Sie sind auf Seite 1von 31

TUGAS PENGANTAR PRAKTIK PENGAUDITAN

AUDIT OF PREPAID EXPENSES

Kelompok 2 :

1 Yosie Rizky Anugrah 041711323024


2 Kamiliyatun Nichlah 041711323027
3 Putra Wahyu Oktavianus 041711323042
4 Ircham Bachtiar 041711323058

FAKULTAS EKONOMI DAN BISNIS


UNIVERSITAS AIRLANGGA
SURABAYA
2018
Markrich Sportsworld, Inc.
December 31, 19X2
Audit Program - Property, Plant, and Equip

Balance per Books


COA Name of Account Refrence
12-31-X1
Property Plant and Equipment
202 Land F-3 42,000 PY
203 Building F-3 400,000 PY
205 Furniture and Fixtures F-3 25,500 PY
207 Automobiles and Trucks F-3 20,000 PY

TOTAL 487,500
Accumulated Depreciation
204 Accumulated Depreciation - Building F-3 (9,000) PY
206 Accum. Deprec. - Furniture and Fixtures F-3 (5,100) PY
208 Accum. Deprec - Automobiles and Trucks F-3 (4,500) PY

TOTAL (18,600)
Depreciation Expense
805 Building F-3 9,000 PY
805 Furniture and Fixture F-3 5,100 PY
805 Automobiles and Trucks F-3 4,500 PY

TOTAL 18,600
Gain or Loss of Disposal Fixed Assets
904 Gain/Loss on Disposal of Fixed Assets F-4 - PY

TOTAL -
^
Tickmark
PY : Agreed with prior year balance
TB : Agreed with client trial balance
^ : Footing checked

Pre-Eliminary Analytical Review


Pada tahun 19X2 saldo akhir dari harga perolehan Property Plant dan Equipment mengalami peningkata
besaran pada tahun berjalan. Peningkatan akumulasi penyusutan mengalami peningkatan 79% dibandigk
padahal beban penyusutan tersendiri tidak mengalami peningkatan yang signifikan yakni hanya sebesar
Final Analytical Review
Pada tahun 19X2 saldo akhir dari harga perolehan Property Plant dan Equipment mengalami peningkata
besaran pada tahun berjalan. Peningkatan akumulasi penyusutan mengalami peningkatan 79% dibandigk
padahal beban penyusutan tersendiri tidak mengalami peningkatan yang signifikan yakni hanya sebesar

Notes for Disclosure


Long term loan Worldwide Insurance Co and Sun United Bank that is still outstanding, was secured by la
So fixed aset of company was used for collateral. Based on policy of insurance, there was comprehensiv
coverage with limits of $ 1,000,0000 for all perils. There was adequate insurace coverage

Proposed Adjustment Entry


AJE 06
205 Furniture and Fixtures 600
812 Repairs and Maintenance Expense 600
(to record capitalization of installation cost)

AJE 07
805 Depreciation Expense 50
206 Accum. Deprec. - Furniture and Fixtures 50
(to record depreciation of capitalization cost)

Conclusion:
Based on the study of internal control and the results of the audit test performed, it is my opinion that property
ich Sportsworld, Inc.
cember 31, 19X2
Property, Plant, and Equipment

Balance per Books Adjustment Reclasification


12-31-X2 D K D K

42,000 TB
400,000 TB
27,217 TB AJE 06 600
31,950 TB

501,167 600 - -

(18,000) TB
(9,023) TB AJE 07 50
(6,294) TB

(33,317) - 50 -

9,000 TB
4,203 TB AJE 07 50
5,844 TB

19,047 50 - -

(53) TB

(53) - - -
^ ^ ^ ^
To WTB

quipment mengalami peningkatan sebesar $13.667 atau 3% dibandingkan tahun lalu. Perubahan tersebut tidak terlalu signif
alami peningkatan 79% dibandigkan tahun lalu dikarenakan umur aset yang belum habis dan saldo awal yang kecil, sehingga
g signifikan yakni hanya sebesar 2% dibanding tahun lalu
quipment mengalami peningkatan sebesar $14.267 atau 3% dibandingkan tahun lalu. Perubahan tersebut tidak terlalu signif
alami peningkatan 79% dibandigkan tahun lalu dikarenakan umur aset yang belum habis dan saldo awal yang kecil, sehingga
g signifikan yakni hanya sebesar 2% dibanding tahun lalu

ll outstanding, was secured by land, building, furniture and fixture, automobiles and trucks.
urance, there was comprehensive automobile and truck insurance that has limit of $100M/$500M coverage, also fire and ex
insurace coverage

d, it is my opinion that property, plant and equipment is fairly stated based on PSAK at December 31, 19X2
Initial Date
Prepared by CH 1-3-19X3
Reviewed by

eclasification Balance per Audit Pre-Eliminary Review Final Analytical Review


K 12-31-X2 Dollar Percent 12-31-X2

42,000 - 0% -
400,000 - 0% -
27,817 1,717 7% 2,317
31,950 11,950 60% 11,950

- 501,767 13,667 3% 14,267

(18,000) (9,000) 100% (9,000)


