Pertemuan 4 Liability, Asset, And Inadequate Disclosure Frauds
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Transcript of Pertemuan 4 Liability, Asset, And Inadequate Disclosure Frauds
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Liability, Asset, andInadequate Disclosure Frauds
Audit Investigasi dan AkuntansiForensik
Ervin Septian Firdaus
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What Makes It Hard for Auditors to DetectFraud?
• Collusion
• Forgery(pemalsuan)
• Comple Audit !rails (terlalu"anyak)
• #iesMana$emen
• %ilence ofpeople
• &'ook
Frauds
• MisleadingDocuments
• %mall Frauds
• *ormal#ooking
!ransactions2
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!ypes of Financial %tatementFraud
+, -nderstating lia"ilities – #ia"ilites yang kurang sa$i
., &/erstating assets
– Aset yang le"ih sa$i
0, Inade1uate disclosure – 2engungkapan yang tidak memadai
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-nderstatement of #ia"ilitiesFraud
Schees that understate liabilities
• -nderstating accounts paya"le – -nderstated Account paya"le
• -nderstating Accrued #ia"ilities
– -nderstated ke3a$i"an yg masih harus di"ayar
• 4ecogni5ing -nearned 4e/enue as 6arned 4e/enue
– Mengakui pendapatan diterima dimuka se"agaipendapatan
• -nderrecording Future &"ligations
– 2encatatan Future o"ligation yang salah
• *ot 4ecording or -nderrecording 7arious !ypes or De"t
(*otes8 Mortgages8 etc,) – er"agai ke3a$i"an yang tidak dicatat
• &mission of Contingent #ia"ilities
– 9e3a$i"an "ersyarat yang tidak dicantumkan
!
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-nderstatement of #ia"ilityFraud
• "nderstateent o# Accounts $ayable
Accounts 2aya"le can "e understated "y a com"ination of:• 4ecord paya"les in su"se1uent periods or don;t record
purchases
– !idak mencatat pem"elian < dicatat di periodeselan$utnya
•
&/erstate purchase returns and purchase discounts – 4etur atau diskon pem"elian o/erstated
• 4ecord payments made in later periods as "eing made inearlier periods
– Mem"uat seolaholah pem"ayaran utang sudahdi"ayar
2em"elian understated H22 understated saleso/ertated
%
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-nderstatement of #ia"ilitiesFraud
• "nderstateent o# Accrued Liabilities
#ia"ilities incurred8 used goods or ser/ices8 "ut notrecorded8 often estimated
– *ot record accrued lia"ilities
– 4ecord accruals in a later period
• Common accrued lia"ilities accounts:
– %alaries paya"le (utang ga$i)
– 2ayroll taes paya"le (utang pa$ak penghasilan)
– 4ent paya"le (utang se3a)
– -tilities paya"le (utang utilitas)
– Interest paya"le (utang "unga)
&
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-nderstatement of #ia"ilitiesFraud
• 4ecogni5ing -nearned 4e/enue as 6arned
4e/enue – 4ecogni5ing re/enues instead of recording a lia"ility
has a positi/e e'ect on a company;s =nancialstatementsunderstates the lia"ilities o/erstates its re/enues net
income o/erstated
– y manipulating the timing of re/enue recognition8 acompany can /ery easily either understate oro/erstate deferred re/enue < lia"ilities,
– !o understand the moti/ation of these types of
frauds8 remem"er that stock prices are a'ected "y"oth risk and return,2erusahaan dng la"a yg sta"il naik8 nilai saham le"ih tinggi
6:
– 9as diterima se"elum $asa di"erikan < se"elum
pengiriman "arang –
'
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-nderstatement of #ia"ilitiesFraud
"nderrecording Future (bligations – *ot recording 3arranty (ser/ice) lia"ilities
• >aransi pen$ualan mo"il selama 0 tahun
– -nder record lia"ilities• !idak dicatatnya lia"ilities dgn lengkap
– 4ecord deposits as re/enues
–
*ot recording repurchase agreements and othercommitments• 2er$an$ian pem"elian kem"ali properti oleh perusahaan setelah
"e"erapa tahun ke depan
Future o"ligations eamples include:
–
Warranty (ke3a$i"an garansi) – %er/ice &"ligations
This type of fraud is easy to perpetrate and results
in overstated net income and understated liabilities,
)
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-nderstatement of #ia"ilitiesFraud
*ot +ecording or "nderrecording arious -ypes or Debt
.*otes, /ortgages, etc01 – not reporting or underrecording de"t to related parties
– *ot recording loans incurred or don;t record lia"ilities
