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Tesco Fraud

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Tesco PLC adalah perusahaan asal Inggris yang bergerak di bisnis retail, dan merupakan perusahaan retail nomor satu di Britania Raya. Tesco merupakan perusahaan retail ketiga terbesar di dunia jika diukur dari profit dan kedua terbesar di dunia jika diukur dari revenue.
Namun, kesuksesan tersebut ternoda di tahun 2014, dimana Tesco menyatakan bahwa mereka telah melakukan kesalahan pencatatan income sebesar £263juta, lebih tinggi dari jumlah yang mereka umumkan sebelumnya, yaitu £250juta. Investigasi lebih lanjut menemukan bahwa masalah yang terjadi di Tesco ternyata terjadi jauh di belakang.
Hal ini terjadi dikarenakan Tesco ternyata melakukan pengakuan dini atas commercial income atau uang promosi dari supplier. Rabat (diskon) yang diberikan oleh supplier juga diakui sebagai bagian dari pendapatan mereka. Selain itu, Tesco juga melakukan penundaan pengakuan biaya, sehingga profit mereka dapat meningkat dengan lebih pesat.
Tindakan-tindakan kecurangan tersebut dilakukan oleh Tesco dengan alasan untuk meningkatkan kondisi keuangan perusahaan di masa depan dan untuk meningkatkan value dari customers dan shareholders. Tantangan yang dihadapi perusahaan semakin besar dan persaingan antar industri retail semakin ketat. Sir Terry Leahy, mantan Chief Executive Tesco menyatakan bahwa Tesco telah kehilangan reputasinya sebagai retailer dengan harga yang lebih rendah dibandingkan dengan pesaingnya. Hilangnya reputasi tersebut sangat berpengaruh bagi Tesco karena sekarang Asda, pesaing Tesco menawarkan harga rata-rata 6% lebih rendah.
Praktek akuntansi yang tidak sesuai dengan standar ini telah dilakukan oleh Tesco selama beberapa tahun kebelakang. PwC, yang telah menjadi auditor Tesco selama 31 tahun, tidak dapat menemukan kejanggalan tersebut dan tidak bisa memberikan komentar terkait kasus yang terjadi dengan alasan client confidentiality.

Kaitan Tiga Butir Laporan Audit PwC dengan Audit Investigatif Deloitte 1. Opini Wajar Tanpa Pengecualian (WTP) atas Laporan Keuangan Tesco
Apabila melihat opini wajar tanpa pengecualian dari PwC terhadap laporan keuangan Tesco, dapat dikatakan bahwa PwC tidak menjalankan proses audit seperti yang seharusnya. Dimana pengertian proses audit adalah:
The audit process is a search for evidence to form an opinion, based on a whole series of conclusions with regard to: * accuracy and dependability of the accounting records; * validity of figures in financial statements; * compliance with legislation and accounting and reporting standards.
Kemudian, opini dari PwC itu sendiri adalah sebagai berikut: give a true and fair view of the state of the Group’s affairs as at 22 February 2014 and of the Group’s profit and cash flows for the 52 weeks then ended; * have been properly prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union; and * have been prepared in accordance with the requirements of the Companies Act 2006 and Article 4 of the IAS Regulation.
PwC menyatakan bahwa laporan keuangan Tesco sudah disajikan sesuai dengan IFRS yang diadopsi oleh Uni Eropa dan juga telah disajikan sesuai dengan Companies Act 2006 dan regulasi IAS artikel 4. Ini yang menjadi dasar audit opinion dari PwC terhadap laporan keuangan Tesco.
PwC menyebutkan bahwa mereka telah melakukan prosedur audit sesuai dengan International Standards on Auditing yang diterapkan di Inggris dan Irlandia. Bukti audit yang berhubungan dengan jumlah dan pengungkapan dalam laporan keuangan yang ditemukan cukup untuk memberikan reasonable assurance bahwa laporan keuangan Tesco bebas dari salah saji yang material, yang disebabkan oleh fraud maupun error.
Padahal, dalam audit investigatifnya Deloitte menemukan bahwa sebesar £263juta commercial income dicatat tidak sesuai dengan aturan yang berlaku. Jumlah penghasilan yang diakui lebih awal bertentangan dengan kebijakan accounting Tesco, dan dilakukan dalam periode-periode sebelumnya.
Pengakuan laba lebih awal semakin lama semakin besar. Sekitar £70juta overstatement berkenaan dengan tahun buku 2013/2014, sedangkan £75juta sebelum 2013/2014. Sisanya, £118juta, berkenaan dengan semester pertama 2014/2015.
Oleh karena itu, seharusnya PwC memberikan opini tidak wajar terhadap laporan keuangan Tesco, karena praktik akuntansinya tidak memenuhi standar yang seharusnya.

