AUDIT REPORT
BY:
NURHANA
HILDA ADELIA
NUR RAHMAH
SUKADRI
MUHAMMAD ILYAS
ACCOUNTING DEPARTMENT
POLITEKNIK NEGERI UJUNG PANDANG
MAKASSAR
2013
A.
About PT Vale
Indonesia Tbk
PT Vale
Indonesia Tbk, formely PT International Nickel Indonesia Tbk, was established
on July 25, 1968 by deed No. 49 dated July 25, 1968 drawn up before Eliza
Pondaag, a public notary in Jakarta.
The company
plant is located in Sorowako, South Sulawesi and head office is located in
Jakarta.
The company
operations are conducted pursuant to a Contract of Work entered into with the
Government of the Republic of Indonesia. The CoW grants the company the right
to develop and operate a project for nickel and certain other minerals in
defined areas within the island of Sulawesi.
B. Auditing
Arens dan Loebeccke (1997:5)
“Auditing is the accumulation and evaluation of evidence about
information to determine and report on the degree of correspondence between the
information and established criteria. Auditing Should be done by a competence
independent person.”
C. Types
of Audit
1. Management Audit;
2. Compliance Audit;
3. Internal Audit;
4. Computer Audit.
D.
Types of Audit
Opinions
1.
Unqualified
opinion
The unqualified opinion has no reservations
concerning the financial statements. This is also known as a clean opinion
meaning that the financial statements appear to be presented fairly.
2.
Qualified
opinion
This means that the auditor has taken exception
to certain current-period accounting applications or is unable to establish the
potential outcome of a material uncertainty.
3.
Disclaimer
opinion
This is a special type of audit report that
should be issued when the auditor permits his or her name to be associated with
financial statements that were not examined in accordance with generally
accepted auditing standards.
4.
Adverse opinion
This is a type of audit opinion which states
that the financial statements do not fairly present the financial position,
results of operations, and changes in financial position, in conformity with
generally accepted accounting principles.
5. Qualified opinion with explanatory language.
E.
Internal Audit
Institute of Internal Auditors (IIA) Standard
effective January 2002. Internal auditing is an independent, objective
assurance and consulting activity designed to add value and improve an
organization's operations. It helps an organization accomplish its objectives
by bringing a systematic, disciplined approach to evaluate and improve the
effectiveness of risk management, control, and governance processes.
The audit process is generally a ten-step
procedure as outlined below.
1.
Notification
First, you will
receive a letter to inform you of an upcoming audit. The auditor will send you
a preliminary checklist. This is a list of documents (e.g. organization charts,
financial statements) that will help the auditor learn about your unit before
planning the audit.
2.
Planning
After reviewing
the information, the auditor will plan the review, conduct a risk workshop
primarily to identify key risks and raise risk awareness, draft an audit plan,
and schedule an opening meeting.
3.
Opening Meeting
The opening
meeting should include senior management and any administrative staff that may
be involved in the audit. During this meeting, the scope of the audit will be
discussed. You should feel free to ask the auditors to review areas that you
are concerned about. The time frame of the audit will be determined, and you
should discuss any potential timing issues (e.g. vacations, deadlines) that
could impact the audit. It doesn't take as much of your time as you might
expect!
4.
Fieldwork
After the
opening meeting, the auditor will finalize the audit plan and begin fieldwork.
Fieldwork typically consists of talking with staff, reviewing procedure
manuals, learning about your business processes, testing for compliance with
applicable university policies and procedures and laws and regulations, and
assessing the adequacy of internal controls. You should make your staff aware
that the auditor will be scheduling meetings with them.
5.
Communication
Throughout the process, the auditor will keep
you informed, and you will have an opportunity to discuss issues noted and the
possible solutions.
6.
Report Drafting
After the
fieldwork is completed, the auditor will draft a report. The report consists of
several sections and includes: the distribution list, the follow-up date, a
general overview of your unit, the scope of the audit, any major audit
concerns, the overall conclusion, and detailed commentary describing the
findings and recommended solutions. You should read the draft report carefully
to make sure there are no errors. If you find a mistake, inform the auditor
right away so that it can be corrected before the final report is issued.
7.
Management
Response
Once the report
is finalized, we will request your management responses. The response consists
of 3 components: whether you agree or disagree with the problem, your action
plan to correct the problem, and the expected completion date.
8.
Closing Meeting
A closing meeting will be held so that everyone
can discuss the audit report and review your management responses. This is an
opportunity to discuss how the audit went and any remaining issues.
9.
Report
Distribution
The report is
then distributed to you, your manager(s), senior university administrators,
internal audit, and the university's external auditors. We also distribute an
audit survey to the audited unit to solicit feedback about the audit. Feedback
is important to us, since it can help us improve the audit process.
10.
Follow-Up
Follow-up reviews are performed on an
issue-by-issue basis and typically occur shortly after the expected completion
date, so that agreed-upon corrective actions can be implemented. The purpose of
the follow-up is to verify that you have implemented the agreed-upon corrective
actions. The auditor will interview staff, perform tests, or review new
procedures to perform the verification. You will then receive a letter from the
auditor indicating whether you have satisfactorily corrected all problems or
whether further actions are necessary. If further corrective action is
required, you will need to write a management response. Otherwise, the issue
will be reported as resolved.
Jakarta, 22 March 2012
Independent Auditor’s Report
To the Shareholders of
PT Vale Indonesia Tbk
Kantor
Akuntan Publik
Tanudiredja, Wibisana dan Rekan
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