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Aditya Halim Perdana Kusuma Putra
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Golden Ratio of Auditing Research
Published by Manunggal Halim Jaya
ISSN : -     EISSN : 27766373     DOI : https://doi.org/10.52970/grar
Core Subject : Economy, Social,
Economics, Econometrics & Finance Social Sciences
Golden Ratio of Auditing Research (GRAR) aims to advance knowledge in auditing by publishing critiques, thought leadership papers, and literature reviews on specific aspects of auditing. The journal seeks to publish articles that have international appeal either due to the topic transcending national frontiers or due to the clear potential for readers to apply the results or ideas in their local environments. While articles must be methodologically and theoretically sound, any research orientation is acceptable. This means that papers may have an analytical and statistical, behavioral, economic and financial (including agency), sociological, critical, or historical basis. The editors consider articles for publication that fit into one or more of the following subject categories: • Financial statement audits • Public sector/governmental auditing • Internal auditing • Audit education and methods of teaching auditing (including case studies) • Audit aspects of corporate governance, including audit committees • Audit quality • Audit fees and related issues • Environmental, social, and sustainability audits • Audit related ethical issues • Audit regulation • Independence issues • Legal liability and other legal issues • Auditing history • New and emerging audit and assurance issues With its outstanding editorial board, Golden Ratio of Auditing Research (GRAR) global perspectives on auditing make it accessible and relevant to practitioners and researchers across the world, while its coverage of the entire spectrum of auditing issues addresses the audit challenges of today and tomorrow.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Akuntansi
Articles 158 Documents
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The Ability of Company Performance and Accrual Components to Predict Future Cash Flows Diah Saraswati; Agustin Ekadjaja
Golden Ratio of Auditing Research Vol. 6 No. 2 (2026): February - June
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grar.v6i2.2350

Abstract

Financial information is essential for stakeholders as a basis for making economic decisions. Cash flow is a crucial indicator that enables stakeholders to evaluate a company's ability to sustain future operational activities. This study aims to examine the effects of net income, changes in accounts receivable, and changes in accounts payable on future cash flows. This study employs a quantitative research approach using a purposive sampling method based on a population of publicly listed companies in the Consumer Non-Cyclicals sector. The data are analyzed using panel data regression with the assistance of the E-Views application. The results indicate that net income and changes in accounts receivable have a significant effect on future cash flows, whereas changes in accounts payable do not have a significant effect. Simultaneously, the three variables significantly influence future cash flows. These findings confirm that future cash flows are primarily influenced by company performance and accrued income rather than accrued expenses.
The Effect of Profitability, Liquidity, and Leverage on Financial Distress in Property and Real Estate Companies Listed on the IDX Adania Azzahra; Agustin Ekadjaja
Golden Ratio of Auditing Research Vol. 6 No. 2 (2026): February - June
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grar.v6i2.2390

Abstract

This study examines the effect of profitability, liquidity, and leverage on the probability of financial distress in property and real estate companies listed on the Indonesia Stock Exchange (IDX) for the period 2022–2024. Employing a quantitative approach with a causal design, this study uses secondary data drawn from annual and financial reports of 75 companies, yielding 225 panel observations. Financial distress is measured using the modified Altman Z-Score, transformed into a binary dummy variable, while profitability is proxied by Return on Assets (ROA), liquidity by the Current Ratio (CR), and leverage by the Debt-to-Assets Ratio (DAR). The data are analysed using binary logistic regression with panel data, estimated via EViews 10. The results reveal that profitability has a significant negative effect on financial distress, confirming that higher asset returns reduce distress risk. Liquidity also exerts a significant negative effect, indicating that adequate current assets protect companies from short-term payment failure. In contrast, leverage has a significant positive effect, demonstrating that a greater reliance on external debt amplifies financial vulnerability. Collectively, the three variables explain 55.96% of the variation in financial distress probability, with an overall model prediction accuracy of 87.56%. These findings provide practical guidance for management, investors, and regulators in assessing financial health risks within Indonesia's property and real estate sector.
Transformation of Accounting Information Systems: An Analysis of the Impact of Digitalization on the Financial Performance of Small and Medium-Sized Enterprises in Indonesia Andi Riska Andreani; M. Mediaty; Sri Sundari
Golden Ratio of Auditing Research Vol. 6 No. 2 (2026): February - June
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grar.v6i2.2408

