D
adverse or
disclaimer of
opinion
Slide 12.15
Unqualified audit opinion – disebut

unmodified opinion
• Unmodified (unqualified) opinion – Opini yang
diberikan jika auditor menyimpulkan bahwa laporan
keuangan telah disajikan, dalam semua aspek yang
material, sesuai dengan kerangka pelaporan
keuangan yang berlaku.
• Most common type of audit report.
• Disebut juga ‘clean opinion’.
• Digunakan lebih dari 90% dari laporan audit yang
ada.
• Laporan audit lainnya disebut sebagai laporan audit
yang dimodifikasi (adverse opinion, disclaimer of
opinion and qualified opinion).
Slide 12.16
Evaluasi kepatuhan terhadap kerangka pelaporan

keuangan yang berlaku meliputi pertimbangan terhadap
aspek kualitatif berikut :
• Apakah laporan keuangan mengungkapkan secara memadai terkait
kebijakan akuntansi penting yang dipilih dan apakah kebijakan tersebut
konsisten dan tepat digunakan.
• Kewajaran estimasi akuntansi yang dibuat oleh manajemen.
• Apakah informasi yang disajikan dalam laporan keuangan tersebut
relevan,reliabel, dapat dibandingkan, dan dapat dipahami.
• Apakah pengungkapan memungkinkan pengguna yang dimaksud dapat
memahami pengaruh dari sejumlah transaksi dan peristiwa yang bersifat
material terkait informasi yang dinyatakan di dalam laporan keuangan.
• Apakah terminologi uang digunakan dalam laporan keuangan, termasuk
judul dari setiap laporan keuangan, sudah tepat.
• Apakah laporan keuangan mencapai penyajian yang wajar. Apakah
laporan keuangan telah disajikan sesuai dengan kerangka penyajian yang
wajar.
Slide 12.17
Auditor’s qualified opinion

Auditor akan memberikan qualified opinion jika :
•telah memperoleh kecukupan bukti audit yang
memadai, sehingga auditor dapat menyimpulkan
bahwa salah saji bersifat material, baik secara individu
maupun keseluruhan, tidak berpengaruh secara
pervasif terhadap laporan keuangan
•auditor tidak mampu memperoleh kecukupan bukti
audit yang memadai sebagai dasar bagi opininya ,
tetapi auditor menyimpulkan bahwa kemungkinan
pengaruh salah saji yang tidak terdeteksi dalam
laporan keuangan, jika ada, dapat bersifat material
tetapi tidak pervasif.
Slide 12.18
Auditors responsibility …We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our qualified audit opinion.
Basis for qualified opinion
ABC Company’s investment in XYZ Company, a foreign associate acquired
during the year and accounted for by the equity method, is carried at xxx on the
statement of financial position as at December 31, 20X1, and ABC’s share of
XYZ’s net income of xxx is included in ABC’s income for the year then ended.
We were unable to obtain sufficient appropriate audit evidence about the
carrying amount of ABC’s investment in XYZ as at December 31, 20X1 and
ABC’s share of XYZ’s net income for the year because we were denied access
to the financial information, management and the auditors of XYZ.
Consequently, we were unable to determine whether any adjustments to these
amounts were necessary.
Qualified opinion
In our opinion, except for the possible effects of the matter described in the
Basis for Qualified Opinion paragraph, the financial statements present fairly,
in all material respects, (or give a true and fair view of) the financial position of
ABC Company as at December 31, 20X1, and (of) its financial performance
and its cash flows for the year then ended in accordance with International
Financial Reporting Standards.
Slide 12.19
Auditor’s adverse opinion (ISA 705)

Auditor memberikan adverse opinion jika :
auditor telah memperoleh kecukupan bukti
audit yang memadai, yang menyimpulkan
bahwa salah saji, baik secara individu
maupun keseluruhan, bersifat material
dan pervasif terhadap laporan
keuangan.
Slide 12.20
Auditor’s disclaimer of opinion (ISA 705)

Auditor memberikan disclaimer opinion
jika :
Auditor tidak dapat memperoleh
kecukupan bukti audit yang memadai
yang menjadi dasar bagi opininya, dan
auditor menyimpulkan bahwa
kemungkinan pengaruh salah saji yang
tidak terdeteksi, terhadap laporan
keuangan,jika ada, dapat bersifat
material dan pervasif.or interaction of multiple
uncertainties on F/S
Slide 12.21
Dasar bagi Paragraf Modifikasi (ISA 700)
Ketika auditor memodifikasi opini atas

laporan keuangan, maka auditor harus
menyertakan sebuah paragraf dalam
laporan auditor yang memberikan
penjelasan terkait dasar bagi modifikasi
yang dilakukannya. Paragraf ini ditempatkan
langsung sebelum paragraf opini dalam
laporan auditor yang diberi judul : ‘Basis for
Qualified Opinion’, ‘Basis for Adverse
Opinion’ or ‘Basis for Disclaimer of Opinion’,
yang sesuai.
Slide 12.22
When the auditor includes an Emphasis of Matter

