Financial Statement Fraud Definisi menurut Albrecht adalah : Manipulasi, pemalsuan atau perubahan catatan akuntansi atau dokumen

n pendukungnya keuangan. Representasi yang salah atau penghilangan dari laporan keuangan peristiwa, transaksi atau informasi yang signifikan. Salah penerapan secara sengaja prinsip akuntansi yang berkaitan dengan jumlah, klasifikasi, cara penyajian atau pengungkapan. Definisi menurut PSA no 70 tahun 2001 adalah : Salah saji atau penghilangan secara sengaja jumlah atau pengungkapan dalam laporan keuangan untuk mengelabuhi para pemakai laporan keuangan. Beberapa contoh skandal kecurangan dalam laporan keuangan. Nama Perusahaan Enron Corp WordCom Xerox Corp Walt Disney Company Tyco International Adelphia Com Global Crossing ImClone System Inc Permasalahan Manipulasi Pembukuan Manipulasi Pembukuan Manipulasi Pembukuan Manipulasi Pembukuan Penggelapan Pajak Penipuan Sekuritas Insider Trading dan Penipuan sekuritas Insider Trading yang menjadi sumber data bagi penyajian laporan

Mengapa kecurangan terhadap laporan keuangan tersebut terjadi? Terdapat tiga hal yang dapat memotivasi terjadinya fraud dalam laporan keuangan yaitu: 1. Merasa adanya tekanan. 2. Merasa ada kesempatan, dan 3. Kemampuan untuk merasionalisasi bahwa kecurangan yang dilakukan adalah pantas dan dapat diterima.

Skema kecurangan laporan keuangan. 1. Penetapan lebih tinggi atas asset atau laba perusahaan. a. Penilaian asset. b. Pendapatan fiktif. c. Penyembunyian beban dan kewajiban perusahaan. d. Perbedaan waktu dalam pengakuan pendapatan. e. Pengungkapan informasi laporan keuangan. 2. Penetapan lebih rendah atas asset atau laba perusahaan. Investigasi atas kecurangan laporan keuangan. Investigasi atas kecurangan dalam laporan keuangan dapat dilakukan dengan cara : 1. Review atas manajemen dan direktur. 2. Hubungan perusahaan dengan entitas lainnya. 3. Review atas organisasi dan industry. 4. Review atas kondisi keuangan. 5. Mempelajari karakteristik operasional perusahaan. Sekali kecurangan laporan keuangan terjadi, maka hal ini seringkali akan menjadi kebutuhan untuk terus berlanjut di waktu selanjutnya (Colby, 2007)

Shortcase 11-1 An electronics company that produced circuit boards for personal computers was formed in a small southern town. The three founders had previously worked together for another electronics company and decided to start this new company. They ended up as senior officers and members of the board of directors in the newly formed company. One became the chairman and CEO, the second became the companys president and COO, and the third became the controller and treasurer. Two of the three founders together owned approximately 10.7 percent of the companys common stock. The board of directors had a total of seven members, and they met about four times a year, receiving an annual retainer of $4,500 plus a fee of $800 for each meeting attended. Their new company was well received by the townspeople, who were excited about attracting the new start-up company. The city showed its enthusiasm by providing the new company with an empty building, and the local bank provided a very attractive credit arrangement for the company. In return, the company appointed the banks president to serve as a member of its board of directors. Two years later, the company began committing financial statement fraud, which went on for about three years. The three founders were the fraud perpetrators. Their fraud involved overstating inventory, understating the cost of goods sold, overstating the gross margin, and overstating net income. Identify the fraud exposures present in this case. Jawab :

1. Managements and director a. Management Backgroud Tiga orang pendiri perusahaan memiliki hubungan dalam satu perusahaan di masa lalu. Tiga orang pendiri perusahaan menjadi key member dari

perusahaan yang mereka dirikan. Chairman sekaligus menjabat CEO.

b. Management Motivation Dua orang pendiri perusahaan memiliki kepemilikan saham di perusahaan perusahaan. c. Management Influencens in making decision for the organization Ada pengaruh dalam pembuatan keputusan perusahaan. sehingga ada motivasi untuk meningkatkan laba

2. Relationship between other entities Financial institution Kepala bank menjadi board of director.

3. The organization and its industry a. Perusahaan adalah perusahaan yang baru didirikan. b. Tidak ada internal control departmen. 4. Financial result and operating characteristik Overstating inventory, understating the cost of goods sold,

overstating the gross margin, and overstating net income Shortcase 11-2 After Enron, WorldCom, and other major corporate scandals that rocked America in the recent past, it seemed that nothing would surprise investors or regulators. However, almost everyone was shocked by revelations that as many as 20 percent of all public corporations may have allowed their officers and directors

