ABSTRACT
Analysis of the financial statements of listed companies in Indonesia Stock Exchange is usually done to determine the condition and progress of the company from time to time. Monitoring of the state and development of the company can determine whether the company can continue to carry out their business or not. The purpose of this study is to prove empirically that the auditor's judgment and risk assessment can provide predictions on the company's sustainability in the future by analyzing variables - specific variables. PT. Akbar Indomakmur Stimec Tbk is engaged in the coal tr ade was chosen to be the object of this research. The analysis in this study using the model of Altman Z Score and financial ratios and calculations were performed on the computer program Microsoft Office Excel 2007. The results showed that there are effect between the auditor's judgment againts going concern by considering financial risk. The results showed that the Z score of PT. Akbar Indomakmur Stimec Tbk row from 2010 to 2013 was 1,802; 1,643; 6449 and 26 565. In 2010 and 2011 shows that the company had poor financial risk and it was in a gray area. But in 2012 and 2013 the company got better,financial risk improved, and the Z scores improved so that the company is in good condition and protected from the risk of bankruptcy. Financial ratios also showed good growth as well as Z scores. Based on these considerations, the auditor stated that the company is able to maintain its survival. Key words: Auditor Judgement, Going Concern, Risk Assessment.
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ABSTRAK
Analisis atas laporan keuangan perusahaan yang terdaftar di Bursa Efek Indonesia biasanya dilakukan untuk mengetahui keadaan dan perkembangan perusahaan dari waktu ke waktu. Pemantauan atas keadaan dan perkembangan perusahaan dapat menentukan apakah perusahaan tersebut dapat terus melangsungkan usahanya atau tidak. Tujuan penelitian ini adalah membuktikan secara empiris bahwa pertimbangan auditor dan penilaian risiko dapat memberikan prediksi atas kelangsungan usaha perusahaan di masa mendatang dengan menganalisis variabel – variabel tertentu. PT. Akbar Indomakmur Stimec Tbk yang bergerak di bidang perdagangan batu bara dipilih menjadi objek dalam penelitian ini. Analisis dalam penelitian ini menggunakan model Altman Z Score dan rasio keuangan dengan perhitungan yang dilakukan pada program komputer Microsoft Office Excel 2007. Hasil penelitian menunjukkan bahwa terdapat pengaruh antara pertimbangan auditor terhadap kelangsungan usaha dengan mempertimbangkan resiko – resiko keuangan. Hasil pengujian Altman Z skor PT. Akbar Indomakmur Stimec Tbk berturut-turut dari tahun 2010 sampai dengan tahun 2013 adalah 1,802; 1,643; 6.449 dan 26.565. Tahun 2010 dan 2011 menunjukkan bahwa perusahaan memiliki risiko keuangan buruk dan berada di wilayah abu-abu. Tahun 2012 dan 2013 perusahaan membaik, resiko keuangan membaik dan Z skornya meningkat sehingga perusahaan berada dalam keadaan baik dan terhindar dari risiko kebangkrutan. Berdasarkan pertimbangan tersebut maka auditor menyatakan bahwa perusahaan mampu mempertahankan kelangsungan usahanya. Kata – kata Kunci: Pertimbangan Auditor, Kelangsungan Usaha, Penilaian Resiko.
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DAFTAR ISI Halaman HALAMAN JUDUL...........................................................................................
i
HALAMAN PENGESAHAN.............................................................................
ii
SURAT PERNYATAAN KEASLIAN SKRIPSI...............................................
iii
KATA PENGANTAR.........................................................................................
iv
ABSTRACT..........................................................................................................
vi
ABSTRAK........................................................................................................... vii DAFTAR ISI.......................................................................................................
viii
DAFTAR GAMBAR........................................................................................... xii DAFTAR TABEL...............................................................................................
xiii
DAFTAR GRAFIK ............................................................................................
xiv
DAFTAR LAMPIRAN.......................................................................................
xv
BAB I PENDAHULUAN.................................................................................... 1 1.1 Latar Belakang...................................................................................
1
1.2 Identifikasi Masalah............................................................................ 3 1.3 Maksud dan Tujuan Penelitian...........................................................
3
1.4 Kegunaan Penelitian...........................................................................
3
BAB II KAJIAN PUSTAKA, KERANGKA PEMIKIRAN, DAN
6
PENGEMBANGAN HIPOTESIS.......................................................... 2.1 Kajian Pustaka..................................................................................
6
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2.1.1 Kemampuan Enitas dalam Mempertahakan Kelangsungan Hidup (Going Concern)........................................................... 6 2.1.1.1 Opini Audit Going Concern........................................
7
2.1.2 Pertimbangan Auditor.............................................................
11
2.1.2.1 Hal – hal yang Menjadi Pertimbangan Auditor..........
12
2.1.2.2 Pertimbangan atas Kondisi dan Peristiwa...................
17
2.1.2.3 Pertimbangan Going Concern atas Rencana Manajemen..................................................................
19
2.1.2.4 Pertimbangan Dampak Informasi Going Concern atas Laporan Keuangan...............................................
21
2.1.2.5 Pertimbangan Dampak Informasi Kelangsungan Hidup (Going Concern ) Entitas terhadap Laporan Auditor........................................................................
22
2.1.2.6 Pertimbangan Spesifik bagi Entitas yang Lebih Kecil
23
2.1.3 Penilaian Risiko (Risk Assesment).................................................. 25 2.1.3.1 Definisi Risiko....................................................................