(9,073) (3,923) 77% (3,973)
(6,294) (1,794) 40% (1,794)

- (33,367) (14,717) 79% (14,767)

9,000 - 0% -
4,153 (897) -18% (947)
5,844 1,344 30% 1,344

- 18,997 447 2% 397

(53) (53) 100% (53)

- (53) (53) 100% (53)


^ ^ ^ ^

ubahan tersebut tidak terlalu signifikan karena tidak ada pembelian aset besar
dan saldo awal yang kecil, sehingga peningkatan tersebut terlihat signifikan,
ubahan tersebut tidak terlalu signifikan karena tidak ada pembelian aset besar
dan saldo awal yang kecil, sehingga peningkatan tersebut terlihat signifikan,

0M/$500M coverage, also fire and extended

December 31, 19X2


F

al Analytical Review
12-31-X2

0%
0%
9%
60%

3%

100%
78%
40%

79%

0%
-19%
30%

2%

100%

100%
Markrich Sportsworld, Inc.
December 31, 19X2
Audit Program - Property, Plant, and Equipment

By Ref.

1 Review and evaluate internal controls for property,


plant, and equipment
CH F-2

2 Obtain or prepare analysis of asset groups and


accumulated depreciation presenting beginning and
ending balances, additions, and disposals. CH F-3

3 Trace beginning balances to prior year workpapers.


CH F

4 Examine supporting documents for major


acquisitions and inspect selected assets.
CH F-4.1-3

5 Examine supporting documents for disposals or


retirements.
CH F-4.1-3

6 Prepare analysis of repair and maintenance


expenses and review documentation to identify
possible capital assets. CH F-4

7 Test depreciation calculations and trace to expense


account.
CH F-3

8 Ascertain agreement beetwen control account and


subsidiary ledger.
CH F

9 Review gains or losses on diposals and trace to


appropriate account.
CH F-4

10 Review adequacy of insurance coverage for plant,


property, and equipment.
CH
11 Review property tax expense documents.
CH

12 Ascertain proper financial statement presentation.


CH F
Initial Date
Prepared by CH 1-3-19X3 F-1
Reviewed by

ASSERSION
Remarks
EO VA C RO PD

X X X X X

X
X

X
Markrich Sportsworld, Inc. Initial
December 31, 19X2 Prepared by CH
Audit Program - Property, Plant, and Equipment Reviewed by

Audit Objectives:
To determine internal controls of property, plant and equipment are satisfactory

Audit Procedures:
1. Obtain the details of internal control system through internal control questionare
2. Identify the answer of internal control questionare
3. Evaluate the results of the test

Yes No Remarks
1 Are proposals for capital acquisitions submitted
in writing? √

2 Are capital acquisitions made only after


authorization by board of directors or other √
appropriate personnel?

3 Is there a policy for approval of acquisitions in N/A; there is no


excess of those amounts listed in the original formal budget
capital budget?

4 Are competitive bids solicited when feasible?


5 Are purchasing, receiving, and recordkeeping for


properties performed by different personnel? √

6 Is a subsidiary ledger maintained and periodically


reconciled with control accounts? √

7 Is there a policy for differentiating between


expenses and capital expenditures? √

8 Are properties tagged with identification


numbers? √

9 Is there a systematic, complete physical


inventory of properties on a scheduled basis? √
10 Are there adequate physical safeguards such as
alarm systems, fences, and security personnel? √

11 Are appropriate employees bonded?


12 Is the insurance coverage periodically reviewed?


13 Are there formal policies for assigning economic


lives, salvage values, and depreciation methods? √

14 Are there formal policies for policies for


reporting disposals of properties? √

15 Is written authority required before properties are


physically removed? √

Overal Conclusion : Based on the internal control questionnaire, the internal controls of
property, plant, and equipment are satisfied.
Initial Date
CH 1-3-19X3 F-2
Markrich Sportsworld, Inc. Initial
December 31, 19X2 Prepared by CH
Audit Program - Property, Plant, and Equipment Reviewed by

Audit Objectives
To ascertain existence (occurence), right and obligation, valuation (allocation) and disclosure of Cost and Deprec

Audit Procedures
1. Obtain detail listing of client fixed assets
2. Get information of any mutation (disposal and new acquisition) of fixed aset (if any)
3. Recalculate the depreciation using accounting policy below the table
4. Trace to client's balance
5. Evaluate the results

Date of Date of Beginning


Asset Economic Life Salvage Value
Acquisition Expired Cost Balance
Land
F3.1.1 1-3-19X1 - - 42,000