– Claiming that eisting de"t has "een forgi/en "y creditors(mengklaim utang yang telah dihapuskan)
– Claiming that de"t on the company;s "ooks is personal de"t
rather than de"t of the "usiness6: 9asus >eneral 6lectrodynamics Corp (>6C) Industri Hidrolik
– +@08 mengalami rugi B,
– Mana$emen menghapus "e"erapa lia"ilities dan mengakuipendapatan
– er"ohong lia"ilites telah dihapuskan
– Meru"ah men$adi untung B++0,
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-nderstatement of #ia"ilitiesFraud
(ission o# ontingentLiabilities
• If adaya kemungkinan loss8 the contingentlia"ility should "e disclosed in the footnotes to
the =nancial statements,• Contingent lia"ilities can "e used to
fraudulently misstate =nancial statements "y:
– 4ecord contingent lia"ilities at too lo3 of an
amount – DonEt record pro"a"le contingent lia"ilities
• !untutan perkara hukum8 kesepakatan garansi
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Ways to detect understatement oflia"ilities
erfokus kepadadua cara:
• Analyticalsymptoms – erhu"ungan
dengan saldosaldo ygdilaporkanunderstated
• Accounting orDocumentarysymptoms
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Ways to detect understatement oflia"ilities
Analytical Syptos
• Accounts 2aya"le:
– Accounts 2aya"le "alances that appear tolo3
– 2urchase or C&>% =gures that appear to
lo3
– 2urchase returns or discounts that appearto high
• Accrued #ia"ilities
– 6penses and
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Ways to detect understatement oflia"ilities
Analytical Syptos
• 4ecognition of -nearned 4e/enues: – #ia"ility "alances that appear to lo3
– 4e/enue accounts that appear to high• Memeriksa syarat kontrak8 kesepakatan pen$ualan
• -nder or nonrecording of ser/ices
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Ways to detect understatement oflia"ilities
Analytical Syptos
• -nrecorded *otes (Wesel)
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Ways to detect understatement oflia"ilities
• Accounting or DocuentarySyptos
– Faktur dari pemasok diterima namun tidakada lia"ilities yg dicatat
– 2em"elian dalam $umlah "esar dicatatsetelah akhir periode namun "arangditerima se"elum periode "erakhir
– 2enanggalan kem"ali pada periode saat ini
– 9ekeliruan cuto' (salah)
4%
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Ways to detect understatement oflia"ilities
• Accounting or Docuentary Syptos
– 2hotocopied records 3here originals should eist
– -nusual discrepancies (ketidaksesuaian ) "et3eenthe entity;s records and con=rmation replies
• 9on=rmasi "ank dan catatan perusahaan
– !ransactions not recorded in a complete or timelymanner (lengkap
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2encarian proaktif indikator analisis terkaitlia"ilities fraud
40 6er#okus pada perubahan saldo .7ulah1 akun
yang tercatat dari periode ke periode .trend)•. Menghitung peru"ahan angka yang se"enarnya
terdapat dalam F
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2encarian proaktif indikator analisis terkaitlia"ilities fraud
., erfokus pada peru"ahan hu"ungan
dari periode satu ke lain – Mempela$ari peru"ahan "er"agai rasio keuangan
terkait lia"ilities dari satu periode ke periode"erikutnya, (lihat di ta"le slide selan$utnya)
0,Mem"andingkan informasi laporankeuangan dengan perusahaan lain
– 2erusahaan mem"iayai operasionalnya melaluila"a8 pin$aman8 dan in/estasi pemilik (pemegangsaham)
– Waranty lia"ilites
4)
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2encarian proaktif indikator analisis terkaitlia"ilities fraud
!26 &F #IAI#I!F4A-D
4A!I&% !& 6AMI*6
-nderrecordingaccounts paya"le(utang yg dicatattidak lengkap)
• Acidtest ratio (1uick assets
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2encarian proaktif indikator analisis terkaitlia"ilities fraud
!26 &F #IAI#I! F4A-D 4A!I&% !& 6AMI*6
-nderrecording ofunearned re/enues
-nearned re/enue
epense,• #ease epense
assets,
agaimana peru"ahannya danke3a aran,25
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2encarian proaktif indikatorAkuntansi
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2encarian proaktif indikatorAkuntansi
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2encarian proaktif indikatorAkuntansi
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&/erstatement of Asset Fraud
2!
