Pertemuan 4 Liability, Asset, And Inadequate Disclosure Frauds

8/17/2019 Pertemuan 4 Liability, Asset, And Inadequate Disclosure Frauds

1/45

Liability, Asset, andInadequate Disclosure Frauds

Audit Investigasi dan AkuntansiForensik

Ervin Septian Firdaus


2/45

What Makes It Hard for Auditors to DetectFraud?

• Collusion

• Forgery(pemalsuan)

• Comple Audit !rails (terlalu"anyak)

• #iesMana$emen

• %ilence ofpeople

• &'ook

Frauds

• MisleadingDocuments

• %mall Frauds

• *ormal#ooking

!ransactions2


3/45

!ypes of Financial %tatementFraud

+, -nderstating lia"ilities – #ia"ilites yang kurang sa$i

., &/erstating assets

– Aset yang le"ih sa$i

0, Inade1uate disclosure – 2engungkapan yang tidak memadai

3


4/45

-nderstatement of #ia"ilitiesFraud

Schees that understate liabilities

• -nderstating accounts paya"le – -nderstated Account paya"le

• -nderstating Accrued #ia"ilities

– -nderstated ke3a$i"an yg masih harus di"ayar

• 4ecogni5ing -nearned 4e/enue as 6arned 4e/enue

– Mengakui pendapatan diterima dimuka se"agaipendapatan

• -nderrecording Future &"ligations

– 2encatatan Future o"ligation yang salah

• *ot 4ecording or -nderrecording 7arious !ypes or De"t

(*otes8 Mortgages8 etc,) – er"agai ke3a$i"an yang tidak dicatat

• &mission of Contingent #ia"ilities

– 9e3a$i"an "ersyarat yang tidak dicantumkan

!


5/45

-nderstatement of #ia"ilityFraud

• "nderstateent o# Accounts $ayable

Accounts 2aya"le can "e understated "y a com"ination of:• 4ecord paya"les in su"se1uent periods or don;t record

purchases

– !idak mencatat pem"elian < dicatat di periodeselan$utnya

•

&/erstate purchase returns and purchase discounts – 4etur atau diskon pem"elian o/erstated

• 4ecord payments made in later periods as "eing made inearlier periods

– Mem"uat seolaholah pem"ayaran utang sudahdi"ayar

2em"elian understated H22 understated saleso/ertated

%


6/45


• "nderstateent o# Accrued Liabilities

#ia"ilities incurred8 used goods or ser/ices8 "ut notrecorded8 often estimated

– *ot record accrued lia"ilities

– 4ecord accruals in a later period

• Common accrued lia"ilities accounts:

– %alaries paya"le (utang ga$i)

– 2ayroll taes paya"le (utang pa$ak penghasilan)

– 4ent paya"le (utang se3a)

– -tilities paya"le (utang utilitas)

– Interest paya"le (utang "unga)

&


7/45


• 4ecogni5ing -nearned 4e/enue as 6arned

4e/enue – 4ecogni5ing re/enues instead of recording a lia"ility

has a positi/e e'ect on a company;s =nancialstatementsunderstates the lia"ilities o/erstates its re/enues net

income o/erstated

– y manipulating the timing of re/enue recognition8 acompany can /ery easily either understate oro/erstate deferred re/enue < lia"ilities,

– !o understand the moti/ation of these types of

frauds8 remem"er that stock prices are a'ected "y"oth risk and return,2erusahaan dng la"a yg sta"il naik8 nilai saham le"ih tinggi

6:

– 9as diterima se"elum $asa di"erikan < se"elum

pengiriman "arang –

'


8/45


"nderrecording Future (bligations – *ot recording 3arranty (ser/ice) lia"ilities

• >aransi pen$ualan mo"il selama 0 tahun

– -nder record lia"ilities• !idak dicatatnya lia"ilities dgn lengkap

– 4ecord deposits as re/enues

–

*ot recording repurchase agreements and othercommitments• 2er$an$ian pem"elian kem"ali properti oleh perusahaan setelah

"e"erapa tahun ke depan

Future o"ligations eamples include:

–

Warranty (ke3a$i"an garansi) – %er/ice &"ligations

This type of fraud is easy to perpetrate and results

in overstated net income and understated liabilities,

)