2. Materialitas yang dipakai PwC dalam Audit atas Laporan Keuangan Tesco
Materialitas yang digunakan oleh PwC dalam audit atas laporan keuangan Tesco juga tidak akurat. PwC menyatakan bahwa materialitas laporan keuangan Tesco adalah £150juta, dan jumlah tersebut merupakan 5% dari keuntungan sebelum pajak.
Seperti yang kita ketahui bahwa audit investigatif Deloitte menemukan bahwa £263juta income yang diakui oleh Tesco bertentangan dengan kebijakan akuntansinya sendiri dan juga standar yang berlaku. Sehingga, seharusnya jumlah materialitas atas laporan keuangan Tesco seharusnya lebih kecil dari £150juta karena keuntungan sebelum pajak Tesco lebih kecil dari jumlah yang dilaporkan dalam laporan keuangan, dikarenakan pencatatan income yang tidak sesuai standar.

3. Fokus Audit PwC
Fokus dari audit PwC atas laporan keuangan Tesco adalah commercial income. PwC menyebutkan:
“Commercial income (promotional monies, discounts and rebates receivable from suppliers) recognised during the year is material to the income statement and amounts accrued at the year end are judgemental. We focused on this area because of the judgement required in accounting for the commercial income deals and the risk of manipulation of these balances.”
Ternyata, fokus audit dari PwC tersebut malah menjadi sasaran fraud oleh Tesco. Berdasarkan hasil audit investigatif Deloitte yang sudah dibahas diatas, Tesco mengakui pendapatan lebih cepat daripada seharusnya sehubungan dengan commercial income yang bersifat material. Opini saya pada fokus audit yang dilakukan PwC berkaitan dengan pertanyaan kedua, yaitu mengapa PwC tidak mendeteksi adanya fraud.

Mengapa PwC Tidak Mendeteksi Adanya Fraud?
Tidak terdeteksinya kasus fraud di Tesco menurut saya disebabkan oleh kesalahan auditor. Menurut Theodorus M. Tuanakotta dalam bukunya ‘Mendeteksi Manipulasi Laporan Keuangan’ ada beberapa tipe kesalahan auditor yaitu tertinggal, ceroboh, pasrah, terkecoh, dan tuna etika.
Dikaitkan dengan kasus fraud yang terjadi di Tesco, kesalahan auditor PwC yang paling memungkinkan disebabkan karena auditor PwC terkecoh. Fraud itu sendiri memang mengandung unsur penipuan dan penyembunyian. Meskipun PwC merupakan salah satu Big Four di perusahaan audit, tetap saja kemungkinan auditornya dikecoh sangat besar, terlebih bila manajemen mendapat pressure untuk melakukan fraud.
Contohnya, di tahun 2010 Tesco sudah diperingatkan mengenai praktik akuntansinya yang terlalu agresif. Pernyataan tersebut berasal dari bank asal Amerika Serikat, Citi, yang mengatakan bahwa praktik akuntansi Tesco terlampau agresif, sehingga apabila Tesco menerapkan metode akuntansi yang lebih ‘standar’, maka keuntungan sebelum pajaknya akan turun sebesar £64juta.
Namun, yang cukup mengherankan adalah, di tahun 2012 mantan Chief Financial Officer, Laurie McIlwee sudah mengirimkan peringatan mengenai kontrol keuangan setelah ditemukannya masalah dalam salah satu bisnisnya. Ia mengirimkan email kepada staff keuangan yang isinya adalah:
"You should be in no doubt as to the seriousness of mis-declarations and that accounting for profits early was forbidden, where they cannot be justified"
Jadi, di tahun 2012 departemen keuangan Tesco sebenarnya sudah menemukan isu praktik akuntansi yang tidak sesuai sebelum dilaporkan keluar perusahaan, namun kenyataannya praktik tersebut masih terus berlangsung di bagian lain dari bisnisnya. Kegagalan PwC menemukan ini memunculkan kemungkinan lain, yaitu auditor PwC yang ceroboh.
Kecerobohan auditor bisa terjadi pada setiap tahapan pekerjaan, mulai dari keputusan menerima atau menolak penugasan audit, perencanaan audit, pelaksanaan pekerjaan lapangan, penilaian bukti audit, sampai perumusan opini auditor. Auditor yang berpengalaman pun bisa ceroboh dalam membuat professional judgment dan penerapan kewaspadaan profesional. Mungkin saja dalam kasus Tesco ini, auditor PwC lalai dalam menerapkan kewaspadaan profesional sehingga peringatan dari Laurie McIlwee tersebut luput dari perhatiannya.
Kesalahan auditor terakhir yang menurut saya memungkinkan adalah disebabkan karena auditor PwC yang tuna etika. Auditor tuna etika sebenarnya adalah auditor yang cerdik dan mengetahui isu-isu audit yang dapat dijual kepada kliennya untuk menghasilkan keuntungan pribadi. Jika melihat kasus Tesco, kita mengetahui bahwa PwC sudah mengaudit Tesco selama 31 tahun sehingga independensi PwC dapat dipertanyakan. Ada kemungkinan, karena hubungan antara Tesco dan PwC yang sudah sangat lama, kedua kubu bekerjasama untuk menutupi fraud yang dilakukan Tesco.
Argumen tersebut bisa semakin kuat apabila kita melihat kasus PwC dengan Barclays. Sama dengan Tesco, sebagai auditor tertua di UK, PwC mempunyai klien audit lama, yaitu Barclays. Bahkan Barclays sudah menjadi klien audit PwC selama 120 tahun. Pada tahun 2012 Barclays diketahui memanipulasi transaksi Libor (London inter-bank offered rate). Majalah Forbes edisi 2 Juli 2012, menurunkan berita berjudul “Barclays Manipulates Libor While Auditor PwC Snoozes”. Apakah ini budaya yang melekat pada PwC? Bahwa mereka menutup mata terhadap fraud-fraud yang terjadi di perusahaan yang sudah lama menjadi klien mereka?
Ditambah lagi, salah satu klien PwC yaitu Sainsbury memutuskan untuk tidak lagi menggunakan jasa PwC untuk mengaudit laporan keuangannya. Sainsbury sudah menjadi klien PwC selama 20 tahun. Salah satu analis dari pasar modal, seperti yang dikutip dari Financial Times menegaskan bahwa penggantian PwC di Sainsbury’s tidak berarti ada masalah accounting di sana. Namun, penggantian PwC dengan EY penting mengingat apa yang terjadi dengan sektor retail (perdagangan eceran) di UK tahun lalu, dan dengan masalah accounting di Tesco.
Tetapi, penggantian auditor di Sainsbury ini bisa saja memunculkan kecurigaan baru bahwa bisa saja hal yang terjadi pada Tesco dan Barclays juga terjadi pada Sainsbury.

