INTERNAL CONTROL ANALYSIS OF PROJECT BUDGET

REALIZATION IN ORDER TO INCREASE BUDGETARY CONTROL

PT ABC

1. Magister Akuntansi, FacultyEconomics and Business, University of Indonesia, Jakarta, Indonesia

2. Magister Akuntansi, Faculty Economics and Business, University of Indonesia, Jakarta, Indonesia

Email : fransiscautami@yahoo.com

Abstrak

Tujuan penelitian ini adalah untuk melakukan analisis pengendalian internal atas realisasi anggaran
proyek berdasarkan kerangka COSO. Penelitian ini adalah penelitian kualitatif. Hasil penelitian
menyimpulkan bahwa pengendalian internal terhadap realisasi anggaran proyek sangat penting
dalam meningkatkan pelaksanaan proyek karena dapat dilihat hubungan antara konsumsi
pembiayaan proyek dengan pekerjaan fisik yang diselesaikan dengan pengeluaran tersebut
sehingga tujuan proyek dapat tercapai dengan memenuhi 3 batasan yaitu tepat waktu, tepat biaya
dan tepat mutu.
Kata kunci: anggaran, proyek, pengendalian internal, COSO.

Internal Control Analysis of Project Budget Realization In Order to Increase the Budgetary
Control PT ABC

Abstract

The purpose of this study was to conduct an internal control analysis of project budget realization
based on COSO framework. This research is a qualitative research.The result of the research
concludes that the internal control on the realization of project budget is very important in
improving the project implementation because it can be seen the relationship between project
financing consumption and the physical work completed with the expenditure so that the project
objectives can be achieved by fulfilling 3 constraints ie timely, precise cost and quality.

Keywords: budget, project, internal control, COSO

Introduction

Internal control in a company is very important things for the development of the company.
This internal control used to maintain the company's assets, minimize the occurrence of authority
abuse and also to identify and manage company’s risks. Internal controls support all processes
imposed by the company's management and was designed to provide confidence to the company

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to achieve its objectives. If the company has ineffective internal controls, it will lead to errors in
decision-making, report insecurity, irregularities and loss of assets.
Internal control is a process was influenced by boards of commissioners, management and
other personnel which designed to provide sufficient confidence of the following objectives: keep
the company’s assets, keep the records and company’s data more accurate and reliable so it can
reflect the company's wealth and providing reliable and accurate information (Romney and
Steinbart, 2015).
There are five components of the internal control system according to the COSO Framework,
named control environment, risk assessment, control activities, information and communication,
and monitoring (Moeller, 2009).
Project is a temporary effort to produce a product or service that specific and unique. Each
project has a specific purpose and involves various resources, named cost, time, human resources,
materials, and equipment. These resources has to used optimally to achieve good results, fast
implementation times and meet with quality standards product. To achieve these objectives there
are 3 constraints that must be complete, there are the right cost, right time and appropriate quality
(Schwalbe, 2015). These three constraints are important parameters for the implementation of a
project to achieve the project objectives.
Project budget is the project owner's maximum funds used to design work and construction
work of a project (Oberlender, 2000). This calculation is just a "cost estimate" not an "actual cost"
because the calculation was made before the project was done. This "cost estimate" can be used to
predict the cost to be incurred by the firm, to manage the required amount of labor and to determine
how much the company has to invest to complete the project.
The control function in this estimate cost is very important because the amount of cost to
complete the project is expected not to exceed the budget, either the cost per item of work or the
total cost in the implementation period until the end of the project. Cost control is the process of
monitoring the project performance from the periodic reports to know the current of project cost,
comparing with the planning cost or budget with realization and managing and controlling the
modification in project costs from the budget set (Pastiarsa 2015).
PT ABC is a constracting company. PT ABC always makes the Project Budget Plan (PBP)
for all the projects. But the control of the budget realization has not been done optimally. This non-
optimal control can cause a gap that causes irregularities that may cause harm to the company.