9/45


*ot +ecording or "nderrecording arious -ypes or Debt

.*otes, /ortgages, etc01 – not reporting or underrecording de"t to related parties

– *ot recording loans incurred or don;t record lia"ilities

– Claiming that eisting de"t has "een forgi/en "y creditors(mengklaim utang yang telah dihapuskan)

– Claiming that de"t on the company;s "ooks is personal de"t

rather than de"t of the "usiness6: 9asus >eneral 6lectrodynamics Corp (>6C) Industri Hidrolik

– +@08 mengalami rugi B,

– Mana$emen menghapus "e"erapa lia"ilities dan mengakuipendapatan

– er"ohong lia"ilites telah dihapuskan

– Meru"ah men$adi untung B++0,


10/45


(ission o# ontingentLiabilities

• If adaya kemungkinan loss8 the contingentlia"ility should "e disclosed in the footnotes to

the =nancial statements,• Contingent lia"ilities can "e used to

fraudulently misstate =nancial statements "y:

– 4ecord contingent lia"ilities at too lo3 of an

amount – DonEt record pro"a"le contingent lia"ilities

• !untutan perkara hukum8 kesepakatan garansi

45


11/45

Ways to detect understatement oflia"ilities

erfokus kepadadua cara:

• Analyticalsymptoms – erhu"ungan

dengan saldosaldo ygdilaporkanunderstated

• Accounting orDocumentarysymptoms

44


12/45


Analytical Syptos

• Accounts 2aya"le:

– Accounts 2aya"le "alances that appear tolo3

– 2urchase or C&>% =gures that appear to

lo3

– 2urchase returns or discounts that appearto high

• Accrued #ia"ilities

– 6penses and


13/45


Analytical Syptos

• 4ecognition of -nearned 4e/enues: – #ia"ility "alances that appear to lo3

– 4e/enue accounts that appear to high• Memeriksa syarat kontrak8 kesepakatan pen$ualan

• -nder or nonrecording of ser/ices


14/45


Analytical Syptos

• -nrecorded *otes (Wesel)


15/45


• Accounting or DocuentarySyptos

– Faktur dari pemasok diterima namun tidakada lia"ilities yg dicatat

– 2em"elian dalam $umlah "esar dicatatsetelah akhir periode namun "arangditerima se"elum periode "erakhir

– 2enanggalan kem"ali pada periode saat ini

– 9ekeliruan cuto' (salah)

4%


16/45


• Accounting or Docuentary Syptos

– 2hotocopied records 3here originals should eist

– -nusual discrepancies (ketidaksesuaian ) "et3eenthe entity;s records and con=rmation replies

• 9on=rmasi "ank dan catatan perusahaan

– !ransactions not recorded in a complete or timelymanner (lengkap


17/45

2encarian proaktif indikator analisis terkaitlia"ilities fraud

40 6er#okus pada perubahan saldo .7ulah1 akun

yang tercatat dari periode ke periode .trend)•. Menghitung peru"ahan angka yang se"enarnya

terdapat dalam F


18/45


., erfokus pada peru"ahan hu"ungan

dari periode satu ke lain – Mempela$ari peru"ahan "er"agai rasio keuangan

terkait lia"ilities dari satu periode ke periode"erikutnya, (lihat di ta"le slide selan$utnya)

0,Mem"andingkan informasi laporankeuangan dengan perusahaan lain

– 2erusahaan mem"iayai operasionalnya melaluila"a8 pin$aman8 dan in/estasi pemilik (pemegangsaham)

– Waranty lia"ilites

4)


19/45


!26 &F #IAI#I!F4A-D

4A!I&% !& 6AMI*6

-nderrecordingaccounts paya"le(utang yg dicatattidak lengkap)

• Acidtest ratio (1uick assets


20/45


!26 &F #IAI#I! F4A-D 4A!I&% !& 6AMI*6

-nderrecording ofunearned re/enues

-nearned re/enue

epense,• #ease epense

assets,

agaimana peru"ahannya danke3a aran,25


21/45

2encarian proaktif indikatorAkuntansi


22/45



23/45



24/45

&/erstatement of Asset Fraud

2!