to backdate their stock option awards and account for the awards improperly. Hardly a day goes by without another public companys fraudulent stock option practices being revealed. A stock option is an award granted under which key employees and directors may buy shares of the companys stock at the market price of the stock at the date of the award. As an example, assume that Company As stock price is $15 per share on January 1, 2007. Further assume that the companys CEO is awarded 200,000 stock options on that date. This means that after a certain holding (vesting) period, the CEO can buy 200,000 shares of the companys stock at $15 per share, regardless of what the stock price is on the day he or she buys the stock. If the stock price has risen to, say $35 per share, then the CEO can simultaneously buy the 200,000 shares at a total price of $3 million (200,000 times $15 per share) and sell them for $7 million ($35 per share times 200,000 shares), pocketing $4 million. Stock options are a way to provide incentives to executives to work as hard as they can to make their companies profitable and, therefore, have their stock price increase. Until 2006, if the option granting price ($15 in this case) were the same as the market price on the date the option was granted, the company reported no compensation expense on its income statement. (Under new accounting rule FAS 123R, effective in 2006, the required accounting changed.) However, if the options were granted at a price lower than the market share price (referred to as in-themoney options) on the day the options were granted, say $10 in this example, then the $5 difference between the option granting price and the market price had to be reported as compensation expense by the company and represented taxable income to the recipient. The fraudulent stock option backdating practices involved corporations, by authority of their executives and/or boards of directors, awarding stock options to their officers and directors and dating those options as of a past date on which the share price of the companys stock was unusually low. Dating the options in this post hoc manner ensures that the exercise price will be set well below market, thereby nearly guaranteeing that these options will be in the money when they vest and thus will provide the recipients with windfall profits. In doing so, many companies violated accounting rules, tax laws, and SEC disclosure rules. Almost all companies being investigated backdated their options so that they would appear to have been awarded on the low price date despite having actually been authorized months later.

1. Would a good system of internal controls have prevented these fraudulent backdating practices? 2. Why would executives and directors of so many companies have allowed this dishonest practice in their companies? 3. Would a whistle-blower system have helped to prevent or reveal these dishonest practices? Jawab : 1. System internal control untuk mencegah praktik kecurangan backdating. Dilakukan audit internal terhadap kebijakan pemberian opsi kepada eksekutif dan karyawan

Menerbitkan opsi kepada eksekutif dan karyawan pada tanggal yang sama setiap periode dan proses dokumen dilakukan dengan hati-hati Membuat sistem whistle blower praktik ketidakjujuran ini sebesar-besarnya kepada

2. Alasan eksekutif dan direktur mengijinkan peluang untuk mendapatkan keuntungan

(backdating) pada perusahaannya adalah karena untuk memberikan karyawan, sehingga karyawan memiliki motifasi yang tinggi untuk bekerja. 3. System whistle blower membantu dalam mencegah dan mengungkap praktik backdating karena karena jika kasus backdating opsi ini mencuat akan menurunkan nilai perusahaan, dan menimbulkan kasus hukum.

Shortcase 11-3 ABC Company manufactures and sells software packages to small businesses. The company has enjoyed great success since it began business in 1998. Last year, the firm doubled its revenues, and its management is now looking closely at going public by making an initial public offering (IPO) next September. Senior management has been putting a lot of effort into further increasing sales by offering the companys sales representatives a generous commission as an incentive to increase their selling efforts. The CEO, CFO, and COO of the company have been in business together for 20 years. Two of them were high school buddies, and the other joined the group in college. They still interact socially with one another, and their respective wives are also very close. In completing a background check on the company, you find that it has a positive relationship with private investors, who are excited about the proposed IPO next September. One of the investors did inform you, however, that the company changed auditors last year because of a dispute the CEO had with the audit partner regarding some strict revenue recognition rule. The company has a board of directors and audit committee that meets twice a year to discuss how the business is doing. The board has decided to meet four times over the next year, since it may be necessary to discuss issues regarding the upcoming IPO. The board seems to speak highly of management and compensates them generously with stock options for their good work. What are some red flags that indicate that financial statement fraud may be occurring?

Jawab : 1. Managements and director a. Management Backgroud b. Management Motivation c. Management Influencens in making decision for the organization 2. Relationship between other entities a. Financial institution 3. The organization and its industry 4. Financial result and operating characteristik Red flag yang terjadi 1. Adanya hubungan yang istimewa atara CEO, COO, CFO yang terjalin sejak sekolah dulu, dan mereka berinterkdi dengan sangat dekat ( Managament Back ground). 2. Dlam hubungan dengan auditor, ternyata perusahaan tentang pengakuan pendapatan. 3. Sebelum melakukan IPO ternyata perushaaan telah mempunyai hubunngan yang dekat dengan calon investor. 4. Perusahaan berusaha dengan sangat keras dalam capaian komisi sehingga ungkin akan terjadi prkaik manajemen laba. pada tahun sbelumnya melakukan pergantian auditor karena perbedaan pendapatan

ACCOUNTING FORENSIC & FRAUD EXAMINATION

Chapter 11 Short Chase 1, 2 & 3

Disusun oleh : Aditya Meazza Y. Danny Widya P. M. Reza Ar Rizky M. Johan Ismansyah (0810233067) (0810233080) (0910233018) (0910233091)

FAKULTAS EKONOMI JURUSAN AKUNTANSI 2012