On Friday (7/4/17), Department of Accounting Faculty of Economics and Business Universitas Gadjah Mada (FEB UGM) held a guest lecture from Ernst & Young (EY) with the theme “Audit Planning and Risk Assessment.” The event was held in Djarum Hall, Pertamina Tower and was attended by around 150 undergraduate accounting students of FEB UGM. The invited speaker was Mr. Agung Purwanto. He is an audit partner at EY and was also FEB UGM’s alumni. Prof. Mahfud Sholihin as a Vice Dean of Academic FEB UGM opened this event with some remarks to students. He explained that the event was held as part of Auditing subject in the Accounting Department FEB UGM. He expected that students will gain valuable insights from practitioner about the particular topic and hopefully it would deepen the students’ understanding of the Auditing subject.

Mr. Agung explained about the phases in audit process. Audit planning is the first phase. It is a very critical stage because it is related to the risks that auditor or audit firm is willing to take and is directly correlated to the auditor’s or audit firm’s reputation. Mr. Agung described some steps in audit planning such as accepting the client, understand the client’s business and industry, assess the client business risks, conduct a preliminary analytical procedure, set materiality, understand client’s internal control, assess the fraud risks, and eventually develop an audit plan and audit program to undertake the audit fieldwork.

This event brought a lot of enthusiasms to students as they were exposed by many practical experiences from Mr. Agung as a prominent partner at EY. These enthusiasms were shown by so many questions arisen from students during the session. This three-hour event was closed by the moderator, Arizona Mustikarini, lecturer in Accounting Department FEB UGM.

Source: Arizona/FEBUGM