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TUGAS AUDIT #1 -25.06.2019.docx

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  6-30  (ObjeCtives 6-8, 6-10) The following are specific balance-related audit objectives applied to the audit of accounts receivable (a. through h.) and management assertions about account balances (1 through 4). The list referred to in the specific balance-related audit objectives is the list of the accounts receivable from each customer at the balance sheet date. Specific Balance-related audit Objective a. There are no unrecorded receivables. b. Uncollectible accounts have been provided for. c. Receivables that have become uncollectible have been written off. d. All accounts on the list are expected to be collected within one year. e. The total of the amounts on the accounts receivable listing agrees with the general ledger balance for accounts receivable. f. All accounts on the list arose from the normal course of business and are not due from related parties. g. Sales cutoff at year-end is proper. h. Receivables have not been sold or discounted. Management assertion about account Balances 1. Existence 2. Completeness 3. Valuation and allocation 4. Rights and obligations Required For each specific balance-related audit objective, identify the appropriate management assertion. (Hint: See Table 6-5 on p. 165.)  Jawaban 6-30   SPECIFIC BALANCE- RELATED   AUDIT OBJECTIVE   MANAGEMENT   ASSERTION   COMMENTS  a. There are no unrecorded receivables. 2. Completeness Unrecorded transactions or amounts deal with the completeness objective. b. Uncollectible accounts have been provided for. 3. Valuation or allocation Providing for uncollectible accounts concerns whether the allowance for uncollectible accounts is adequate. It is part of the realizable value objective and the valuation or allocation assertion. c. Receivables that have become uncollectible have been written off. 3. Valuation or allocation This is part of the realizable value objective and the valuation or allocation assertion. There may also be some argument that this is part of the existence objective and assertion. Accounts that are uncollectible are no longer valid assets. d. All accounts on the list are expected to be collected within one year. 3. Valuation or allocation Accounts that are not expected to be collected within a year should be classified as long-term receivables. It is therefore included as part of the classification objective and consequently under the valuation or allocation assertion. e. The total of the amounts on the accounts receivable listing agrees with the general ledger balance for accounts receivable. 3. Valuation or allocation This is part of the detail tie-in objective and is part of the valuation or allocation assertion.  6-30 (continued)   SPECIFIC BALANCE-RELATED   AUDIT OBJECTIVE   MANAGEMENT   ASSERTION   COMMENTS  f. All accounts on the list arose from the normal course of business and are not due from related parties. 3. Valuation or allocation Concerns the classification of accounts receivable and is therefore a part of the classification objective and the valuation or allocation assertion. g. Sales cutoff at year- end is proper. 3. Valuation or allocation Cutoff is a part of the cutoff objective and therefore part of the valuation or allocation assertion. h. Receivables have not been sold or discounted. 4. Rights and obligations Receivables not being sold or discounted concerns the rights and obligations objective and assertion.   6-31  (ObjeCtives 6-8, 6-9) The following are specific transaction-related audit objectives applied to the audit of cash disbursement transactions (a. through f.), management assertions about classes of transactions (1 through 5), and general transaction-related audit objectives (6 through 11). Specific transaction-related audit Objective a. Existing cash disbursement transactions are recorded. b. Recorded cash disbursement transactions are for the amount of goods or services received and are correctly recorded. c. Cash disbursement transactions are properly included in the accounts payable master file and are correctly summarized. d. Recorded cash disbursements are for goods and services actually received. e. Cash disbursement transactions are properly classified. f. Cash disbursement transactions are recorded on the correct dates. Management Assertion About General Transcation-Related Classes of transactions Audit Objective 1. Occurrence 6. Occurance 2. Completeness 7. Completeness 3. Accuracy 8. Accuracy 4. Classification 9. Posting and summarization 5. Cutoff 10. Classification 11. Timing Required a. Explain the differences among management assertions about classes of transactions and events, general transaction-related audit objectives, and specific transactionrelated audit objectives and their relationships to each other. b. For each specific transaction-related audit objective, identify the appropriate management assertion. c. For each specific transaction-related audit objective, identify the appropriate general transaction-related audit objective.
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