paragraph in the auditor’s report, the auditor shall:
a. include it immediately after the Opinion paragraph

in the auditor’s report;
b. use the heading ‘Emphasis of Matter’;
c. include in the paragraph a clear reference to the
matter being emphasised and to where relevant
disclosures that fully describe the matter can be
found in the financial statements;
d. indicate that the auditor’s opinion is not modified
in respect of the matter emphasised.
Slide 12.23
An auditor might write an emphasis of

a matter paragraph:
• If there is a significant uncertainty which may affect the
financial statements, the resolution of which is dependent
upon future events.
• Examples of uncertainties that might be emphasised
include:
• the existence of related party transactions;
• important accounting matters occurring subsequent to the
balance sheet date;
• matters affecting the comparability of financial statements
with those of previous years (e.g. change in accounting
methods);
• litigation, long-term contracts, recoverability of asset values,
losses on discontinued operations.
• To highlight a material matter regarding a going concern
problem.
Slide 12.24
The going concern disclosure should:

ISA 570
• describe the principal conditions that raise doubt;
• state that there are doubts about going concern;
therefore the entity may be unable to realise its
assets and discharge its liabilities in the normal
course of business;
• state that the financial statements do not include
any adjustments relating to the recoverability and
classification of recorded asset amounts or to
amounts and classification of liabilities that may
be necessary should the entity be unable to
continue as a going concern.
Slide 12.25
Circumstances that may result in other

than an unmodified opinion
1. A limitation in scope
2. The auditor’s judgement about the pervasiveness
of the effects or possible effects of the matter
on the financial statements.
The circumstances described in 1 – scope
limitation – could lead to a modified opinion
or a disclaimer of opinion. The circumstances
described in 2 – disagreement with
management – could lead to a modified opinion
or an adverse opinion.
Slide 12.26
Limitation on scope
• Scope limitations arise when the auditors are
unable for any reason to obtain the
information and explanations considered
necessary for the audit
– limited by the inability to carry out a
procedure the auditors consider necessary
– the absence of proper accounting records
• The audit report should describe the
limitation.
Slide 12.27
Modification of opinion results from

disagreement with management on
• the acceptability of the accounting policies
selected;
• the method of policy application, including
the adequacy of valuations and disclosures
in the financial statements; or
• the compliance of the financial statements
with relevant regulations and statutory
requirements.
Slide 12.28
Uncertainties leading to qualification

of opinions
Certain uncertainties may lead to an auditor’s report
containing a qualification of opinion in many
countries. These uncertainties include:
•material uncertainties;
•lack of consistency;
•independence of auditor;
•reports in reference to an expert;
•fraud.
Slide 12.29
Materiality, lack of consistency, independence

• If the amounts of a misstatement in the financial
statements are so significant that the financial
statements are materially affected as a whole, it is
necessary to issue either a qualified or an adverse
opinion.
• Lack of consistency in the application of accounting
principles in the current period in relation to the
preceding period may require a modification to an
unmodified opinion based on standards in many
countries.
• ISA auditing standards do not require a modified opinion
or a disclaimer of opinion if the auditor is not
independent, although this is the case in several
countries (including US).
Slide 12.30
Reports involving other auditors and experts
ISA 620 suggests that when expressing an unmodified

(unqualified) opinion the auditor should not refer to the
work of an expert in her report as such a reference might
be misunderstood to be a qualification of the auditor’s
opinion or a division of responsibility. If the auditor, as a
result of the other auditor’s or expert’s work, issues an
opinion other than unmodified, he may in some
circumstances describe the work of the expert.
Slide 12.31
New UK auditor’s opinion – the future?

• Rolls-Royce Holdings plc
Slide 12.32

(Continued)
• The risk
• Our response
• Our findings
• Our testing identified weaknesses in the design and operation of controls. In response to this we
assessed the effectiveness of the Group’s plans for addressing these weaknesses and
we increased the scope and depth of our detailed testing and analysis from that originally
planned. We found no significant errors in calculation. Overall, our assessment is that the
assumptions and resulting estimates (including appropriate contingencies) resulted in mildly
cautious profit recognition.
• Our testing did not identify any deviation in the operation of controls which would have required us
to amend the nature or scope of our planned detailed test work. We found that
the assumptions and resulting estimates were balanced and that the disclosures in note 9
appropriately describe the inherent degree of subjectivity in the estimates and the potential impact
on future periods of revisions to these estimates. We found no errors in calculations.
• We found that the resulting estimate was acceptable but mildly optimistic resulting in a somewhat
lower liability being recorded than might otherwise have been the case.
Slide 12.33