Abstract

Digital transformation has reshaped the financial management practices of Small and Medium-Sized Enterprises (SMEs), particularly through the adoption of digital Accounting Information Systems (AIS). In Indonesia, SMEs play a vital role in national economic growth, yet many still face challenges in adopting digital accounting technologies due to limited digital literacy, inadequate technological infrastructure, financial constraints, and resistance to change. This study aims to systematically review the impact of AIS digitalization on SME financial performance and to identify the key supporting and inhibiting factors influencing its implementation. Using a Systematic Literature Review (SLR) approach guided by the PRISMA 2020 framework, this study analyzes peer-reviewed articles published between 2021 and 2026 from major academic databases, including Scopus, Web of Science, ScienceDirect, and Google Scholar. The findings indicate that AIS digitalization has a significant positive effect on SME financial performance, particularly in improving operational efficiency, financial reporting accuracy, internal control, decision-making quality, profitability, and revenue growth. The review also reveals that successful implementation is strongly influenced by human resource competence, digital literacy, management support, technological infrastructure, government support, and regulatory readiness. However, barriers such as high investment costs, limited technical skills, organizational resistance, cybersecurity risks, and inadequate infrastructure remain critical challenges. This study contributes theoretically by integrating the Resource-Based View, Technology Acceptance Model, and Technology-Organization-Environment framework to explain AIS digitalization in SMEs. Practically, the findings provide strategic insights for SMEs, technology developers, and policymakers in strengthening digital transformation and improving financial performance.
Financial Soundness Analysis of Indonesian Regional Development Banks: A Comparative Case Study Based on the RGEC Framework Vicka Pramudya Putra; Chairilisa Azzahra
Golden Ratio of Auditing Research Vol. 6 No. 2 (2026): February - June
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grar.v6i2.2428

Abstract

Regional Development Banks (RDBs) support regional economic growth through financial intermediation, fund management, and MSME financing. This study examines the financial soundness and governance performance of Bank BJB and Bank Jatim using the RGEC framework during 2021–2025. Using a descriptive quantitative approach, Risk Profile is measured by NPL and LDR, Earnings by ROA and NIM, Capital by CAR, and governance by GCG self-assessment ratings. The findings show that both banks maintained generally sound conditions but had different strengths. Bank BJB performed better in credit quality and governance, while Bank Jatim showed stronger profitability and capital adequacy. Overall, the RGEC framework effectively captures differences in bank soundness across risk, governance, earnings, and capital dimensions. The study highlights the need for RDBs to strengthen risk management, governance, profitability, and capital resilience to support sustainable banking performance.
Financial Reporting Timeliness, Information Quality, and Firm Performance: Examining the Mediating Role of Reporting Effectiveness Rahel Junita
Golden Ratio of Auditing Research Vol. 6 No. 2 (2026): February - June
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grar.v6i2.2174

Abstract

Timely and high-quality financial reporting has become increasingly important in improving organizational performance and supporting strategic decision-making. However, limited empirical evidence explains how reporting effectiveness mediates the relationship between financial reporting attributes and firm performance, particularly in emerging economies. This study aims to examine the effects of financial reporting timeliness and information quality on firm performance by investigating the mediating role of reporting effectiveness. A quantitative research design was employed using primary data collected from 100 financial statement users working in companies located in Medan, Indonesia. The census sampling technique was applied, and the data were analyzed using multiple linear regression with SPSS version 20. The results indicate that financial reporting timeliness, financial reporting quality, and reporting effectiveness each have positive and statistically significant effects on firm performance. Furthermore, reporting effectiveness significantly mediates the relationship between financial reporting quality and firm performance, indicating that high-quality financial information improves organizational outcomes when it is effectively communicated and utilized. These findings extend financial reporting literature by providing an integrated framework that links reporting quality, timeliness, and reporting effectiveness within a single analytical model. Practically, the study provides useful insights for managers, auditors, and policymakers in improving financial reporting systems to support sustainable organizational performance.
Research Trends in Governance, Risk and Compliance (GRC): A Scopus-Based Bibliometric Analysis Using Biblioshiny (2020–2026) Kalmet Nehru; Fitriana Dachlan; Rachmat Agus Santoso
Golden Ratio of Auditing Research Vol. 7 No. 1 (2027): July - January
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grar.v7i1.2368