25
2.1.3.2 Pengelompokan Risiko.......................................................
27
2.1.3.2.1 Risiko Perusahaan................................................ 27 2.1.3.2.2 Risiko Eksternalitas.............................................
31
2.1.4 Tanggung Jawab Auditor................................................................ 32 2.2 Kerangka Pemikiran Teoritis......................................................................... 33 2.3 Pengembangan Hipotesis............................................................................... 36
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BAB III METODE PENELITIAN......................................................................
37
3.1 Objek Penelitian.................................................................................. 37 3.1.1 Profil Perusahaan.......................................................................
37
3.1.1.1 Sejarah Perusahaan........................................................
37
3.1.1.2 Visi dan Misi Perusahaan..............................................
38
3.2 Metode Penelitian...............................................................................
39
3.3 Definisi Operasional Variabel............................................................
39
3.4 Teknik Pengumpulan Data.................................................................
41
3.5 Analisis Data....................................................................................... 41 3.5.1 Kelemahan Teknik Analisis Data..............................................
44
BAB IV HASIL PENELITIAN DAN PEMBAHASAN..................................... 45 4.1 Penilaian Risiko PT. Akbar Indomakmur Stimec Tbk pada Tahun 2011, 2012, dan 2013 Berdasarkan Analisa Rasio Keuangan............
45
4.1.1 Likuiditas.........................................................................................
45
4.1.1.1 Perhitungan Rasio – Rasio Likuiditas..................................
45
4.1.1.2 Analisis Likuiditas dan Penilaian Risikonya.......................
48
4.1.2 Strukur Modal dan Solvabilitas.......................................................
51
4.1.2.1 Perhitungan Rasio Strukur Modal dan Solvabilitas............ 51 4.1.2.2 Analisis Strukur Modal (Solvabilitas) dan Penilaian Risikonya............................................................................ 4.1.3 Tingkat Pengembalian Investasi.................................................
54 56
4.1.3.1 Perhitungan Rasio Tingkat Pengembalian Investasi....... 56 4.1.3.2 Analisis Tingkat Pengembalian Investasi dan Penilaian
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Risikonya........................................................................
58
4.3 Analisis Kelangsungan Usaha dengan Menggunakan Metode Altman Model.....................................................................................
60
4.4 Hasil Analisis Kelangsungan Usaha pada Pertimbangan Auditor....... 66
BAB 5 KESIMPULAN DAN SARAN...............................................................
68
5.1 Kesimpulan.........................................................................................
68
5.2 Saran...................................................................................................
71
DAFTAR PUSTAKA.......................................................................................... 73 LAMPIRAN........................................................................................................
75
DAFTAR RIWAYAT HIDUP PENULIS (CURRICULUM VITAE).................
184
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DAFTAR GAMBAR Halaman Gambar 1
Kerangka Pemikiran...................................................................... 35
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DAFTAR TABEL Halaman Tabel I
Perhitungan Rasio Lancar (Current Ratio)....................................
45
Tabel II
Perhitungan Rasio Cepat (Quick Ratio).........................................
46
Tabel III
Perhitungan Waktu Penagihan (Collection Period)....................... 47
Tabel IV
Perhitungan Rasio Total Hutang Terhadap Ekuitas ( Debt To Equity Ratio ).................................................................................
Tabel V
51
Hutang Jangka Panjang terhadap Ekuitas (Long Term Debt to Equity)............................................................................................ 52
Tabel VI
Kelipatan Bunga Dihasilkan (Times Interest Earned)...................
53
Tabel VII
Tingkat Pengembalian Aset (Return on Assets)............................
56
Tabel VIII
Tingkat Pengembalian Ekuitas (Return on Equity).......................
57
Tabel IX
Hasil Perhitungan Rasio – Rasio Keuangan..................................
60
Tabel X
Perhitungan Mencari Nilai X1.................................................................................... 62
Tabel XI
Perhitungan Mencari Nilai X2.................................................................................... 62
Tabel XII
Perhitungan Mencari Nilai X3.................................................................................... 63
Tabel XIII
Perhitungan Mencari Nilai X4.................................................................................... 63
Tabel XIV
Perhitungan Mencari Nilai X5.................................................................................... 64
Tabel XV
Hasil Nilai X1, X2, X3, X4, dan X5.......................................................................... 64
Tabel XVI
Perhitungan Z Score....................................................................... 65
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DAFTAR GRAFIK Halaman Grafik I
Rasio Lancar (Current Ratio)......................................................
46
Grafik II
Rasio Cepat (Quick Ratio)...........................................................
47
Grafik III
Waktu Penagihan (Collection Period).........................................
48
Grafik IV
Rasio Total Hutang Terhadap Ekuitas ( Debt To Equity Ratio)...........................................................................................
Grafik V
52
Hutang Jangka Panjang terhadap Ekuitas (Long Term Debt to Equity).......................................................................................... 53
Grafik VI
Kelipatan Bunga Dihasilkan (Times Interest Earned).................
54
Grafik VII
Tingkat Pengembalian Aset (Return on Assets)........................... 57
Grafik VIII
Tingkat Pengembalian Ekuitas (Return on Equity)...................... 58
Grafik IX
Altman Z Score............................................................................
65
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DAFTAR LAMPIRAN Halaman Lampiran A
Perhitungan Rasio....................................................................... 76
Lampiran B
Laporan Keuangan PT. Akbar Indomakmur Stimec Tbk........... 81
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