Id tif i A t & t t t
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Identifying Asset &/erstatementFraud
• (verstateent o# Intangible or De#erred Assets
– Capitali5e costs as intangi"le assets 3here they should "eepensed
– startup costs8 ad/ertising costs8 research and de/elopment costs8
– marketing costs8 salaries8 and other initial costs,
– iaya dapat dikapitalisasi dng tu$uan untuk menghasilkanpendapatan dimasa datang8 $ika tidak8 maka harus di"e"ankanpada periode "er$alan
– 9apitalisasi "iaya epense understated la"a meningkat
– anyak kasus8 "iaya yg dikapitaliasi tidak dihapus selama"e"erapa tahun di masa yang datang,
6: Computer %cience Corporation (C%C)
– Mengem"angkan < $ual $asa komputer
–
C%C mengkapitalisasi "iaya de/elopment cost (suatusistem
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Identifying Asset &/erstatementFraud
• (verstateent o# Assets through /erger and
Acquisitions or by /anipulating IntercopanyAccounts or -ransactions .transaksi antarperusahaan1
– -se market /alues rather than "ook /alues to recordassets
– Ha/e the 3rong entity "e the purchaser – Improperly allocating "ook /alue to assets
• Menetapkan nilai "uku yg tinggi untuk aset yg diamortisasi $angkapan$ang
– 4ecord =ctitious assets or o/erstated the /alue of assets
6: 9asus Chester Holdings8 #td
– In/estment holding company
– Menaikan fair /alue aset
– %6C menduga mana$emen CH mencatat o/erstated asetaki"at kali mengakuisisi aset,
• %alah satunyamengakuisisi knitting company (tekstil)B+K $utadalam "entuk saham8 dimana fair /aluenya BK8@ $uta,
2&
Id tif i A t & t t t
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Identifying Asset &/erstatementFraud
• (verstateent o# Fi8ed Assets
– #ea/ing 3orthless or epired assets on the "ooks (tidakmenghapus aset yg sudah ha"is masa manfaatnya)
– -nderreporting depreciation epense (depresiasi yg le"ihrendah)
– mencatat nilai =ed asset yg sudah digelem"ungkan
(pem"elian =ktif) – Colluding 3ith outside parties to o/erstate assets (e,g,8
allocating in/entory costs to =ed assets)
6 : 9asus #incoln %a/ing and #oan (#%#)
– Mem"eli properti dimana nilainya ditinggikan dan di$ualkem"ali dngn nilai yg le"ih "esar lagi kepada stra3 "uyer
(pem"eli "ayangan) dimana pem"eli aslinya adalah #%#sendiri
– *ilainya tidak realistis
– Dilakukan akhir periode pada laporan keuangan netincome o/erstated
2'
Id tif i A t & t t t
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Identifying Asset &/erstatementFraud
• (verstateent o#+eceivables andInventory
– Co/er thefts of cash or other
assets "y o/erstatingrecei/a"les or in/entory
6: kasus 2harmor
– 2ersediaan di"uat le"ih sa$ikarena Mana$emen (MickyMonus) mem"a3a keluar
uang perusahaan untukkepentingan dirinya untukin/estasi di liga "ola "asket-%A
6: kasus 6%M >o/ernment
securities – Mana$emen menciptakan2)
Id tif i A t & t t t
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Identifying Asset &/erstatementFraud
• (verstateent o# ash, Short9-er
Investents, and /arketable SecuritiesSchees
– 4eporting restricted cash (sudah adapengalokasiaanya) as unrestricted (penggunaanyatidak ter"atas) on the "alance sheet
• 2lant epansion8 di/iden payment8 payroll
– Ha/ing /endors or employees steal signi=cantamounts of cash o/er time so that =nancialstatements are misstated
– Cash is 1uite hard to o/erstate "ecause of
/eri=cation from =nancial institutions – In/estasi =ktif dalam F
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Acti/ely %earching for Asset&/erstatement Fraud %ymptoms
• Inappropriately apitali:ing osts
-hat Should 6e E8pensed – Apakah kapitalisasi "iaya yang memiliki keuntungan
di masa yg akan datang dapat identi=kasi?
– Apakah ada kemungkinan "iaya terse"ut dapatdihapuskan di masa datang? 9apan?
– Apakah "iaya terse"ut sesuai %tandar Akuntansi?• iaya riset dan pengem"angan tidak dapat diterima s"g
de'ered charge
– agaimana metode penilaian intangi"le aset ?Apakah sudah sesuai?
