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BAPEPAM-LK

BAPEPAM-LK

Etty Retno Wulandari Ph.D

Etty Retno Wulandari Ph.D

16

16

thth

Annual Conference

Annual Conference

Asian Academic Accounting

Asian Academic Accounting

Association

Association

Bandung,16

(2)

AGENDA

Accounting Fraud

Accounting Fraud in Capital Market

(3)

ACCOUNTING FRAUD

Intentional misstatements or omissions of amounts or

disclosures in financial statements done to deceive

financial statements users (Mulford & Comiskey,

2002)

The intentional misrepresentation or alteration of

accounting records regarding sales, revenues,

expenses and other factors for a profit motive …

(www. businessdictionary.com)

Any act or attempt to falsify an accounting statement

for financial gain

(http://
(4)

Accounting Fraud

in Capital Market

1. Revenue Recognition

Early recognition In year 201X, company received cash for 3 years sales contract. Such advanced payment is

recognized all as a revenue in 201X .

Fictitious sales  At the end of 201X, sales target has not been achieved. Hence, company record fictitious sales hoping that in 201Y will have enough sales to cover such fictitious sales in 201X.

At the beginning of 201Y, company record sales return from the fictitious sales in 201X.

 Company’s revenue comes from makloon service (raw materials are provided by the buyer).

However, company record sales transaction as a whole by including the value of raw material.

(5)

Acconting Fraud ... Cont’d

2. Expenses

Provision for

bad debt Company has a receivable to a company in the process of bankcruptcy. However, company does not make proper allowances for the possibility of uncollectible accounts.

Allocation of deferred

mining cost

If mining company has several mining sites, the company should record cost for each

mining site. Fraud occurs when company site creating revenue and its cost is not calculated based on amortization of mining cost

occurred from that site (departure from matching cost principle).

(6)

Accounting Fraud ... Cont’d

3. Inventories

Overvaluation Due to increasing market price of the

inventories, company increases the value of its inventories based on the market price. Based on PSAK, company should recognize inventories at the lower of costs or net

realizable value. Pseudo

Inventories Company recognizes inventories in the company’s warehouses which is owned by its customers

(7)

Regulations to Prevent

Fraud

7

INTERNAL COMPANY ROLE OF PROFESSION ROLE OF REGULATOR

Financial St

 Preparation of FS

BoD & BoCInternal Audit Audit Committee

Transactions

Registration Independency

Reporting

Supervision  Perioodic review

Inspection Criminal

investigation

(8)

Regulations – Internal

Company

Regulation related with Financial

Statements

:

Preparation of Financial Statements:

Rule No. VIII.G.7 (Guidance on Presentation and

Disclosures of Issuers’ Financial Statements)

Rule No. VIII.G.11 (Director’s Responsibility of

Financial Statements)

Issuers’ Directors and Commissioners (

POJK No.

33 /POJK.04/2014

)

Internal Audit (Rule No. IX.I.7)

(9)

Internal Company... Cont’d

Preparation of Financial Statements

Rule No. VIII.G.7:

provide guidance on structure, content, and

requirements in presentation and disclosure of

financial statements

Accommodate all related PSAKs

Rule No. VIII.G.11

Statement on Director’s responsibility on financial

statements must be signed by President Director

and Director responsible for accounting and

finance.

The statement states, among others, that

(10)

Internal Company... Cont’d

.

Issuers’ BoD & BoC

Each member of the Board of Directors

jointly and severally liable for the loss of

public company caused by the fault or

negligence of members of the Board of

Directors in conducting its duties.

Number of Independent Commissioner at

least 30% of the total number of Board of

Commissioners

(11)

Internal Company... Cont’d

.

Internal Audit

Issuers must have Internal Audit Unit

Head of Internal Audit is appointed by President Director

after having approval from BoC

Head of Internal Audit is responsible to President DirectorFunction of Internal Audit, among others:

− Assess and evaluate the implementation of internal control and risk management system;

− Inspect and evaluate the efficiency and effectiveness of financial, accounting, operational, human resources, etc; − Cooperate with Audit Committee;

(12)

Internal Company... Cont’d

Audit Committee

Issuers must have audit committee who is responsible to

BoC.

Audit committee (chaired by Independent Commissioner)

at least consists of 3 members come from independent commissioner and other person outside Issuer.

Function of Audit committee, among others:

− Review financial information to be issued by Issuers; − Review issuers’s compliance to rules and regulations; − Provide recommendation to BoC regarding the

appointment of Public Accountant;

(13)

Internal Company... Cont’d

Regulation related with Transactions:

Certain Conflict of Interest Transaction (Rule No. IX.E.1)Must have approval from independent shareholders

Material Transactions and Change in Main Business

Activities (Rule No. IX.E.2)

– Transactions between 20% - 50% of equity

do not need approval from Shareholders MeetingPublish circular letter to disclose the necessary

information

– Transactions above 50% of equity and change of main business activities

(14)

Regulations – Role of

Profession

Regulation related with Public

Accountant

:

Registration

of Public Accountant

engaged in Capital Market (Rule No. VIII.A.1)

regulates requirement regarding Public

Accountant’s competency

Independency of Accountant

Providing

Service in Capital Market (Rule No. VIII.A.2)

regulates prohibited activities for public

(15)

Role of Profession ... Cont’d

Reporting to OJK by Accountant

(Rule No.

X.J.1)

Accountant must report in confidence to OJK

within three working days of discovering the

following:

a)any violation of the Law and or its

implementing regulations; or

b)any matter that may jeopardize the

(16)

Regulations – Role of

Regulator

Supervision

In performing its function based on CML Article 5, i.e.

to ensure that the Capital Market is orderly, fair, and

efficient and that the interests of investors and public

are protected, OJK conducts:

Periodic Review, based on risk based supervision:

Annual and Semiannual FS

Rule No. X.K.2

Annual Report

Rule No. X.K.6

Inspection (based on CML Article 100)

(17)

Regulations - Sanctions

Sanctions for fraud:

Administrative sanction (Government Regulation

No. 45/1995)

written admonitions;

fines;

restrictions on business activity;

suspensions of business activity;

revocations of business licenses;

cancellations of approvals; and

cancellations of registrations.

(18)

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