(Continued)
May 8, 2014
Holding Auditors Accountable
Rolls-Royce – the jet engine maker, not the car company – used estimates and assumptions in its
financial results that resulted in ‘mildly cautious profit recognition’ in an important part of its
business. On the other hand, the company was ‘mildly optimistic’ in other assumptions,
‘resulting in a somewhat lower liability being recorded than might otherwise have been the
case’.
Coming from almost anyone else, such observations might not be particularly notable. But those
comments came from Jimmy Daboo, the lead audit partner on the Rolls-Royce account at
KPMG, and are included in the company’s new annual report.
Until now, auditors’ letters have been among the least interesting parts of annual reports. If the
opinions said the accounting was proper – and virtually all did – and did not voice concern
about whether a company could stay in business, the letters were basically the same. There
was no reason for an investor to read them. In the United States, that is still the case.
Slide 12.34
Auditor communications to governance entity
Audit matters of governance interest to be

communicated by the auditor to the board or audit
committee ordinarily include:
• Material weaknesses in internal control
• Non-compliance with laws and regulations
• Fraud involving management
• Questions regarding management integrity
• The general approach and overall scope of the
audit
• The selection of, or changes in, significant
accounting policies and practices that have a
material effect on the financial statements.
Slide 12.35
Communications of deficiencies in
internal control
The auditor must communicate to management in
writing significant deficiencies in internal control
that are of sufficient importance to merit
management’s attention. The communication
should include:
A description of the deficiencies and an explanation
of their potential effects
Sufficient information to enable those charged with
governance and management to understand the
context of the communication.
Slide 12.36
Governance structures
• The structures of governance vary from country
to country reflecting cultural and legal
backgrounds.
• In some countries, the supervision function, and
the management function are legally separated
into different bodies, such as a supervisory
(wholly or mainly non-executive) board and a
management (executive) board.
• In other countries, such as the US, both functions
are the legal responsibility of a single, unitary
board.
Slide 12.37
Reporting fraud and error

• When the auditor encounters circumstances
that may indicate that there is a material
misstatement in the financial statements
resulting from fraud or error, the auditor should
perform procedures to determine whether the
financial statements are materially misstated.
• The auditor’s duty of confidentiality would
ordinarily preclude reporting fraud or error to a
third party. However, in certain circumstances,
statute or law overrides this duty.
Slide 12.38
Long-form audit report

• In many countries it is customary for the auditor
to prepare a ‘long-form’ report to the Audit
Committee of an entity’s board of directors in
addition to the publicly published ‘short-form’
report discussed in this chapter.
• A long-form report ordinarily includes:
• Overview of the Audit Engagement
• Analysis of Financial Statements
• Risk Management and Internal Control
• Optional Topics
• Auditor independence and quality control
• Fees.
Slide 12.39
Management letter
The management letter identifies issues not

required to be disclosed in the Annual Financial
Report but represent the auditors concerns
and suggestions noted during the audit.
An evaluation is made of the present system,
pointing out problem areas. Recommendations
for improvement are cited. Also included is a
discussion of any problem which may require
immediate action to correct.
Slide 12.40
Thank you for your attention
Any Questions?

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Slide 12.

Principles of Auditing: An Introduction to

Chapter 12 – Audit Reports and

Rick Hayes, Hans Gortemaker

Tanggung Jawab Manajemen terhadap Laporan

Tanggung Jawab Manajemen terhadap Laporan

Mensyaratkan pimpinan pejabat eksekutif atau

Old style audit report (3 paragraph)

Sample Wording – Auditor’s Unqualified Report17

ISA 700 auditors opinion on F/S

Included in the audit report

ISA 700 sample financial statement audit

The audit report management responsibility

Management’s Responsibility for the Financial Statements

An audit involves performing procedures to obtain audit

Included in the audit report opinion

Laporan harus diberi tanggal

Auditor harus memberikan tanggal laporan tidak

The opinion expressed in the auditor’s report

Unqualified audit opinion – disebut

Evaluasi kepatuhan terhadap kerangka pelaporan

Auditor’s qualified opinion

Auditor’s adverse opinion (ISA 705)

Auditor’s disclaimer of opinion (ISA 705)

Dasar bagi Paragraf Modifikasi (ISA 700)

Ketika auditor memodifikasi opini atas

When the auditor includes an Emphasis of Matter

a. include it immediately after the Opinion paragraph

An auditor might write an emphasis of

The going concern disclosure should:

Circumstances that may result in other

Modification of opinion results from

Uncertainties leading to qualification

Materiality, lack of consistency, independence

Reports involving other auditors and experts

ISA 620 suggests that when expressing an unmodified

New UK auditor’s opinion – the future?

New UK auditor’s opinion – the future?

New UK auditor’s opinion – the future?

Holding Auditors Accountable

Auditor communications to governance entity

Audit matters of governance interest to be

Reporting fraud and error

Long-form audit report

The management letter identifies issues not

Thank you for your attention

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