• Hak paten8 copyright8 merek dagang8 franchise
• Motede garis lurus 8 $angka 3aktu
35
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Acti/ely %earching for Asset&/erstatement Fraud %ymptoms
Inappropriately apitali:ing osts -hat Should 6eE8pensed
• Indikator Analisis
– Comparing changes and trends in =nancial statementaccount "alances
– Comparing changes and trends in =nancial statementrelationships
• !otal deferred charges
– Comparing =nancial statement "alances 3ith non=nancial
information8 such as the num"er or 1uality of the assetsthey represent
– Comparing =nancial statement "alances and policies 3iththose used "y other similar companies
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Acti/ely %earching for Asset&/erstatement Fraud %ymptoms
Inappropriately apitali:ing osts -hat Should 6e
E8pensed• Analisis Akuntansi;Dokuen
– Assetrelated transactions not recorded in a complete or timelymanner or improperly recorded as to amount8 accountingperiod8 classi=cation8 or entity policy
– -nsupported or unauthori5ed assetrelated "alances or
transactions
– #astminute asset ad$ustments that signi=cantly impro/e=nancial results
– Missing documents related to assets
– -na/aila"ility of other than photocopied documents to supportasset transactions 3hen documents in original form are
supposed to eist
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Acti/ely %earching for Asset&/erstatement Fraud %ymptoms
• (verstateent o# Assets through /erger
and Acquisitions or by /anipulatingIntercopany Accounts or -ransactions.transaksi antar perusahaan1 – Apakah akun yg digunakan perusahaan merger sudah tepat?
– Apakah *ilai "ukunya setelah merger le"ih tinggi < rendah?
– Moti/asi merger itu apa? – Apakah perusahaan yg mengakuisisi $elas usahanya?
• Indikator Analisis
– Mem"andingkan rasio aset masingmasing perusahaanse"elum dan sesudah merger
• Intangi"le asset < total asset
• Fied asset < total asset• Current asset < total asset
• Mempro=ling perusahaan (track record)
• Indikator Akuntansi ; Dokuentasi – andingkan periode amortisasi
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Acti/ely %earching for Asset&/erstatement Fraud %ymptoms
• (verstateent o# Fi8ed Assets
– *ilai aset yg dicatat digelem"ungkan pada transaksi pem"elian
=ed asset – *ilai aset yang terlalu tinggi karena tidak disusutkan8 adanya aset
usang
– Aset =ktif dicatat dalam F
– 9esanggupan perusahaan mem"ayar ke3a$i"annyadalam $angka pan$ang
• Depreciation epense for /arious categories of assets
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Acti/ely %earching for Asset&/erstatement Fraud %ymptoms
• (verstateent o# Fi8ed AssetsIndikator Akuntansi ; Dokuentasi
– Apakah ada dokumen penilaian aset pada aset tetapyg di"eli?
– Apakah ada transaksi depresiasi dicatat akhir tahun?
– Apakah ada aset yg di"eli yang tidak terkait operasiperusahaan?
– Apakah ada ketidakkonsistenan dalam pendokumentasianaset dgn aset =siknya
– Apakah aset yg dicatat pada pem"ukuan $umlahnya samadngn pem"ukuan dari /endor?
3%
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Acti/ely %earching for Asset&/erstatement Fraud %ymptoms
• (verstateent o# ash and Short9-er Investents
•
Indikator Analisis – Mem"andingkan rasio se"agai "erikut:
• Current ratio: Current assets
– Melakukan kon=rmasi saham dengan pialang < "roker <pasar saham
– Melakukan kon=rmasi in/estasi kepada pihak in/estor
• Indikator Dokuentasi
– Mem"andingkan $umlah tercatat dgn kon=rmasi pialang8"ank,
– Melakukan pengecekan =sik kepemilikan sekuritas
"erharga–
3&
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Acti/ely %earching for Asset&/erstatement Fraud %ymptoms
• (verstateent o# +eceivables and Inventory
•
Indikator Analisis – Mem"andingkan rasio se"agai "erikut:
• 4asio #a"a kotor (margin kotor)
– #a"a kotor (sales H22) < pen$ualan "ersih
• 4asio persentase retur pen$ualan
–
-kuran persentase pen$ualan yang dikem"alikanpelanggan
• 4etur pen$ualan < total pen$ualan
– 9ecurangan dapat ter$adi ketika rasionya kecil(nyaris nol)
• 4asio perputaran piutang dagang
– Jumlah pen$ualan < piutang dagang
– Fraud ter$adi saat mencatat pendapatan < piutang=ktif
• Indikator Dokuentasi
– Apakah ada dokumen penilaian aset recei/a"le < in/entorydi"eli?3'
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Inade1uate Disclosure Fraud