Id tif i A t & t t t


25/45

Identifying Asset &/erstatementFraud

• (verstateent o# Intangible or De#erred Assets

– Capitali5e costs as intangi"le assets 3here they should "eepensed

– startup costs8 ad/ertising costs8 research and de/elopment costs8

– marketing costs8 salaries8 and other initial costs,

– iaya dapat dikapitalisasi dng tu$uan untuk menghasilkanpendapatan dimasa datang8 $ika tidak8 maka harus di"e"ankanpada periode "er$alan

– 9apitalisasi "iaya epense understated la"a meningkat

– anyak kasus8 "iaya yg dikapitaliasi tidak dihapus selama"e"erapa tahun di masa yang datang,

6: Computer %cience Corporation (C%C)

– Mengem"angkan < $ual $asa komputer

–

C%C mengkapitalisasi "iaya de/elopment cost (suatusistem


26/45


• (verstateent o# Assets through /erger and

Acquisitions or by /anipulating IntercopanyAccounts or -ransactions .transaksi antarperusahaan1

– -se market /alues rather than "ook /alues to recordassets

– Ha/e the 3rong entity "e the purchaser – Improperly allocating "ook /alue to assets

• Menetapkan nilai "uku yg tinggi untuk aset yg diamortisasi $angkapan$ang

– 4ecord =ctitious assets or o/erstated the /alue of assets

6: 9asus Chester Holdings8 #td

– In/estment holding company

– Menaikan fair /alue aset

– %6C menduga mana$emen CH mencatat o/erstated asetaki"at kali mengakuisisi aset,

• %alah satunyamengakuisisi knitting company (tekstil)B+K $utadalam "entuk saham8 dimana fair /aluenya BK8@ $uta,

2&



27/45


• (verstateent o# Fi8ed Assets

– #ea/ing 3orthless or epired assets on the "ooks (tidakmenghapus aset yg sudah ha"is masa manfaatnya)

– -nderreporting depreciation epense (depresiasi yg le"ihrendah)

– mencatat nilai =ed asset yg sudah digelem"ungkan

(pem"elian =ktif) – Colluding 3ith outside parties to o/erstate assets (e,g,8

allocating in/entory costs to =ed assets)

6 : 9asus #incoln %a/ing and #oan (#%#)

– Mem"eli properti dimana nilainya ditinggikan dan di$ualkem"ali dngn nilai yg le"ih "esar lagi kepada stra3 "uyer

(pem"eli "ayangan) dimana pem"eli aslinya adalah #%#sendiri

– *ilainya tidak realistis

– Dilakukan akhir periode pada laporan keuangan netincome o/erstated

2'



28/45


• (verstateent o#+eceivables andInventory

– Co/er thefts of cash or other

assets "y o/erstatingrecei/a"les or in/entory

6: kasus 2harmor

– 2ersediaan di"uat le"ih sa$ikarena Mana$emen (MickyMonus) mem"a3a keluar

uang perusahaan untukkepentingan dirinya untukin/estasi di liga "ola "asket-%A

6: kasus 6%M >o/ernment

securities – Mana$emen menciptakan2)



29/45


• (verstateent o# ash, Short9-er

Investents, and /arketable SecuritiesSchees

– 4eporting restricted cash (sudah adapengalokasiaanya) as unrestricted (penggunaanyatidak ter"atas) on the "alance sheet

• 2lant epansion8 di/iden payment8 payroll

– Ha/ing /endors or employees steal signi=cantamounts of cash o/er time so that =nancialstatements are misstated

– Cash is 1uite hard to o/erstate "ecause of

/eri=cation from =nancial institutions – In/estasi =ktif dalam F


30/45

Acti/ely %earching for Asset&/erstatement Fraud %ymptoms

• Inappropriately apitali:ing osts

-hat Should 6e E8pensed – Apakah kapitalisasi "iaya yang memiliki keuntungan

di masa yg akan datang dapat identi=kasi?

– Apakah ada kemungkinan "iaya terse"ut dapatdihapuskan di masa datang? 9apan?

– Apakah "iaya terse"ut sesuai %tandar Akuntansi?• iaya riset dan pengem"angan tidak dapat diterima s"g

de'ered charge

– agaimana metode penilaian intangi"le aset ?Apakah sudah sesuai?

