Document Sample
           OECD Principles
• Disclosure and Transparency
  – The corporate governance framework
    should ensure that timely and accurate
    disclosure is made on all material matters
    regarding the corporation, including the
    financial situation, performance,
    ownership, and governance of the
• Asas GCG yaitu transparansi,
  akuntabilitas, responsibilitas, independensi
  serta kewajaran dan kesetaraan
      Information Asymmetry
• Information asymmetry: some parties to
  business transactions may have an
  information advantage over others
• Two major types of information asymmetry
  – Adverse selection
  – Moral hazard
Information Asymmetry (Cont’d)
• Adverse selection
  – One or more parties (managers and other
    insiders) to a business transaction, or
    potential transaction, have an information
    advantage over other parties (investors)
  – This may affect the ability of investors to make
    good investment decisions
  – Financial accounting and reporting as a
    mechanism to control the adverse selection
    problem by converting inside information into
    outside information
Information Asymmetry (Cont’d)
• Moral Hazard
  – One or more parties to a business
    transaction, or potential transaction, can
    observe their actions in fulfillment of the
    transaction but other parties cannot.
  – Occurs because of the separation of
    ownership and control
  – Accounting net income as a measure of
    managerial performance
           Important Role
• Independent audit
• Accounting and disclosure standards
• Corporate governance – board and audit
         Regulasi BAPEPAM-LK
• Kewajiban bagi Emiten dan Perusahaan Publik
  untuk menyampaikan Laporan Tahunan:
  –   Ikhtisar data keuangan penting
  –   Laporan dewan komisaris
  –   Laporan direksi
  –   Profil perusahaan
  –   Analisis dan pembahasan manajemen
  –   Tata kelola perusahaan
  –   Tanggung jawab direksi atas laporan keuangan
  –   Laporan keuangan yang telah diaudit
Regulasi BAPEPAM-LK (Cont’d)
• Peraturan Nomor VIII.G.7 Tentang
  Pedoman Penyajian Laporan Keuangan
  – Peraturan ini menetapkan bentuk, isi, dan
    persyaratan dalam penyajian laporan
    keuangan yang harus disampaikan oleh
    Emiten atau Perusahaan Publik
Regulasi BAPEPAM-LK (Cont’d)
• Pedoman Penyajian dan Pengungkapan
  Laporan Keuangan Emiten atau Perusahaan
  Publik (P3LKEPP):
  – Untuk memberikan suatu panduan penyajian dan
    pengungkapan yang terstandarisasi dengan
    mendasarkan pada prinsip-prinsip pengungkapan
    penuh (full disclosure), sehingga dapat memberikan
    kualitas penyajian dan pengungkapan yang memadai
    bagi pengguna informasi yang disajikan dalam
    pelaporan keuangan Emiten atau Perusahaan Publik.
  – Aturan yang lebih detil sebagai acuan untuk
    pelaksanaan guna melaksanakan Peraturan Nomor
    VIII.G.7 tentang Pedoman Penyajian Laporan
Regulasi BAPEPAM-LK (Cont’d)
P3LKEPP (Cont’d)
• Industri Manufaktur    •   Industri Konstruksi
• Industri Investasi     •   Industri
• Industri Rumah Sakit   •   Industri Transportasi
• Industri Jalan Tol     •   Industri Real Estate
• Industri Perhotelan    •   Industri Peternakan
• Industri Restoran      •   Industri Perkebunan
• Industri
Regulasi BAPEPAM-LK (Cont’d)
P3LKEPP (Cont’d)
• Industri Pertambangan Umum
• Industri Minyak dan Gas Bumi
• Industri Perbankan
Regulasi BAPEPAM-LK (Cont’d)
• Peraturan Nomor X.K.1 : Keterbukaan
  Informasi yang Harus Segera
  Diumumkan kepada Publik
          Empirical Evidence
• Botosan (1997)
  – For a sample of firms with relatively low
    analyst following, greater disclosure is
    associated with a lower cost of equity capital
• Sengupta (1998)
  – Documents a statistically significant negative
    association between a measure of a firm’s
    overall quality disclosure and two alternative
    measures of a firm’s incremental borrowing
Internal Control
• CORPORATE GOVERNANCE: “the system by which
  business corporations are directed and controlled. ”
• INTERNAL CONTROL: “a process, effected by an
  entity's board of directors, management and other
  personnel, designed to provide reasonable assurance
  regarding the achievement of objectives in the following
   – Effectiveness and efficiency of operations
   – Reliability of financial reporting
   – Compliance with applicable laws and regulations
          Five Components
•   Control environment
•   Risk assessment
•   Control activities
•   Information and communication
•   Monitoring
     What Internal Control Can
• Internal control can help an entity achieve its
  performance and profitability targets, and prevent
  loss of resources.
• It can help ensure reliable financial reporting.
• It can help ensure that the enterprise complies
  with laws and regulations, avoiding damage to its
  reputation and other consequences.
• In sum, it can help an entity get to where it wants
  to go, and avoid pitfalls and surprises along the
      What Internal Control Can
               Not Do:
• Internal control cannot change an inherently poor
  manager into a good one.
• Shifts in government policy or programs, competitors'
  actions or economic conditions can be beyond
  management's control.
• Internal control cannot ensure success, or even survival.
• An internal control system, no matter how well conceived
  and operated, can provide only reasonable--not
  absolute--assurance to management and the board
  regarding achievement of an entity's objectives.
     What Internal Control Can
              Not Do:
• Controls can be circumvented by the
  collusion of two or more people, and
  management has the ability to override the
• Another limiting factor is that the design of
  an internal control system must reflect the
  fact that there are resource constraints,
  and the benefits of controls must be
  considered relative to their costs.
      Roles and Responsibilities
Everyone in an organization has responsibility for internal
• Management
• Board
• Internal Auditors
• Other Personnel
   – External auditors contribute directly through the
     financial statement audit and indirectly by providing
     information useful to management and the board in
     carrying out their responsibilities

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