• Disclosure Fraud ScheesDikelompokan men$adi tiga kategori8yaitu: – Misrepresentation a"out the nature of
the company or its products
• #aporan "erita8 3a3ancara8laporan tahunan – Misrepresentations or omissions in
the MDA (Management Discussionand Analysis )
• #aporan non keuangan8 gra=k
historis kiner$a8 peryataanmana$emen – Misrepresentations or omissions in
the footnotes to the =nancialstatements
• !idak mencatat transaksi
signi=kan dan unusual3)
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Inade1uate Disclosure Fraud
• 6amples:• 9asus 6dison %chools
– %D dan %M2 – >agal mengungkapkan informasi yg signi=kan
operasional "isnis –
%e"agian pendapatan yg tidak sampai ke perusahaan dandana terse"ut digunakan untuk pem"ayaran ga$i guru <operasional untuk sekolah di"a3ah pengelolaan 6dison,
– %6C tidak menemukan salah metode akuntansi dalampengakuan pendapatanya8 namun 6dison dianggap tidakmengungkapkan secara akurat terkait agianManagement Discussion and Analyss MDA
–
agian ini harusnya nengungkapkan kondisi dan hasilkeuangan perusahaan dari kegiatan operasional dalamrangka meningkatkan pemahaman in/estor
3
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Inade1uate Disclosure Fraud/isrepresentation about the nature o# the copany or its
products• 9asus Comparator %ystem (C%)
– 2erusahaan kecil8 $umlah aset tidak "anyak8 tidak ada produk8.@ karya3an yg tidak diga$i selama ++ tahun
– Dituduh melakukan fraud sekuritas oleh %6C +@@N – C% melakukan demonstrasi melalui media "ah3a telah memiliki
teknologi identi=kasi sidik $ari yg akan mem"uat entitas "isnis <pemerintah mem/eri=kasi dng cepat seseorang,
– Mesin yg dipakai demonstrasi adalah curian dari teknologi%kotlandia diduga %6C,
– Demonstrasi ini adalah cerita yg meyakinkan mengenai produkpalsu dan men$adikannya se"agai uang melalui pen$ualansaham dari saham BK $uta men$adi B+ Milyar dalam 3aktu tigahari,
• 9asus re Mineral – 2erusahaan kecil (a3alnya Calgary) – Mengklaim menemukan O+ $uta ons emas senilai B.+ M di
orneo8 Indonesia – *ilai perusahaan yg diperoleh dari pengungkapan ini BK, M and
6ksekutif men$adi $uta3an – !ernyata dipalsukan dengan menam"ah emas pada sampel yg
diam"il – Harga saham an$lok P saat ditemukan fraud,!5
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Inade1uate Disclosure Fraud/isrepresentations or oissions in the #ootnotes to the
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Inade1uate Disclosure FraudSeveral other #rauds• Failing to disclose contingent lia"ilities that are
reasona"ly possi"le or pro"a"le and that 3ould createa loss for the company
• Failing to disclose contractual o"ligations8 includingrestrictions on speci=c assets or lia"ilities
• Failing to disclose information regarding loans to
creditors• Inade1uately disclosing information a"out market
/alue declines of assets8 including marketa"lesecurities
!2
=ays to identi#y Disclosure
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=ays to identi#y DisclosureFraud
Syptos +elated to (verall /isrepresentation aboutthe opany or Its Assets
• /elakukan analisis terhadap pertanyaan berikut>
– Does the company;s performance make sense 3hencompared 3ith the performance of similar companies?
– What is the "ackground of the management? Where dothey come from8 and 3hat 3ere their operations in
pre/ious locations? – Ha/e any of the principals "een in/ol/ed in "ankruptcy or
scandals "efore?
– Are the company;s =nancial reports audited? If so8 for ho3many years? What type of audit opinion did they recei/e?
–
Is the company making guaranteed promises? Can thepromises "e /eri=ed?
– Would in/estors "e lia"le if the company;s de"ts 3ere notpaid?
– Are the principals in the "usiness li/ing high on the hog8G(hidup me3ah) e/en though the "usiness is relati/ely
ne3?!3
=ays to identi#y Disclosure
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=ays to identi#y DisclosureFraud
Disclosure Fraud +elated to Financial
+eports and Financial StateentFootnotes?
#ook for inconsistencies "et3een disclosuresand information in the =nancial statements
Ask management concerning relatedpartytransactions8 contingent lia"ilities8 andcontractual o"ligations
4e/ie3 a company;s =les and records 3ith the
&J9 and other regulatory agencies
!!
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45/45
-E+I/A @ASI