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 Based on the background description above, then the problem which need to discuss in this
research is: how the implementation of internal control system on the realization / the actual of
project budget according to COSO’s internal control component at PT ABC ?
The research in this thesis is conducted to analyze the internal control over the realization /
the actual of PT ABC's project budget according to COSO's internal control component and also
can give a suggestions for improvement to company management about the importance of internal
control over the realization / the actual of PT ABC's project budget based on COSO's internal
control component.

Theoretical Review

Internal control is a process that was designed and implemented by management to provide
reasonable assurance on the reliability of financial and operational information, compliance with
procedures, regulations and laws, keeping the assets, operating efficiency, achieving the goals,
company’s objectives and integrity and Ethical values (Moeller, 2009).
According to The Institute of Internal Auditors (IIA), control is all actions taken by
management, board of commissioners and others to manage the risk and ensure the achievement
of company’s goals and objectives. The company's management makes planning, organizing and
directing actions that are considered sufficient enough to achieve the goals and objectives of the
company (Moeller, 2009).
According to COSO, internal control is a process that was influenced and designed by
management, board of commissioners or other personnel to provide reasonable assurance in
achieving the company's objectives, named the effectiveness and efficiency of operations, the
reliability of financial reports and compliance with policies, regulations and applicable laws (
Moeller, 2009).
Not all of the operation units within the company has a good control and good structure. That
is because each company has a different structure of control procedures for each level in each
operation unit and several levels of up and middle management in different operation units so that
different levels of management within the company will affect the control perspective. Because of
the differences in multidimensional perspective regarding this internal control, in September 1992

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the Committee of Sponsoring Organizations of the Treadway Commission published a conceptual
framework regarding the internal control, known as COSO Model (COSO Framework). This model
becomes the standard in understanding and building an effective control and is used for internal
auditors or companies to conduct assessment and evaluation of internal control.

Figure 1. Framework of COSO Model

Figure 1 shows the COSO model framework using a 3 (three) dimensional model. The front
side consists of 5 (five) levels named internal control environment, risk assessment, internal control
activities, information and communication, and supervision. The upper side consists of 3 (three)
main components of internal control, named internal control over financial reporting, compliance
and operational activities. These three components represent the effectiveness and efficiency of
operations, reliability of financial reporting and compliance with policies, regulations and
applicable laws. On the right side shows the number of segments contained in the company. Each
component contained in this 3 (three) dimensional COSO model is interconnected with each other
on the same row and column. If we want to see the internal control activities of a company (one

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component on the front side of the three-dimensional model of COSO), then we need to consider
the internal controls of the business unit or division of the company (one component on the right
side of the three-dimensional model COSO ).
Starting with the first level, the following sections describe the COSO internal controls
framework components (Moeller, 2009), there are:
1. Control Environment
This control environment is the most fundamental and major internal control component.
This is because the control environment affects the structure and risk assessment of the company's
operational activities and the basic for other internal control components and affects the three main
objectives of internal control over all the business unit. The control environment reflects the
attitude, awareness and actions of directors, management and employees over the importance of
internal control within the company. This control environment is influenced by several
components, named:
1.1 Integrity and Ethical Value
The integrity and ethical value of a company is an essential element of the internal control
environment. These integrity and ethical value was existed in the company's ethics code and
becomes a basic for management and employees to behave. So that, these ethical values need to be
communicated by top management continually to all elements of the company in order to have an
understanding of the company's ethics code.
Violations of ethics code that occur in companies are usually due to ineffective control, the
absence of clear division of task and responsibilities especially for "sensitive" areas that allow
ethical violations to occur, high levels of decentralization effect the reduced of management control
so that there is a gap for violation, weak internal audit function in detecting and reporting any
violation and punishment which is not significant to subject of violation.
1.2 Commitment to Competence
The control environment is also influenced by the competence of human resources. Every
human has a different abilities and skills, so the company have to set the level of competence,
expertise and skill required for various types of work. Based on the level of those competence,
expertise and skill, the company can place its employees according to their competence, ability and
skill.
1.3 Board of Directors and Audit Committee

