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Formulating Finding Pertemuan 09. Matakuliah : PSYCHOLOGY PEMERIKSAAN Tahun : 2009. Formulating Finding. Session 09. Learning Objectives. Understanding about term of “finding” Understanding about iceberg problems Understanding about the characteristics of a competent evidence

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formulating finding pertemuan 09

Formulating Finding Pertemuan 09

Matakuliah : PSYCHOLOGY PEMERIKSAAN

Tahun : 2009

learning objectives
Learning Objectives
  • Understanding about term of “finding”
  • Understanding about iceberg problems
  • Understanding about the characteristics of a competent evidence
  • Understanding about types of evidence
  • Understanding about the nature of deficiency findings
  • Understanding about the elements of deficiency finding
  • Understanding about the characteristics of a good finding
what is finding 1
What is finding ? (1)
  • Finding is a specific condition detected by auditors during the process of audit.
  • “Deficiency findings describe condition or actions that are not what they should be – including systems that do not achieve desired objectives.”
  • “Deficiency findings also include actions that were taken improperly, action that should have been taken but were not, and action that should not have been taken but were”
  • “In short, deficiency findings are deviation from expected norms or established standards.”

(Sawyer and Sumners)

what is finding 2
What is finding ? (2)
  • Deficiency finding can be any deviation from rules, regulation, standards, or other criteria, and improper actions or no action that can bring about the company’s loss.
  • The problem detected should be having negative effect materially on the company’s finance and operation.
beware of iceberg problem
Beware of Iceberg Problem
  • What we find small and insignificant on the surface can be huge and materially significant underneath.
  • Do not be trapped in a symptom, but do have to find the real cause of the problem.
the characteristics of competent evidence
The Characteristics of Competent Evidence
  • Relevance
  • Independence of Provider
  • Effectiveness of Client’s IC
  • Auditor’s Direct Knowledge
  • Qualification of Individual Providing the Information
  • Degree of Objectivity
  • Timeliness
types of evidence
Types of Evidence
  • Physical Examination
  • Confirmation
  • Documentation
  • Analytical Procedures
  • Inquires of the Client
  • Reperformance
  • Observation
the nature of deficiency finding
The Nature of Deficiency Finding
  • Transactions which cause large and tangible losses
  • Weakness in either systems or controls where losses cannot be explicitly shown but the possible of loss exist as they are usually continuing,
  • Weak controls can represent a greater risk to enterprise – even though specific dollar loss cannot be demonstrated.

(Sawyer and Sumners)

elements of deficiency finding
Elements of Deficiency Finding
  • Standards – what the operation is supposed to accomplish
  • Condition – what the operation is actually accomplish
  • Procedures or practices – what people are supposed to do or what they are actually doing
  • Cause – why the deviation from standard is occurring
  • Effect – what is happening or could happen because conditions do not meet standards
  • Conclusion – what need to be corrected
  • Recommendation – how correction might be made.

(Sawyer and Sumners)

elements of deficiency finding1
Elements of Deficiency Finding
  • Condition – what the operation is actually accomplish
  • Standards/Criteria – what the operation is supposed to accomplish
  • Cause – why the deviation from standard is occurring
  • Effect – what is happening or could happen because conditions do not meet standards
  • Recommendation – how correction might be made.

(BPKP)

the characteristics of a good finding
The characteristics of a good finding
  • Significant enough to deserve being reported to management
  • Documented by facts, no opinions, and by evidence that is sufficient, competent, and relevant
  • Objectively developed without bias or preconceived ideas
  • Relevant to the issue involved
  • Convincing enough, so that conclusions are reasonable, logical, and based on the facts presented.
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