Analysis of Internal Control over Financial Reporting on Inventory Accounts: A Case Study at Institution X
Abstract
The implementation of Internal Control over Financial Reporting (PIPK) at Institution X from 2022 to 2024 was deemed effective, yet it does not fully reflect the actual condition, as repeated audit findings from the Audit Board of the Republic of Indonesia (BPK RI) revealed weaknesses in inventory internal control. This indicates that the PIPK design remains suboptimal and requires further analysis in accordance with Minister of Finance Regulation (PMK) Number 17 of 2019. This study employed a qualitative case study approach through document analysis and semi-structured interviews with eight internal respondents and two from the Institution of Finance, using data triangulation to strengthen validity. The results show that the inventory financial reporting process is not fully documented and that risk identification remains limited to areas with existing control tests. Therefore, an integrated flowchart between financial reporting and inventory management, along with extended risk identification, is needed to strengthen the PIPK design. This study contributes by proposing a regulation-based PIPK design to enhance the effectiveness of PIPK and the accountability of financial reporting.
Keywords: Financial Reporting, PIPK Design, Inventory, Internal Control, Ministries/Agencies
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References
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Fitriana, N., & Hoesada, J. (2019). The Effect of Asset Management, Implementation of Internal Control over Financial Reporting (ICOFR), and Organizational Commitment on Quality of Financial Reporting (Survey at Institution of Marine Affairs of Fisheries Republic Indonesia). Scholars Bulletin, 05(10), 542–550. https://doi.org/10.36348/sb.2019.v05i10.001
Haryanto, A. S., & Hidayah, N. (2023). The Effect of Internal Auditor’s Competence and Internal Control Effectiveness on Financial Statements Quality. Journal of Social Science, 4(1), 45–61. https://doi.org/10.46799/jss.v4i1.487
Indriyani, D., & Mappanyukki, R. (2022). The Effect of Government Accounting Standards, Utilization of Information Technology, and Accounting Internal Control on the Quality of Financial Reports with Organizational Commitments as Moderating Variables. 5(4), 1994–2006. https://journal.ikopin.ac.id/index.php/fairvalue
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Kalyani, V., & Murugan, K. R. (2021). IMPLEMENTATION OF INTERNAL CONTROL OVER FINANCIAL REPORTING (ICFR) FRAMEWORK AND CSR ACTIVITY- A CASE STUDY OF PUBLIC COMPANY IN INDIA. SHODH SANCHAR BULLETIN, 11, 111–117. https://www.researchgate.net/publication/350487192
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Maghfira, F., & Wondabio, L. S. (2023). Peningkatan Rancangan Pengendalian Intern atas Pelaporan Keuangan pada Proses Pengelolaan Barang Rampasan KPK. AFRE Accounting and Financial Review, 6(3), 337–350. https://doi.org/10.26905/afr.v6i3.10285
Mohammed, M. A., Al-Abedi, T. K., Flayyih, H. H., & Mohaisen, H. A. (2021). Internal Control Frameworks and Its Relation with Governance and Risk Management: An Analytical Study. Studies of Applied Economics, 39(11). https://doi.org/10.25115/eea.v39i11.6028
Otoo, F. N. K., Kaur, M., & Rather, N. A. (2023). Evaluating the impact of internal control systems on organizational effectiveness. LBS Journal of Management & Research, 21(1), 135–154. https://doi.org/10.1108/lbsjmr-11-2022-0078
Priya, A. (2021). Case Study Methodology of Qualitative Research: Key Attributes and Navigating the Conundrums in Its Application. Sociological Bulletin, 70(1), 94–110. https://doi.org/https://doi.org/10.1177/0038022920970318
Republik Indonesia. (2003). Undang-Undang Republik Indonesia Nomor 17 Tahun 2003 tentang Keuangan Negara.
Republik Indonesia. (2004). Undang-Undang Republik Indonesia Nomor 15 Tahun 2004 tentang Pemeriksaan Pengelolaan dan Tanggung Jawab Keuangan Negara.
Republik Indonesia. (2010). Peraturan Pemerintah Republik Indonesia Nomor 71 Tahun 2010 tentang Standar Akuntansi Pemerintahan.
Republik Indonesia. (2020). Peraturan Pemerintah Republik Indonesia Nomor 28 Tahun 2020 tentang Perubahan atas Peraturan Pemerintah Nomor 27 Tahun 2014 tentang Pengelolaan Barang Milik Negara/Daerah.
Riawati, G., & Hermawan, A. A. (2024). Evaluasi M-Score dan ICOFR PT X. E-Jurnal Akuntansi, 34(6). https://doi.org/10.24843/eja.2024.v34.i06.p02
Shava, G. N., Hleza, S., Tlou, F. N., Shonhiwa, S., & Mathonsi, E. (2021). Qualitative Content Analysis, Utility, Usability and Processes in Educational Research. International Journal of Research and Innovation in Social Science, 5(7), 553–558. https://rsisinternational.org/virtual-library/papers/qualitative-content-analysis-utility-usability-and-processes-in-educational-research/
Susanto, D., Risnita, & Jailani, M. S. (2023). Teknik Pemeriksaan Keabsahan Data Dalam Penelitian Ilmiah. QOSIM: Jurnal Pendidikan, Sosial & Humaniora, 1, 53–61. https://doi.org/10.61104/jq.v1i1.60
Wang, F., & Yang, X. (2024). Research on Risk Control and Internal Control in Corporate Accounting. Forntiers in Business, Economics, and Management, 17(2). https://doi.org/10.54097/53dnf493
Widaryani, H. U., & Kiswanto. (2020). Analysis of Factors Affecting the Quality of Local Government Financial Statements. Accounting Analysis Journal, 9(1), 53–59. https://doi.org/10.15294/aaj.v9i1.23123
Yin, R. K. (2018). Case Study Research and Applications: Design and Methods (Sixth Edition). SAGE Publications.
Published
2025-07-09
How to Cite
PUTRI, Ni Luh Putu Ayu Priscilla Wirantika; SETYANINGRUM, Dyah.
Analysis of Internal Control over Financial Reporting on Inventory Accounts: A Case Study at Institution X.
E-Jurnal Akuntansi, [S.l.], v. 35, n. 7, july 2025.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/127329>. Date accessed: 15 oct. 2025.
doi: https://doi.org/10.24843/EJA.2025.v35.i07.p02.
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