Abstract

This study examines the development of Governance, Risk and Compliance (GRC) research in the fields of finance and accounting during the 2020–2026 period using a bibliometric approach. The study analyzed metadata from 464 Scopus-indexed journal articles retrieved through a systematic search and screening process. Bibliometric analysis was conducted using Biblioshiny integrated with the Bibliometrix package in R to examine publication trends, influential publications, conceptual structures, thematic development, and emerging research topics. The findings reveal a substantial increase in GRC-related publications, particularly during 2025–2026, indicating growing academic interest in integrated governance, risk management, and compliance. The most influential studies were associated with corporate governance, enterprise risk management, sustainability, and digital governance, while conceptual mapping demonstrated strong interrelationships among governance, compliance, sustainability, and information systems. Trend analysis further identified artificial intelligence, ESG performance, and sustainability reporting as emerging research themes that are expected to shape future GRC research. This study contributes to the bibliometric literature by providing a comprehensive scientific mapping of GRC research and offers practical insights for researchers, practitioners, regulators, and policymakers in identifying future research directions and strengthening governance, risk management, and compliance strategies.
The Effect of Audit Tenure, Company Growth, and Leverage on Audit Fees Pradita Widi Aryani; Ni Nyoman Alit Triani
Golden Ratio of Auditing Research Vol. 7 No. 1 (2027): July - January
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grar.v7i1.2386

Abstract

This study examines the effects of audit tenure, company growth, and leverage on audit fees, with firm size and profitability included as control variables. The population consists of infrastructure companies listed on the Indonesia Stock Exchange during 2020–2024. Using purposive sampling, 45 firms were selected, resulting in 225 firm-year observations. Panel data regression analysis was employed, with the Random Effects Model (REM) identified as the most appropriate estimation method. The results indicate that audit tenure and company growth do not significantly affect audit fees. In contrast, leverage has a positive effect on audit fees, suggesting that higher financial risk increases audit effort and pricing. Among the control variables, firm size is not associated with audit fees, while profitability has a significant positive influence, indicating that more profitable firms tend to demand greater audit assurance. Simultaneously, all variables significantly affect audit fees. The model explains a limited proportion of audit fee variation, implying that other determinants remain influential. This study contributes to the audit pricing literature by providing empirical evidence from Indonesia’s infrastructure sector and highlighting the importance of leverage and profitability in audit fee determination. The findings offer practical insights for corporate management, auditors, and regulators in evaluating audit pricing and risk considerations. However, the study is limited to a single industry sector and a restricted set of variables. Future research should incorporate corporate governance, audit quality, auditor reputation, and industry specific factors to improve explanatory power.
Macroeconomic Determinants of the Indonesian Composite Stock Price Index: An ARDL Approach (2016-2025) Siti Syefira Salsabila; Al’an Falina Rizkya; Rizke Maulina; Nuresti Supartini; Gusganda Suria Manda
Golden Ratio of Auditing Research Vol. 7 No. 1 (2027): July - January
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grar.v7i1.2401