• Hak paten8 copyright8 merek dagang8 franchise

• Motede garis lurus 8 $angka 3aktu

35


31/45


Inappropriately apitali:ing osts -hat Should 6eE8pensed

• Indikator Analisis

– Comparing changes and trends in =nancial statementaccount "alances

– Comparing changes and trends in =nancial statementrelationships

• !otal deferred charges

– Comparing =nancial statement "alances 3ith non=nancial

information8 such as the num"er or 1uality of the assetsthey represent

– Comparing =nancial statement "alances and policies 3iththose used "y other similar companies

34


32/45


Inappropriately apitali:ing osts -hat Should 6e

E8pensed• Analisis Akuntansi;Dokuen

– Assetrelated transactions not recorded in a complete or timelymanner or improperly recorded as to amount8 accountingperiod8 classi=cation8 or entity policy

– -nsupported or unauthori5ed assetrelated "alances or

transactions

– #astminute asset ad$ustments that signi=cantly impro/e=nancial results

– Missing documents related to assets

– -na/aila"ility of other than photocopied documents to supportasset transactions 3hen documents in original form are

supposed to eist

32


33/45


• (verstateent o# Assets through /erger

and Acquisitions or by /anipulatingIntercopany Accounts or -ransactions.transaksi antar perusahaan1 – Apakah akun yg digunakan perusahaan merger sudah tepat?

– Apakah *ilai "ukunya setelah merger le"ih tinggi < rendah?

– Moti/asi merger itu apa? – Apakah perusahaan yg mengakuisisi $elas usahanya?

• Indikator Analisis

– Mem"andingkan rasio aset masingmasing perusahaanse"elum dan sesudah merger

• Intangi"le asset < total asset

• Fied asset < total asset• Current asset < total asset

• Mempro=ling perusahaan (track record)

• Indikator Akuntansi ; Dokuentasi – andingkan periode amortisasi


34/45


• (verstateent o# Fi8ed Assets

– *ilai aset yg dicatat digelem"ungkan pada transaksi pem"elian

=ed asset – *ilai aset yang terlalu tinggi karena tidak disusutkan8 adanya aset

usang

– Aset =ktif dicatat dalam F

– 9esanggupan perusahaan mem"ayar ke3a$i"annyadalam $angka pan$ang

• Depreciation epense for /arious categories of assets


35/45


• (verstateent o# Fi8ed AssetsIndikator Akuntansi ; Dokuentasi

– Apakah ada dokumen penilaian aset pada aset tetapyg di"eli?

– Apakah ada transaksi depresiasi dicatat akhir tahun?

– Apakah ada aset yg di"eli yang tidak terkait operasiperusahaan?

– Apakah ada ketidakkonsistenan dalam pendokumentasianaset dgn aset =siknya

– Apakah aset yg dicatat pada pem"ukuan $umlahnya samadngn pem"ukuan dari /endor?

3%


36/45


• (verstateent o# ash and Short9-er Investents

•

Indikator Analisis – Mem"andingkan rasio se"agai "erikut:

• Current ratio: Current assets

– Melakukan kon=rmasi saham dengan pialang < "roker <pasar saham

– Melakukan kon=rmasi in/estasi kepada pihak in/estor

• Indikator Dokuentasi

– Mem"andingkan $umlah tercatat dgn kon=rmasi pialang8"ank,

– Melakukan pengecekan =sik kepemilikan sekuritas

"erharga–

3&


37/45


• (verstateent o# +eceivables and Inventory

•

Indikator Analisis – Mem"andingkan rasio se"agai "erikut:

• 4asio #a"a kotor (margin kotor)

– #a"a kotor (sales H22) < pen$ualan "ersih

• 4asio persentase retur pen$ualan

–

-kuran persentase pen$ualan yang dikem"alikanpelanggan

• 4etur pen$ualan < total pen$ualan

– 9ecurangan dapat ter$adi ketika rasionya kecil(nyaris nol)

• 4asio perputaran piutang dagang

– Jumlah pen$ualan < piutang dagang

– Fraud ter$adi saat mencatat pendapatan < piutang=ktif

• Indikator Dokuentasi

– Apakah ada dokumen penilaian aset recei/a"le < in/entorydi"eli?3'


38/45

Inade1uate Disclosure Fraud

• Disclosure Fraud ScheesDikelompokan men$adi tiga kategori8yaitu: – Misrepresentation a"out the nature of

the company or its products

• #aporan "erita8 3a3ancara8laporan tahunan – Misrepresentations or omissions in

the MDA (Management Discussionand Analysis )

