Pelanggaran Etika Profesi Akuntan Publik Studi Kasus Asuransi WanaArtha Life

aqila nurdiana
24 Mar 202321:37

Summary

TLDRThe video discusses a case study of PT Asuransi Jiwa Adi Sarana Wanartha (Wana Artha Life), which faced severe financial and ethical issues leading to the revocation of its operating license by Indonesia's OJK. The company failed to meet financial health regulations, manipulated financial reports, and was involved in fraudulent activities. The case highlights violations of professional ethics by public accountants, including conflicts of interest and failure to uphold objectivity and transparency. The video outlines the findings, ethical considerations, and provides recommendations for better governance and oversight in the insurance and accounting sectors.

Takeaways

  • 😀 The video discusses alleged violations of Indonesian financial regulations by PT Asuransi Jiwa Adi Sarana Wanarta (WanaArtha Life) related to its solvency and financial reporting.
  • 😀 WanaArtha Life's license was revoked by the Otoritas Jasa Keuangan (OJK) in December 2022 for failing to meet solvency ratios as outlined in OJK Regulation No. 71/POJK.05/2016.
  • 😀 The company experienced significant financial issues, including the inability to pay claims, which led to accusations of manipulated financial reports.
  • 😀 Public accountants, including Nurdiaman and Jenny Hendrawan from the audit firm KPKN MTR, faced ethical violations, leading to the cancellation of their registration with OJK.
  • 😀 The case highlights the breach of ethics in accounting practices, particularly around integrity, objectivity, and transparency, with auditors issuing a 'clean' audit opinion despite questionable financial health.
  • 😀 WanaArtha Life’s solvency ratio for 2020 was a severe -249%, far below the required minimum of 100%, signaling major financial instability.
  • 😀 A significant increase in liabilities and reserves in 2020 compared to previous years raised questions about the company's financial management and the underlying causes of these anomalies.
  • 😀 The company faced legal and financial consequences, including a criminal investigation by the police and a series of penalties from OJK starting in 2020.
  • 😀 The public accountants involved were criticized for failing to uphold professional standards, especially regarding the need for transparency and professional conduct.
  • 😀 The video recommends stronger oversight of the accounting profession, better governance in financial companies, and more scrutiny in the selection of professionals in financial sectors to prevent similar issues in the future.

Q & A

  • What is the main issue discussed in the video?

    -The video discusses an alleged violation of POJK No. 71/POJK.05/2016 and the code of ethics for public accountants related to PT Asuransi Jiwa Adi Sarana Wanartha (Wana Artha Life). The main issue involves the company failing to meet financial solvency ratios, leading to the revocation of its business license by the Financial Services Authority (OJK) in December 2022.

  • What led to the revocation of Wana Artha Life's business license?

    -Wana Artha Life's business license was revoked due to the company's inability to meet the solvency ratio as required by OJK regulations. Additionally, the company faced issues related to failed claims, unfulfilled financial obligations, and manipulative financial reporting that misrepresented the company's financial health.

  • Who were the public accountants involved, and what happened to them?

    -The public accountants involved were Nurdiaman and Jenny Hendrawan from the Kosasih Nurdiaman Mulyadi Cahyo (KPN) firm. They were found guilty of committing serious violations of professional ethics, leading to the cancellation of their registration certificates by OJK.

  • What are the key principles of the professional ethics code for public accountants?

    -The key principles include integrity, objectivity, competence and due care, confidentiality, and professional behavior. Public accountants are expected to uphold transparency, honesty, and fairness while performing their duties.

  • How did Wana Artha Life manipulate its financial reports?

    -Wana Artha Life manipulated its financial reports by misrepresenting the financial health of the company. This included inflating the company's solvency ratio and failing to disclose the company's inability to fulfill its financial obligations, leading to inaccurate reporting to both OJK and the public.

  • What were the financial challenges Wana Artha Life faced in 2020?

    -In 2020, Wana Artha Life faced significant financial challenges, including a massive increase in liabilities, particularly in claims and technical reserves, which led to a drastic drop in equity. The company also reported a significant loss, with premiums declining by over 50% compared to 2019, and claims expenses rising dramatically.

  • What does the solvency ratio indicate, and what was the situation at Wana Artha Life?

    -The solvency ratio is an indicator of a company's ability to meet its long-term obligations. Wana Artha Life had a negative solvency ratio of -249%, far below the 100% minimum required by OJK regulations, showing that the company was unable to cover its liabilities with its assets.

  • What are the potential causes for the financial mismanagement at Wana Artha Life?

    -The financial mismanagement at Wana Artha Life can be attributed to a combination of pressure from shareholders, opportunities for misreporting, and the misuse of capabilities by the management. There was also rationalization in the decision-making process, which allowed fraudulent activities to occur.

  • What are the consequences for the public accountants and the accounting firm involved in this case?

    -The public accountants, Nurdiaman and Jenny Hendrawan, faced the cancellation of their registration certificates by OJK, prohibiting them from providing services in the financial sector. The accounting firm, Kosasih Nurdiaman Mulyadi Cahyo, also faced restrictions in accepting new assignments.

  • What are the recommendations for public accountants and regulatory bodies based on this case?

    -The recommendations include strengthening oversight and improving the quality of financial profession regulation, ensuring that public accountants adhere strictly to the professional code of ethics, and reinforcing the implementation of good corporate governance by OJK. Additionally, there should be more transparency and accountability in financial reporting to prevent future fraud.

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Related Tags
Ethical ViolationsFinancial MismanagementInsurance IndustryAudit IssuesOJK RegulationCase StudyPublic AccountantCorporate GovernanceStakeholder InterestsEthics in Finance