Abstract

This study investigates the short and long run impacts of macroeconomic variables inflation, the BI Rate, the USD/IDR exchange rate, and world gold prices on the Indonesian Composite Stock Price Index (IHSG). Utilizing 120 monthly observations from January 2016 to December 2025, this period accounts for severe market turbulences, including the early 2025 trading halts. Given the mixed integration orders I(0) and I(1)), an ARDL bounds testing framework and an Unrestricted Error Correction Model (UECM) with HC3 robust standard errors were applied. The ARDL bounds test reveals no stable long run cointegration (F"-statistic"=2.192, below the lower critical bound), indicating that macroeconomic indicators do not establish a long term equilibrium with the IHSG. Conversely, short run dynamics demonstrate that contemporaneous rupiah depreciation significantly dampens the IHSG. Lagged inflation exhibits a positive effect, while gold prices stimulate the index concurrently but induce a negative effect in the subsequent month, reflecting a delayed safe haven rotation. The BI Rate shows no significant direct impact once exchange rate dynamics are controlled. These findings imply that the IHSG is primarily driven by immediate currency shocks and commodity price pressures rather than long term macroeconomic anchoring.
The Relationship Between the Beneish M-Score and the Altman Z-Score: Evidence from Energy Sector Companies in Indonesia Agung Rachmad Prasetyo; Linda Santioso
Golden Ratio of Auditing Research Vol. 6 No. 2 (2026): February - June
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grar.v6i2.2405

Abstract

The energy sector plays a strategic role in the Indonesian economy; however, its high exposure to commodity price volatility makes it particularly vulnerable to irregularities in financial reporting. This study examines the relationship between the Beneish M-Score and the Altman Z-Score in detecting fraudulent financial reporting among energy companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. Employing a quantitative descriptive-comparative research design, this study analyzes 183 firm-year observations from 61 companies selected through purposive sampling. The analysis consists of three stages: classification based on the threshold values of each model; cross-tabulation combined with the chi-square test and Cramér's V to evaluate the consistency between the two classification models; and pooled ordinary least squares (Pooled OLS) regression with robust standard errors to examine whether financial distress influences earnings manipulation. The findings indicate that 38.80% of the observations are classified as potential manipulators according to the Beneish M-score, while 42.62% are categorized as financially distressed based on the Altman Z-score. A statistically significant association was found between the two classification models (χ² = 11.83, p = 0.003; Cramér's V = 0.254). However, the distribution exhibited an unexpected U-shaped pattern, with the highest proportion of potential manipulators observed in the safe zone (52.24%), followed by the distress zone (37.18%), and the lowest proportion in the grey zone (18.42%). Consistent with this non-monotonic relationship, neither the overall Altman Z-score nor any of its five financial ratio components had a statistically significant effect on the Beneish M-score in the linear regression model. These findings suggest that financial distress alone is insufficient to explain earnings manipulation in the energy sector and highlight the importance of monitoring financially healthy firms, particularly during commodity price booms.
Planet and People Representations in PT Unilever Indonesia's Sustainability Report: A Semiotic Analysis Nurhikmah Dewi Anugrah; Aunneke J Paembonan; Zuhalwah Yuliah Ilham; Darwis Said; Nadhirah Nagu
Golden Ratio of Auditing Research Vol. 7 No. 1 (2027): July - January
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grar.v7i1.2458

Abstract

This study examines how the Planet and People dimensions are represented in PT Unilever Indonesia Tbk's 2025 Sustainability Report through Roland Barthes's semiotic perspective and explores their implications for green accounting practices. An interpretive qualitative approach was employed using document analysis and multimodal semiotics. The study analysed verbal, visual, and numerical signs within the sustainability report through the levels of denotation, connotation, and myth, supported by legitimacy theory, impression management, and decoupling. The findings indicate that the report constructs the company's environmental and social identity through integrated textual, visual, and numerical representations that reinforce its sustainability commitments and organisational legitimacy. However, the analysis also reveals asymmetries between the prominence of sustainability achievements and the disclosure of reporting limitations, creating a potential risk of semiotic greenwashing through selective representation rather than explicit misinformation. This study contributes to the accounting literature by demonstrating how semiotic analysis extends conventional assessments of sustainability reporting beyond disclosure content to examine how corporate legitimacy is constructed through representational practices. The findings also provide practical insights for improving the transparency, balance, and accountability of sustainability reporting and green accounting practices.  

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