TOTAL LAND ACQUISITION 42,000


Building ^
F3.2.1 1-3-19X1 1-3-19IV1 480 10% 400,000

TOTAL BUILDING ACQUISITION 400,000


Furniture and Fixture ^
F.3.3.1 1-3-19X1 1-3-19XX1 120 N/A 24,600
F.3.3.2 1-3-19X1 1-3-19XX1 120 N/A 500
F.3.3.3 1-3-19X1 1-3-19XX1 120 N/A 400
F.3.3.4 8-1-19X2 8-1-19XX2 120 N/A
F.3.3.5 10-30-19X2 10-30-19XX2 120 N/A

TOTAL FURNITURE FIXTURE ACQUISITION 25,500


Automobiles and Trucks ^
F.3.4.1 1-3-19X1 1-3-19X5 48 10% 8,000
F.3.4.2 1-3-19X1 1-3-19X5 48 10% 12,000
F.3.4.3 7-7-19X2 7-7-19X6 48 10%

TOTAL AUTOMOBILE AND TRUCKS ACQUISITION 20,000


^
TOTAL PROPERTY PLANT AND EQUIPMENT ACQUISITION 487,500
^
Accounting Policy
Aset Method
Building Straight Line
Furniture and Fixtures Double Declining Balance
Automobiles and Trucks Straight Line

Tickmark
⌂ : agreed to vendor invoices and vouchers
PY : agreed to prior years balance
^ : footing checked
Initial Date
CH 1-3-19X3

sclosure of Cost and Depreciation of Property, Plant and Equipment is fairly stated

Beginning Mutation Beginning


Final Balance
Cost Balance Addition Disposal Accum Deprec Jan

PY 42,000 PY
-
- - 42,000
^ ^ ^ ^ ^
PY 400,000 9,000 PY 750
-
- - 400,000 9,000 750
^ ^ ^ ^ ^
PY 24,600 4,920 PY 328
PY 500 ⌂ - 100 PY 7
PY 400 ⌂ - 80 PY 5
PY 2,200 ⌂ 2,200 PY
PY 1,017 ⌂ 1,017 PY
-
3,217 900 27,817 5,100 340
^ ^ ^ ^ ^
PY 8,000 1,800 PY 150
PY 12,000 ⌂ - 2,700 PY 225
PY 23,950 ⌂ 23,950 PY
-
23,950 12,000 31,950 4,500 375
^ ^ ^ ^ ^
27,167 12,900 501,767 18,600 1,465
^ ^ ^ ^ ^
Findings:
Salvage V Economic Life AJE 06
10% 40 years 205
NA 10 years 812
10% 4 years (to record capitalizatio
AJE 07
805
206
(to record depreciation
F-3

Addition Depreciation
Feb Mar April May Jun July Aug Sep Oct Nov

^ ^ ^ ^ ^ ^ ^ ^ ^ ^
750 750 750 750 750 750 750 750 750 750

750 750 750 750 750 750 750 750 750 750
^ ^ ^ ^ ^ ^ ^ ^ ^ ^
328 328 328 328 328 328 328 328 328 328
7 7 7 7 7 7
5 5 5 5 5 5 5 5 5
37 37 37 37
17

340 340 340 340 340 340 370 370 370 382
^ ^ ^ ^ ^ ^ ^ ^ ^ ^
150 150 150 150 150 150 150 150 150 150
225 225 225 225 225
449 449 449 449 449

375 375 375 375 375 599 599 599 599 599
^ ^ ^ ^ ^ ^ ^ ^ ^ ^
1,465 1,465 1,465 1,465 1,465 1,689 1,719 1,719 1,719 1,731
^ ^ ^ ^ ^ ^ ^ ^ ^ ^
Findings:

So Adjustment established (AJE 06) 600 Land


Repairs and Maintenance Expense 600 Building
(to record capitalization of installation cost) Furniture and Fixture
Automobiles and Trucks
Depreciation Expense 50 Accum Deprec Building
Accum. Deprec. - Furniture and Fixtures 50 Accum Deprec FF
(to record depreciation of capitalization cost) Accum Deprec AT
Total Final
Disposal
Des Deprec Balance

^ ^ ^ ^
750 9,000 18,000

750 9,000 - 18,000


^ ^ ^ ^
328 3,936 8,856
47 (147) -
53 (133) -
37 183 183
17 34 34

382 4,253 (280) 9,073


^ ^ ^ ^
150 1,800 3,600
1,350 (4,050) -
449 2,694 2,694

599 5,844 (4,050) 6,294


^ ^ ^ ^
1,731 19,098 (4,330) 33,368
^ ^ ^ ^
Per Book Per Audit Difference
42,000 42,000 -
400,000 400,000 -
e and Fixture 27,217 27,817 600
biles and Trucks 31,950 31,950 -
eprec Building 18,000 18,000 -
9,023 9,073 50
6,294 6,294 0
Markrich Sportsworld, Inc.
December 31, 19X2
Audit Program - Property, Plant, and Equipment