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 The independence and actions taken by the board of commissioners and the audit committee
affect the control environment. The dominance of the board of directors in running the company's
operations causes the company to pay less attention to the outsiders such as investors. The company
needs an independent board of commissioners and audit committees to supervise the company's
operational activities and the compliance of the ethics code. Thus, the board of commissioners and
audit committee have responsibility to create a good company’s control environment.
1.4 Management’s Philosophy and Operating Style
The philosophy and operating style of senior management also affect the company's control
environment. The company's control procedures are reflected in the philosophy and operational
style of management. There are management who dare to take a risks to running their business or
very careful and conservative. There is also a management that gives a priority to the procedures
to running the company's operational activities. Every company has different management’s
philosophy and operating style.
1.5 Organizational Structure
The organizational structure is a framework in planning, implementation, control and
supervision to achieve the overall corporate objectives. This organizational structure shows clear
lines of authority between individuals and units, so it can be applied the appropriate control systems
in each unit line.
1.6 Policy and Practice of Human Resources
Policies and human resources practices include recruitment, orientation, training, evaluation,
counseling, promotion, compensation and corrective action. Effective policies and effective human
resources are important component of the control environment as they will produce competent
employees so that the goals and objectives of the company will be achieved. Therefore, the
company should have a policies and guidelines that can be used to monitor the compliance,
competence and ethical behavior of employees at all levels.
2. Risk Assessment
Risk assessment is the second component within the COSO framework. The company must
have a process to evaluate and assess the potential risks at various levels within the company for
all process activities. This is because the company have a different risks, both internal and external
in achieving the objectives so that the company needs to develop controls that contribute to risk
mitigation and can be applied at all levels within the company.

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3. Control Activity
Control activity is an action and procedure was established by management to ensure that
management has taken action to reduce risks through the internal control in all the levels and
business processes.
Management have to determine the business activities that require control and apply them in
all units by considering the environmental aspects, operational activities and special characteristics
of the company so there is a balance between the type of control with risk mitigation approach.
This control activity shall be reviewed by management periodically, executed at the right
time and conducted by competent employees with sufficient authority.
4. Information and Communication
Information and communication are require to performs internal control responsibilities and
support the company in achieving its objectives. Communication was conducted to provide
information to management regarding the implementation of internal controls, helping employees
to understand the importance of internal controls and their responsibilities in executing internal
control. Therefore, the company should consider the time, subject and type of communication in
determining a communication method and all the information must be submitted to the board of
directors.
This communication will be doing both externally and internally. Internal communication is
doing so all the members of the company can understand the objectives and responsibilities of
internal control so the internal control function of the company can be improved. The examples of
internal communication is a whistleblower system that allows member companies to communicate
anonymously and secretly to the management or board of directors when the existing systems and
procedures are not going well. Besides, the company also needs to communicate with external
parties that have an influence on the company's internal controls to get input from external parties
of the company, such as shareholders, investors, government, suppliers or customers.
Companies need a reliable and relevant information system to support the implementation of
internal controls. This information system should be able to process and change external or internal
data into information required by the company in a timely, accurate, complete, accessible and
verifiable. The characteristic, quantity and accuracy of information and communication must be in
line with the achievement of corporate objectives.
5. Monitoring

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 Implementation of internal controls requires a monitoring by evaluation to ensure that all five
internal control components are functioning properly. The results of this evaluation will be reported
to the management, the board of directors and the parties responsible so that the company can take
corrective action.
These five internal control components according to COSO must be run by the company in
order to create effective internal controls. These five components help the company to keep focused
on implementing internal controls so that company’s objectives can be achieved, reducing risks to
an acceptable level and adaptable to business changes, operational and regulatory.
Tender
Invitatation

Aanwijzing &
Location Survey

Submission
Quotation

Clarification

Price Revision

Revision of Unit
Final Negotiation Win Price according to Work Order Letter
Contract Value