Sumber: http://www.bbc.com/news/business-29716885 http://www.bbc.com/news/business-29364273 http://www.bbc.com/news/business-30881267 Theodorus M. Tuanakotta, ‘Mendeteksi Manipulasi Laporan Keuangan’
Vignette-Tesco dari Pak Theo
PPT IGSM chapter 6&11

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...all VAT-registered businesses in the UK are retailers. 70% of UK retail is Organized and 30% is Unorganized. The retail sector generates almost 8% of the Gross Domestic Product of the UK. The retail industry employed 2.9 million people, as at the end of September 20. Supermarkets dominate the UK food retail market, with 56.0% of sales. 3 Company overview Tesco¶s is a United Kingdom based international supermarket chain. It is the largest British retailer both by global sales and by domestic market share. Established in 1924. Tesco is the third-largest retailer in the world next to Wal-Mart, Carrefour and is operating around 2,440 stores and employing over 4,00,000 people www.Tesco.com is recognized as the world¶s largest online grocer, with a customer base of little less than 1 million and more than 250,000 orders a week. Tesco¶s market share of UK retailing is 12.5%. 4 Company overview Tesco has moved into areas such as clothes, consumer electronics, consumer financial services, internet services, consumer telecoms and gas stations. Tesco now controls over 30% of the grocery market in U.K. As of March 2008, Tesco have a store in every postcode of the UK. 1960 1970 1980 1960 2000 5 Competitors Competitors ASDA Group Limited BP Plc Carrefour S.A. ExxonMobil Corporation The Big Food Group Plc J Sainsbury plc Marks and Spencer Group plc Royal Dutch/Shell Group Safeway Inc. 6 Safeway plc Somerfield SPAR HandelsAktiengesellschaft The Boots Group PLC Wm...

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Internal Sources of Competitive Advantage

...branches, 18,000 stock lines, and owns about 4.3% grocery market share in UK. Waitrose has a very good reputation and image because its products are quality, freshness, provenance, and safety, its good customer service, and good home delivery service that are the reasons why there are lots of loyal customers and new customers. (John Lewis Partnership, 2010) Waitrose supermarket is a luxurious supermarket because it provides high quality, fresh goods, and good service to customers. There are many loyal employees working in Waitrose so that the staff turnover is low and all of employees work hard to satisfy their customers. It makes Waitrose become more successful. In addition to, Waitrose has many strong competitors that are including Tesco, ASDA, Sainsbury's, and Morrisons. The price of goods in Waitrose is...

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