Audit Objectives: To ascertain occurence, right and obligation, valuation of property, plant and equipm
Audit Procedures : 1. For disposal, check to supporting document (such as:invoice) and approval on min
2. For acquisition, check to supporting document (such as:invoice) and approval belo
3. For exchange fixed aset, the transaction was lack of commercial substance, it wou
4. Evaluate the result

DISPOSAL SUPORTING SCHEDULE


Date Document Vendor Category

07-07-X2 Inv #40014 Capital Auto Exchange


08-01-X2 Inv #83001 Ready Fixtures, Inc Exchange
10-30-X2 Inv #1715 Able Office Equipment Exchange

Inv #40014 V 7-132 See to F-4.1


Inv #83001 V 8-032 See to F-4.2
Inv #1715 V 10-138 See to F-4.3

Notes: there was capital expenditure of installation that


not capitalized by the company valued $600, and this
was journal to Repair and Maintenace Account
So Adjustment established (AJE 06)
205 207 600
812 Repairs and Maintenance Expense 600
(to record capitalization of instalation)

ACQUISITION SUPORTING SCHEDULE


Date Document Vendor Category
09-10-X2 V 8-032 Ready Fixtures Inc. Exchange
07-07-X2 V 7-132 Capital Auto Exchange
10-30-X2 V 10-138 Able office Equipment Exchange

Conclusion: plant and equipment is fairly stated


Initial Date
Prepared by CH 1-3-19X3 F-4
Reviewed by

gation, valuation of property, plant and equipment is fairly stated


ocument (such as:invoice) and approval on minutes of meeting director, and cash if there was sale of fixed aset
g document (such as:invoice) and approval below the budet, voucher if any payment and inspect new aset
ction was lack of commercial substance, it would deffered the gain but recognized the loss

OSAL SUPORTING SCHEDULE


Aset Disposal Book Gain Approval
List Aset Invoice
Code Price Value (Loss) BOD
Automobiles and Trucks 0 9,000 7,950 1,050 V V
Furniture and Fixture 0 300 353 (53) V V
Furniture and Fixture 0 300 267 33 V V

Calculation of Exchange Disposal Asset Code


Aquisition Cost 0 0 -

Invoice Price 24,600 1,550 1,020


Add: Tax 400 50 30
25,000 1,600 1,050
Less trade in Allowance 9,000 300 300
Cash Price 16,000 1,300 750
Book Value of Old Asset 7,950 353 267
Capital Expenditure 600
Less: Loss (if any) (53)
Cost of New Assets 23,950 2,200 1,017

N SUPORTING SCHEDULE
List Aset Aset Code Cost Voucher Approval Inspect
Furniture and Fixture 0 2,200 V V V
Automobiles and Trucks 0 23,950 V V V
Furniture and Fixture 0 1,017 V V X
Coverage of Inspection 96%
Markrich Sportsworld, Inc. Initial
December 31, 19X2 Prepared by CH
Audit Program - Property, Plant, and Equipment Reviewed by

CAPITAL AUTO
300 West Avenue, Richmond, Virginia

Customer: Markrich Sportsworld, Inc. Invoice #1715


Richmond, VA

Terms: Cash on Delivery


19X2 Chevrolet Truck #84753291C
19X2 Chevrolet Truck #74911300C

Less Trade-in Allowance (One Truck)


Tax
Total
Initial Date
CH 1-3-19X3 F-4.1

O
Virginia

Invoice #40014
July 7, 19X2

$ 12,300.00
$ 12,300.00
$ 24,600.00
$ 9,000.00
400
$ 16,000.00
Markrich Sportsworld, Inc. Initial
December 31, 19X2 Prepared by CH
Audit Program - Property, Plant, and Equipment Reviewed by

READY FIXTURES, INC.


200 Ready Lane
Richmond, Virginia

Invoice #B3001

Two Display Counters, 40' Long


@ $775.00 excluding installation
Less Trade-in Allowance (Old Counters)

Tax
Total
Date
1-3-19X3 F-4.2

August 1, 19x2

$ 1,550.00

$ 300.00
$ 1,250.00
$ 50.00
$ 1,300.00
Markrich Sportsworld, Inc. Initial
December 31, 19X2 Prepared by CH
Audit Program - Property, Plant, and Equipment Reviewed by

ABLE OFFICE EQUIPMENT


October 30, 19X2 Invoice #1715

Two Desk Calculators @ $510.00


Less Trade-in Allowance

Tax
Total
Initial Date
CH 1-3-19X3 F-4.2

T
Terms : Cash

$ 1,020.00
$ 300.00
$ 720.00
$ 30.00
$ 750.00