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  1. CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS And Accounting Fraud Cases Presented by: Dra. AMBAR WORO HASTUTI , M.Si. RIA MENNITA, A.Md.Li., S.Akun., M.Ak.
  2. Table of Content INTRODUCTION The purposes of this study and why Code of Ethics should be conducted by IAI/IAPI/IFAC CODE OF ETHICS The list of Ethic Codes ACCOUNTING SCANDAL The Big Accounting Scandals: Enron & WorldCom SUMMARY LITERATURE
  3. Introduction  Ethics refers to a system or code of conduct based on moral duties and obligations, that indicates how should behave.  Professionalism refers to conduct, aims, or qualities that characterize or mark a profession or professional person.  The International Federation of Accountants (IFAC) Code of Ethics for Professional Accountants issued by International Ethics Standard Board for Accountants establishes acceptable behavior. No IFAC member body is allowed to apply less stringent standard.  The Code is in two parts, which are Part A dan Part B & C. Part A establish the fundamental principles of professional ethics for professional accountant. Whereas, Part B & C is the Code Illustrate, how the conceptual framework is to be applied in specific situations.  Auditor are frequently faced with situations that may test their professionalism, ethical character and independence (Eg. Opinion Shopping). 2022 CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS 3 For more, Eilifsen, 2013
  4. 2022 CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS 4 Need for Ethics • To function in an orderly manner. • Ethics Criteria, is about the right principles, proper procedure and fair treatment. Why People Act Unethically • Person’s ethical standard differ from General Society • The Person choose to Act Selfishly Ethical Dilemmas • Auditor should be Assertive. • Rationalizing Unethical Behavior • Everybody Does It • If it’s legal, it’s ethical • Likelihood of Discovery and Consequences • Resolving Ethical Dilemmas using ETHICAL FRAMEWORK. For more, Elder, 2009
  5. PART A: The Code of Ethics
  6. 2022 CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS 6 Part A Identifies the responsibility and public interest, it defines the public interest as “The collective well-being” of the community of people and institutions that the members serve’. This community consist of clients, credit providers, governments, employers, employees, investors, the business and financial community, and others Principles of professional ethics: Integrity, Objectivity, Professional Competence and Due Care, Confidentiality, Professional Behavior, Profession Responsibility, Public Interest, and Technical Standard Principle Approach: Threats, Safeguard and Conflict Resolution Specific guidance on Professional Conduct For more, Elder,, 2009 & Mulyadi, 2014
  7. The Details of Code of Ethics Principles 2022 CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS 7 Integrity Auditor must be Straightforward and honest. Practice fair dealing and truthfulness. Objectivity Not Compromise their professional judgement Maintain an impartial attitude Professional Competence and Due Care Maintain professional knowledge, skill in appropriately level and be diligent in the application of their own knowledge & skills. Refrain from offering / providing services that they’re not competent & work in accordance with relevant & professional standard
  8. Cont. 2022 CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS 8 Confidentiality Respect the confidentiality of information acquired through their professional work/ relationship Not Disclose such confidential information Professional Behavior Auditor must retain from any conduct, including omissions Auditor should not exaggerate their qualifications/capabilities, & should not make disparaging reference/unsubstantiated comparisons to competitors. For more, Elder,, 2009 For more (Bahasa), & Mulyadi, 2014