• #aporan non keuangan8 gra=k

historis kiner$a8 peryataanmana$emen – Misrepresentations or omissions in

the footnotes to the =nancialstatements

• !idak mencatat transaksi

signi=kan dan unusual3)


39/45

Inade1uate Disclosure Fraud

• 6amples:• 9asus 6dison %chools

– %D dan %M2 – >agal mengungkapkan informasi yg signi=kan

operasional "isnis –

%e"agian pendapatan yg tidak sampai ke perusahaan dandana terse"ut digunakan untuk pem"ayaran ga$i guru <operasional untuk sekolah di"a3ah pengelolaan 6dison,

– %6C tidak menemukan salah metode akuntansi dalampengakuan pendapatanya8 namun 6dison dianggap tidakmengungkapkan secara akurat terkait agianManagement Discussion and Analyss MDA

–

agian ini harusnya nengungkapkan kondisi dan hasilkeuangan perusahaan dari kegiatan operasional dalamrangka meningkatkan pemahaman in/estor

3


40/45

Inade1uate Disclosure Fraud/isrepresentation about the nature o# the copany or its

products• 9asus Comparator %ystem (C%)

– 2erusahaan kecil8 $umlah aset tidak "anyak8 tidak ada produk8.@ karya3an yg tidak diga$i selama ++ tahun

– Dituduh melakukan fraud sekuritas oleh %6C +@@N – C% melakukan demonstrasi melalui media "ah3a telah memiliki

teknologi identi=kasi sidik $ari yg akan mem"uat entitas "isnis <pemerintah mem/eri=kasi dng cepat seseorang,

– Mesin yg dipakai demonstrasi adalah curian dari teknologi%kotlandia diduga %6C,

– Demonstrasi ini adalah cerita yg meyakinkan mengenai produkpalsu dan men$adikannya se"agai uang melalui pen$ualansaham dari saham BK $uta men$adi B+ Milyar dalam 3aktu tigahari,

• 9asus re Mineral – 2erusahaan kecil (a3alnya Calgary) – Mengklaim menemukan O+ $uta ons emas senilai B.+ M di

orneo8 Indonesia – *ilai perusahaan yg diperoleh dari pengungkapan ini BK, M and

6ksekutif men$adi $uta3an – !ernyata dipalsukan dengan menam"ah emas pada sampel yg

diam"il – Harga saham an$lok P saat ditemukan fraud,!5


41/45

Inade1uate Disclosure Fraud/isrepresentations or oissions in the #ootnotes to the


42/45

Inade1uate Disclosure FraudSeveral other #rauds• Failing to disclose contingent lia"ilities that are

reasona"ly possi"le or pro"a"le and that 3ould createa loss for the company

• Failing to disclose contractual o"ligations8 includingrestrictions on speci=c assets or lia"ilities

• Failing to disclose information regarding loans to

creditors• Inade1uately disclosing information a"out market

/alue declines of assets8 including marketa"lesecurities

!2

=ays to identi#y Disclosure


43/45

=ays to identi#y DisclosureFraud

Syptos +elated to (verall /isrepresentation aboutthe opany or Its Assets

• /elakukan analisis terhadap pertanyaan berikut>

– Does the company;s performance make sense 3hencompared 3ith the performance of similar companies?

– What is the "ackground of the management? Where dothey come from8 and 3hat 3ere their operations in

pre/ious locations? – Ha/e any of the principals "een in/ol/ed in "ankruptcy or

scandals "efore?

– Are the company;s =nancial reports audited? If so8 for ho3many years? What type of audit opinion did they recei/e?

–

Is the company making guaranteed promises? Can thepromises "e /eri=ed?

– Would in/estors "e lia"le if the company;s de"ts 3ere notpaid?

– Are the principals in the "usiness li/ing high on the hog8G(hidup me3ah) e/en though the "usiness is relati/ely

ne3?!3

=ays to identi#y Disclosure


44/45

=ays to identi#y DisclosureFraud

Disclosure Fraud +elated to Financial

+eports and Financial StateentFootnotes?

#ook for inconsistencies "et3een disclosuresand information in the =nancial statements

Ask management concerning relatedpartytransactions8 contingent lia"ilities8 andcontractual o"ligations

4e/ie3 a company;s =les and records 3ith the

&J9 and other regulatory agencies

!!


45/45

-E+I/A @ASI