Kasus Pelanggaran KAP Tanubrata Pada Audit Laporan Keuangan PT Garuda Indonesia Tahun 2018

Summary

This presentation discusses the audit violations of PT Garuda Indonesia in 2018, highlighted by significant discrepancies in their financial statements. During a shareholder meeting, two commissioners refused to sign the financial reports due to concerns over their accuracy, which reported a sudden profit contrary to the previous year's loss. The Ministry of Finance identified key failures by the public accountant, including inadequate transaction assessments and insufficient audit evidence. As a consequence, Garuda faced severe sanctions, including fines and a business suspension, reflecting the airline's declining reputation among investors and the public.

Takeaways

• 📅 The audit issue began on April 24, 2019, during the General Meeting of Shareholders (RUPS) at PT Garuda Indonesia.
• ❌ Two commissioners, Meiral Tanjung and Doni Australia, refused to sign the 2018 financial report due to discrepancies.
• 📈 The financial report claimed a net profit of 89.85 million USD, contrasting sharply with a loss of 216.5 million USD in 2017.
• 📊 The financial reporting for 2018 was considered non-compliant with the Financial Accounting Standards (PSAK).
• 🔍 The public accountant, Kashner Sirumapea, failed to accurately assess transaction substance regarding receivables and income recognition.
• 📉 Three key audit standards were allegedly violated: ASA 315 (transaction assessment), ASA 500 (sufficient audit evidence), and ASA 560 (consideration of post-reporting facts).
• 📜 On June 14, 2019, the Secretary General of the Ministry of Finance announced an audit non-compliance with PSAK.
• 💰 On June 28, 2019, PT Garuda Indonesia was fined 100 million IDR, and the board members faced individual fines of the same amount.
• 📉 The financial performance of Garuda Indonesia significantly declined in 2017, leading to a tarnished public image and investor reluctance.
• 🔗 The communication breakdown following these issues contributed to the overall distrust in Garuda Indonesia's financial integrity.

Q & A

What was the primary issue raised during the 2018 financial audit of PT Garuda Indonesia?

The primary issue was that two commissioners refused to sign the 2018 financial report due to perceived irregularities, particularly concerning a reported net profit that was inconsistent with the previous year's losses.

Who were the commissioners that rejected the financial report?

The commissioners who rejected the financial report were Meiral Tanjung and Doni Australia.

What was the reported net profit for PT Garuda Indonesia in 2018?

The reported net profit for PT Garuda Indonesia in 2018 was 89 million US dollars, equivalent to approximately 11.33 billion rupiah.

How did the 2018 financial performance compare to that of 2017?

In 2017, PT Garuda Indonesia experienced a significant loss of 216.5 million US dollars, which starkly contrasts with the reported profit in 2018.

What specific violations did the public accountant commit according to the Ministry of Finance?

The public accountant committed three main violations: inadequate assessment of transaction substance, insufficient audit evidence, and failure to consider post-reporting facts affecting accounting treatment.

Which audit standards were allegedly violated by the public accountant?

The violated audit standards included SA 315 for transaction substance assessment, SA 500 for obtaining sufficient audit evidence, and SA 560 for considering facts after the reporting date.

What actions did Garuda Indonesia take regarding the 2018 financial report?

On April 2, 2019, the board of Garuda Indonesia refused to sign the financial report, citing non-compliance with the financial accounting standards (PSAK).

What sanctions were imposed on PT Garuda Indonesia following the audit issues?

PT Garuda Indonesia faced administrative sanctions, including a fine of 100 million rupiah and a one-year suspension from business activities.

What was the impact of the 2017 financial loss on Garuda Indonesia's public image?

The significant loss in 2017 led to a decline in Garuda Indonesia's public image and made investors hesitant to invest in the airline.

What was the date of the general shareholders' meeting that initiated the audit discussion?

The general shareholders' meeting that initiated the audit discussion took place on April 24, 2019.