  9. 2020 CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS 9 CONT. Profession Responsibilities Using moral judgment and professionality in any activities. As a professional, auditor had important role in society. The should do their responsibility on their job, be cooperate, always improve maintain public trust and self-regulation. Public Interest Auditor should accept their responsibility to public. Auditor maybe has pressure during their job or in the form of conflict of interest. So they should had integrity & objectivity. Dedication with professionalism Technical Standard Do their job with relevant technical and professional standard. Fit & relevant to their competency with all the principles. Technical & Professional Standard  IAI, IFA, BPKP & relevant laws. For more, Elder,, 2009 For more (Bahasa), & Mulyadi, 2014
  10. 2022 CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS 10 Ethics Code in IAI divided into four part: (1) Prinsip Etika, (2) Aturan Etika, (3) Interpretasi Aturan Etika, (4) Tanya dan Jawab. 100 : Independensi, Integritas dan Objektifitas 200 : Standar Umum dan Prinsip Akuntansi 300 : Tanggung Jawab kepada Klien 400 : Tanggung Jawab kepada Rekan Seprofesi 500 : Tanggung Jawab dan Praktik Lain For more (Bahasa), & Mulyadi, 2014
  11. Principles Approach Adopt principle approach to anticipate situations that may generate an ethical problem. THREATS Self interest, self review, advocacy, familiarity and intimidation SAFEGUARDS The profession, legislation and regulation and the work environment CONFLICT RESOLUTION Relevant facts, ethical issues, fundamental principle, established internal procedures and alternative course. SPECIFIC GUIDANCE ON PROFESSIONAL CONDUCT
  12. PART B & C: The Code Contains 210: Professional Appointment 220: Conflict of Interest 230: Second Opinions 240: Fees & Other Types of Remunerations 250: Marketing Professional Services 260: Gifts and Hospitality Custody of Client Assets 280: Objectivity – All Services 290: Independence – Assurance Engagements
  13. Summary The Professional activities of CPAs are governed by IAPI Code of Ethics, and auditor of public companies are also subject to oversight by OJK/BPKP-RI. Foremost ethical responsibilities of CPAs are needed to their independency and as guidance on permissible financial and another interest. The fundamental ethics are integrity, objectivity, professional competence and due care, confidentiality and professional behavior. 2022 CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS 14
  15. • Enron was launched during the dot-com boom, and by 2001 it was executing online trades worth about $2.5 billion a day. Enron also invested in building a broadband telecommunications network to facilitate high-speed trading. • As the boom years, Enron faced increased competition in the energy-trading business. • Under pressure from shareholders, company executives began to rely on dubious accounting practices, including a technique known as “mark-to-market accounting,” to hide the troubles”. 1 • Mark-to-market accounting allowed the company to write unrealized future gains from some trading contracts into current income statements, thus giving the illusion of higher current profits. • Furthermore, the troubled operations of the company were transferred to so-called special purpose entities (SPEs), which are essentially limited partnerships created with outside parties. Although many companies distributed assets to SPEs, • Enron abused the practice by using SPEs as dump sites for its troubled assets. Transferring those assets to SPEs meant that they were kept off Enron’s books, making its losses look less severe than they really were. 2 • Throughout these years, Arthur Andersen (BIG5) served not only as Enron’s auditor but also as a consultant for the company. • In October Enron shocked investors when it announced that it was going to post a $638 million loss for the third quarter and take a $1.2 billion reduction in shareholder equity owing in part to Fastow’s partnerships • In 2006, Enron’s executive were convicted on varios charges of conspiracy & fraud. Arthur Anderson was found guilty of shredding evidence and lost its license to engage in public accounting 3 ENRON SCANDAL Notes: The motive for the accounting crime is to inflate financial performance so that it looks very high to get investors' attention. Even Enron also hides its debts to deceive the public. - The Fall of a Wall Street Relevance to fraud triangle: motive, opportunity &
