STANDAR AUDIT DAN SA 200

Summary

This video discusses the essential principles of auditing standards, focusing on their importance in guiding auditors' decision-making and maintaining audit quality. The speaker highlights various standards, including the PCAOB in the U.S., ISA internationally, and Indonesia's own standards. Key topics include the auditor's responsibility for independence, professional skepticism, risk assessment, and evidence gathering. The role of ethical conduct and professional judgment in ensuring quality audits is emphasized. Overall, the video provides an insightful overview of auditing standards and their application in different countries, especially in Indonesia.

Takeaways

• 😀 Auditing standards serve as guidelines for auditors to ensure the quality and reliability of financial audits.
• 😀 Auditing standards are set by professional accounting bodies in each country and may also be influenced by international standards.
• 😀 The key international auditing standards include PCAOB (USA), ISA (International), and AICPA (USA).
• 😀 In Indonesia, auditing standards are set by the IAPI (Ikatan Akuntan Publik Indonesia) and are based on international standards, specifically the ISA.
• 😀 The Indonesian auditing standards (SPAP) cover principles, risk assessment, audit evidence, and specialized areas.
• 😀 PCAOB standards are specific to audits of public companies in the U.S. and were adopted by Indonesia before 2013.
• 😀 ISA (International Standards on Auditing) are globally recognized and widely adopted across various countries.
• 😀 An audit’s main goal is to provide reasonable assurance that the financial statements are free from material misstatement, whether caused by error or fraud.
• 😀 Auditors are required to maintain independence, apply professional skepticism, and use professional judgment throughout the audit process.
• 😀 Sufficient and appropriate audit evidence must be gathered to ensure the audit opinion is valid, and risk must be reduced to an acceptable level.
• 😀 Auditors must communicate their findings through an audit report, which includes an opinion on the financial statements' adherence to accounting principles.

Q & A

What is the definition of auditing standards?

Auditing standards are guidelines that auditors follow to perform audits professionally. They act as a framework for making judgments and decisions during the auditing process.

Who sets auditing standards in each country?

In each country, professional associations of public accountants are responsible for establishing and applying auditing standards.

Can professional accounting organizations create their own auditing standards?

Yes, professional accounting organizations can create their own auditing standards, or they can adopt or adapt international standards or standards from other countries.

What are the most widely adopted auditing standards globally?

The most widely adopted auditing standards are the PCAOB standards from the United States, the International Standards on Auditing (ISA), and the AICPA standards.

What auditing standards are used in Indonesia?

In Indonesia, the auditing standards are known as the Professional Auditing Standards (SPAP), which adopt the International Standards on Auditing (ISA).

What is the role of the PCAOB in auditing standards?

The PCAOB (Public Company Accounting Oversight Board) sets auditing standards for auditors working with public companies listed on American stock exchanges.

What are the key areas covered by SPAP in Indonesia?

The SPAP in Indonesia covers principles and responsibilities, risk assessment and response, audit evidence, use of third-party work, audit conclusions and reporting, and specific areas such as ethics and quality control.

What is the purpose of auditing according to the ISA?

The purpose of auditing is to provide reasonable assurance that the financial statements are free from material misstatements, whether due to errors or fraud.

What is the importance of professional skepticism in auditing?

Professional skepticism is crucial in auditing because auditors must question the evidence and assumptions made during the audit process, remaining open to the possibility that material misstatements could exist.

What does 'obtaining sufficient appropriate audit evidence' mean in the context of an audit?

It means that auditors must gather enough relevant and reliable evidence to support their opinion on the financial statements and to reduce the audit risk to an acceptable level.