Tugas Presentasi Standar Audit 315 oleh Maratun Soleha, Mega Suhartini, dan Sri Riyani

Summary

In this presentation, the speakers introduce Audit Standard 315, focusing on the identification and assessment of material misstatement risks through understanding the entity and its environment, including internal controls. They outline the standard's purpose, effective date, and key definitions, such as assertions and risk. The presentation emphasizes the auditor's responsibility to evaluate risks at the financial statement and assertion levels, perform risk assessment procedures, and understand the entity's internal controls. The session highlights the importance of documenting findings and understanding the relationship between identified risks and internal controls, ensuring robust audit practices.

Takeaways

• 😀 The SA 315 standard focuses on the auditor's responsibility to identify and assess the risk of material misstatement in financial statements.
• 📅 This standard is effective for audits of financial statements for periods beginning on or after January 1, 2022.
• 🔍 Auditors must understand the entity and its environment, including internal controls, to evaluate risks of material misstatement.
• 💼 The purpose of the audit is to identify and assess risks caused by fraud or error at the financial statement and assertion levels.
• 📊 Assertions are representations by management in the financial statements that are relevant for identifying potential misstatements.
• ⚠️ Significant risks require special audit consideration due to their potential impact on financial statements.
• 📝 Risk assessment procedures must include inquiries of management, analytical procedures, and observations.
• 🔑 Auditors should gain an understanding of the entity's internal control systems and assess their design and implementation.
• 📈 The understanding of internal controls must cover the environment, risk assessment processes, information systems, control activities, and monitoring.
• 📚 Documentation of risk assessment discussions and findings is crucial for audit quality and compliance.

Q & A

What is the main focus of the auditing standard SA 315?

The main focus of auditing standard SA 315 is the identification and assessment of risks of material misstatement in financial statements through understanding the entity and its environment, including its internal controls.

When did the auditing standard SA 315 come into effect?

The auditing standard SA 315 became effective for audits of financial statements for periods beginning on or after January 1, 2022.

What is the purpose of an auditor under SA 315?

The purpose of an auditor under SA 315 is to identify and assess the risks of material misstatement, whether due to fraud or error, at both the financial statement level and assertion level through an understanding of the entity and its environment.

What are assertions in the context of financial reporting?

Assertions are representations by management, either explicitly or implicitly, contained in the financial statements that the auditor uses to consider the potential types of material misstatements that may occur.

What constitutes significant risk in auditing?

Significant risk is defined as a risk of material misstatement that, in the auditor's judgment, requires special audit consideration.

What are the key components of internal control as per the audit standard?

The key components of internal control include the control environment, risk assessment process, information systems, control activities, and monitoring of controls.

How should auditors perform risk assessment procedures?

Auditors should perform risk assessment procedures that include inquiries of management, analytical procedures, and observation and inspection of relevant documents to identify and assess risks of material misstatement.

What factors should auditors understand about the entity and its environment?

Auditors should understand factors such as industry and regulatory factors, the nature of the entity, its objectives and strategies, and the risks associated with achieving those objectives.

What should the documentation include according to SA 315?

Documentation should include discussions among the audit team, significant decisions made, key aspects of understanding the entity and its environment, identified risks of material misstatement, and the relevant internal controls.

Why is it important for auditors to understand internal controls?

Understanding internal controls is important for auditors to assess the risks of material misstatement and design audit procedures that are responsive to those risks.