Preparation of
Lose Project Budget

Project
Dead File
Implementation

Preparation of
Project Budget
Realization

Finish

Figure 2. Flow Chart of Tender Process and Budget Realization

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 Figure 2 describes the phase of the tender and budget realization:
a. Receiving of Tender Invitation Phase
Contracting company seeking information about the tender of a project through the
newspaper, e-procurement or received an invitation directly from the project owner.
b. Aanwijzing and Location Survey Phase
Aanwijzing phase is the initial phase of the tendering process. This phase is executed by the
contracting company to get a project data such as drawing, Work Plan and Terms, the bill of
quantity (BQ) and survey to the project site. If the contracting company interested to join the tender,
the contractor will provide a required term for tender based on Work Plan and Term and fill in the
draft bill of quantity (BQ).
c. Submission Quotation Phase
In this phase, all the administrative documents and bill of quantity (BQ) will be handed over
to the quantity surveyor or the tender committee. Quantity surveyor will check again all the
administrative documents and bill of quantity (BQ) which is submitted by the contractor.
d. Clarification Phase
This phase was to conducted an assessment of the company qualifications by checking the
administrative documents which submitted by the participants and to check the perception of a
tender drawing. Contracting company has the opportunity to discuss and ask questions about the
tender drawing so that there are similarities between the volume calculation from the quantity
surveyor and the contracting company. If there is still difference in the volume calculation, the
contracting company may include the volume difference in the added / less work.
e. Price Revision Phase
This phase should be apply if there is a difference between contracting company’s calculation
with the quantity surveyor’s calculation so that contractors can revise the calculation that
approaches the to the quantity surveyor’s calculation. This calculation revision will be sent back to
the quantity surveyor or the tender committee.
f. Final Negotiation Phase
After all the quotations documents has submitted to the quantity surveyor, then the next phase
is the final price negotiation. In this part, quantity surveyor or the tender committee will make an
offer price to the minimum limit to the contracting company. Quantity Surveyor can offer a lower
price than the price that the contractor has been submitted. If the contractor accepts the price from

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the quantity surveyor, when the contractor has declared as a winning, the contracting company
should make the revision of the price according to the agreement with the quantity surveyor. From
the results of this final negotiation, quantity surveyor or the tender committee will make a list based
on price which is submitted by the contracting company from the lowest price to the highest price.
g. Determination of The Winner Phase
Based on a bid list and administration document, quantity surveyor or the tender committee
will make the selection to determine the winner of the tender.
h. Revision of Unit Price According to Contract Value Phase
According to the description in the final negotiation phase, the contracting company that has
been declared as the winning tender must revise the price according to the agreement with the
quantity surveyor. The price at the final negotiation phase is the contract value of the project work.
i. Work Order Letter Phase
The employer or project owner will issued a Work Order Letter to the winner contractor.
Work Order Letter is a command to start activities immediately in the site that contains the name
of the work package, the duration of the work implementation and the value of the work.
j. Preparation of Project Budget Phase
The contracting company will prepare the project budget according to the final price which
submitted at the tender time. The project was made using architectural drawings and structures
(drawing bestek), work plan and terms, analysis books, aanwijzing reports, price list of materials
used, price list of service for each job and volume list of each job.
k. Project Implementation Phase
After the contracting company receives a Work Order Letter from the employer and prepare
the project budget, the contracting company is ready to start the project activity. At this part of the
project implementation, the contracting company may take a billing based on the progress or the
completed work achievement to the employer or project owner.
l. Preparation of Project Budget Realization Phase
After all work is done, the company prepare the project budget realization report. This report
should include all unexpected costs to give the information of the actual cost of completion. This
"actual completion cost" is compared to the specified project budget so it can be used to identify
and describe a change over from a project budget before.

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Research Methods

The research method used in this thesis is qualitative method because this research is a case
study. A qualitative approach is a method of research that was taken based on a particular
phenomenon or describes the events that occur and provides solutions through recommendations
which made based on deep contextual analysis, experiences based on personal opinion and intuition
related to the phenomenon or event. (Sekaran, 2003).
Data sources and data collection techniques that was used in this study are:
1. Primary Data
The primary data in this study was obtained through interviews with the operational division
of the project, logistics division, budget division and accounting and finance division and direct
observation to the project site to find out the actual conditions and conducted through documents
and reports currently used by the company.
2. Secondary Data
Secondary data in this research was obtained through literature study in particular and collect
company’s documents relating to the control of the realization of the project budget so we can get
general description of the problems that occur and can give the solutions for the company.

