Pelaksanaan Audit Kelompok 5 Lokal B Akuntansi Universitas Borneo Tarakan

Summary

This video script depicts a professional audit process at a pharmaceutical company. The audit team discusses the necessary documentation required, including financial reports and supporting documents. They conduct a thorough examination, uncovering discrepancies such as untimely reconciliations and inconsistent inventory records. The audit highlights key risks, particularly in cash management and debt, and offers recommendations for improvements. In the end, the team assures the company that the audit will enhance transparency and accuracy, ensuring better decision-making for the organization.

Takeaways

• 😀 The auditor initiates the conversation, confirming that they are from an auditing company.
• 😀 The company representative acknowledges that the audit will be conducted and inquires about the necessary documentation.
• 😀 The auditor lists the required documents for the audit, including financial reports and supporting documents.
• 😀 The audit will focus on the company's financial records, specifically looking at cash management and liabilities.
• 😀 The auditor requests relevant bank reports and transaction journals to support the audit process.
• 😀 A difference between the cash balance in the financial report and the bank statement is noted, and the auditor asks for an explanation.
• 😀 The company explains the discrepancy in cash due to unrecorded transactions, and promises to provide additional evidence.
• 😀 The audit also uncovers inconsistencies in inventory reporting, with delays in inventory recording noted as a cause for discrepancies.
• 😀 The auditor recommends improvements in the recording systems to address the identified issues and ensure more accurate financial reporting.
• 😀 The audit concludes with the auditor emphasizing the importance of transparency and accuracy in financial reporting for the company's better decision-making.

Q & A

What is the purpose of the audit described in the transcript?

The purpose of the audit is to review the company's financial statements and ensure they are accurate and transparent. The audit focuses on assessing the company's financial data, including reports and documents, to identify any discrepancies or risks.

What are the key documents required for the audit process?

The key documents required for the audit include the financial statements and supporting documents, such as bank reports and transaction journals.

Which area of the company is considered to have the highest financial risk?

The areas with the highest financial risk are cash management and debt management, as these are the most critical to the company's financial health.

What did the auditors find during the audit process?

The auditors discovered discrepancies between the cash balance in the financial report and the bank report. Additionally, there were issues with inventory recording, specifically delays in updating inventory records.

Why was there a discrepancy between the cash balance and the bank report?

The discrepancy was due to some transactions not being recorded in time, leading to a delay in reconciliation between the financial report and the bank records.

What recommendation did the auditors make regarding the company's accounting practices?

The auditors recommended improving the reconciliation process for cash records and ensuring that inventory is recorded in real-time to prevent inconsistencies in financial data.

How did the company respond to the audit findings?

The company acknowledged the audit findings and agreed to improve their accounting systems, particularly in terms of cash reconciliation and inventory recording.

What is the role of the audit team during the audit process?

The audit team is responsible for collecting evidence, verifying data, and evaluating the financial information to ensure that the audit results are accurate and trustworthy. They also provide recommendations for improving financial management practices.

Why is it important for audits to be thorough and professional?

It is important for audits to be thorough and professional because they ensure the accuracy and transparency of a company's financial statements, which is crucial for making informed decisions within the organization and for maintaining trust with stakeholders.

What overall benefit does the audit provide to the company?

The audit helps the company by ensuring that their financial reporting is accurate, transparent, and compliant with applicable regulations. This, in turn, improves the company's overall financial management and helps make better decisions.