  16. 20XX presentation title 17 The Sarbanes-Oxley Act of 2002 is a federal law that established sweeping auditing and financial regulations for public companies. Lawmakers created the legislation to help protect shareholders, employees and the public from accounting errors and fraudulent financial practices. One of the background of this Act is Enron Case. SARBANES-OXLEY ACT
  17. WORLDCOM SCANDAL 1 • The fraud was uncovered in June 2002 when the company's internal audit unit, led by the vice president Cynthia Cooper, discovered over $3.8 billion of fraudulent balance sheet entries. • Eventually, WorldCom was forced to admit that it had overstated its assets by over $11 billion. 2 • The driving factor behind this fraud was the business strategy of WorldCom's CEO, Bernie Ebbers. In the 1990s, Ebbers was clearly focused on achieving impressive growth through acquisitions 3 • The scandal overall stunned the accounting economy. The former CEO of WorldCom, Bernie Ebbers was the prime individual to blame for the scandal.. • The parties indirectly involved are KAP Arthur Andersen and the Worldcom controller, namely David F. Myers. 4 • Misappropriation of assets (Asset Misappropriation) • False statement or false statement (Fraudulent Statement) • Fraudulent statements (window dressing). • Corruption Notes: GONE Theory ( 1. Greed 2. Opportunity 3. Need 4. Exposure
  18. GARUDA INDONESIA SCANDAL 1 Pada tanggal 28 Juni 2019, PT. Garuda Indonesia (Persero) Tbk resmi dinyatakan bersalah dan dikenakan sanksi oleh beberapa lembaga seperti Kementerian Keuangan, Otoritas Jasa Keuangan (OJK), dan Bursa Efek Indonesia (BEI) atas kecurangan pengakuan pendapatan pada laporan keuangan di tahun 2018. 1.Oktober 2018, Manajemen Garuda dan PT. Mahata Aero Teknologi (Mahata) melakukan perjanjian selama 15 tahun bahwa Mahata akan melakukan dan menanggung seluruh biaya penyediaan dan biaya lainnya pada CALK 47e. 2.Garuda mengakui penghasilan dari perjanjiannya dengan Mahata sebagai suatu penghasilan dari kompensasi atas Pemberian hak oleh Garuda ke Mahata. 2 Manajemen Garuda mengakui sekaligus pendapatan perjanjian tersebut sebesar USD 239.94 juta dengan USD 28 juta diantaranya merupakan bagi hasil yang didapat dari PT. Sri Wijaya Air. Padahal perjanjian belum berakhir dan diketahui bahwa hingga tahun buku 2018 berakhir, tidak ada satu pembayaran yang telah dilakukan oleh pihak Mahata meskipun telah terpasang satu unit alat di Citilink. Dalam perjanjian tidak tercantum term of payment yang jelas, jaminan dari perjanjian tersebut. serta perjanjian dapat berubah dengan mengacu kepada kemampuan finansial Mahata. Dari pengakuan pendapatan ini, PT. Garuda Indonesia (Persero) Tbk terbukti melakukan pelanggaran Peraturan OJK Nomor 29/POJK.04/2016 tentang Laporan Tahunan Emiten atau Perusahaan 3 Pada akhirnya, Bursa Efek Indonesia (BEI) memberikan peringatan tertulis III dan mengenakan denda sebesar Rp 250 juta kepada Garuda Indonesia, serta menuntut perusahaan untuk memperbaiki dan menyajikan laporan keuangan. Otoritas Jasa Keuangan (OJK) mengenakan denda masing-masing sebesar Rp 100 juta kepada Garuda Indonesia dan seluruh anggota direksi. . Bagi Kantor Akuntan Publik (KAP), OJK membekukan Surat Tanda Terdaftar (STTD) selama 1 tahun kepada KAP Kasner Sirumapea. Di sisi lain, Kementerian Keuangan juga membekukan izin terhadap KAP Kasner Sirumapea selama 12 bulan. Skandal keuangan yang dialami Garuda Indonesia ini merupakan contoh kasus kecurangan laporan keuangan atau fraud jenis Fraudulent Statements.
  19. REFERENCES Elder, Randal J., Mark S. Beasley, Alvin A. Arens, & Amir Abadi Yusuf. (2009). Auditing and Assurance Services, 12th Editions, Singapore: PEARSON. Eilifsen, Aasmund, Messier, William F., Glover, Steven M, & Prawitt, Douglas F. (2014), “Auditing & Assurance Services”, Third International Edition, New York : Mc Graw Hill Education. Mulyadi. (2014). Auditing, 6th ed. Jakarta: Salemba Empat. Yustunius Prastowo (2019), Kasus garuda dan Misteri Akuntansi. garuda-dan-misteri-akuntansi?page=all, accessed 11 December 2021 Kemenkeu (2019), Ini Putusan Kasus Laporan Keuangan Tahunan PT Garuda Indonesia 2018,, accessed 11 December 2021