Discussion and Results

This examination was conducted to find the cause and the effect of problems from the
difference between theory and existing conditions. Then, it will be alternative solutions to solve
the problem. Alternative solutions was developed from the theoretical framework with regard to
exist conditions. In this section we will discussed about how the implementation of internal control
about the budget realization in PT ABC.
1. Control Environment
Project budget control at PT ABC is not optimal. All environmental conditions control in PT
ABC are influenced by several components, there are:
1.1 Integrity and Ethical Values

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 Based on the interviews with the management of PT ABC, the company does not have a
company’s ethics code which maintain a relations with internal and external parties, including with
employees, suppliers, subcontractors, project owners and contractor consultants. It can be seen
because there is no selection procedure to supplier or subcontractor at PT ABC so the selection of
suppliers or subcontractors was done based on connections or relation with the manager, company
employees or project leaders. Suppliers and subcontractors which have a connection with PT ABC
is a regular supplier, so that condition allowing the occurrence of collusion in pricing of the tender
budget (bill of quantity).
The Company has no rules or guidelines for ethics-related violations and does not have
performance evaluation procedures to individuals and business units that related to ethical conduct
so there is no sanction based on the type of ethical fraudulent.
1.2 Commitment to Competence
Based on interviews with HR division of PT ABC, the company already has recruitment and
selection procedures for employee. The company also has placed the employees according to
educational background. From the total number of permanent employees of PT ABC, 81.09% are
placed in a position based on the educational background. Key positions (top management) still
held by the family. This is because PT ABC is a family company.
The company does not have a measure of performance, incentives and rewards to employees
especially to operational divisions. The company also does not have the procedures or mechanisms
to maintain and develop competent individuals and possess special skills by providing training and
giving a promotion of employees position, especially project employees. This condition cause the
project being delayed, the estimate cost exceeded the project budget and the project result did not
meet the quality standard. This is because the project's employees are not motivated to complete
the project in a timely, proper budget and right quality.
1.3 Board of Directors and Audit Committee
Based on the interviews with the financial division of PT ABC, the company does not have
audit committee and audit internal function so the supervision on the implementation of internal
control can not be optimally. This condition resulted there is no assessment of internal control, no
evaluation of company activity, either financially or operationally and no evaluation of compliance
with regulations related to budget preparation, supplier selection and subcontractors, realization
budget and assessment of project budget performance.

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 In addition, the company has no control of the suitability, relevancy and reliability of
operational reports and financial statements for directors and other users.
1.4 Management’s Philosophy and Operating Style
Based on the interviews with some managers of PT ABC, management prefer to take a risks
to running their business then to give a priority to the procedures to running the company's
operational activities. It can be seen because there is no mechanism of responsibilty and there is no
clear division of task and clear responsibilities. Management does not require project managers and
site managers to make a project cost realization reports so they can not compare "the actual
completion”. And it is also caused there is double positions in engineering and operational
divisions.
1.5 Organizational Structure
Based on the company's organizational structure and the interviews with the HR department,
there is no marketing and planner positions, it cause double position. Marketing position was
handled by the project leader or site manager. Double position between the project leader or site
manager and double position between planner and estimator cause an overlapping authority,
responsibility and job description.
1.6 Policy and Practice of Human Resources
Based on interviews with the HR division, PT ABC does not have company regulations that
contain a rules about the relationship between the company and employees, company policies to
the employees with the rights and obligations of company employees including policies or rules
regarding employee training.
Company management does not have a policy to conduct employee performance assessment
based on competence and contribution to the company and does not have a compensation policy to
employees in accordance with the performance so that a project manager who successfully
complete the project in a timely does not have a performance assessment and appreciation based
on the performance achieved.
2. Risk Assessment
Based on interviews with the engineering division and budget division, management of PT
ABC is not to identify, evaluate and analysis of the risks during the preparation of the bill of
quantity (BQ), even the external risk and internal risk or from specific activities of companies .
According to the engineering division and budget division, the identification and assessment of

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risks is especially important because the bill of quantity (BQ) will be used for the bidding process
and will be a budget project after the PT ABC declared a winning tender.
Overall, the management of PT ABC is not identify, evaluate and analysis of the risk when
doing a budget preparation so that allowing the occurrence of miscalculation and misperception in
the preparation bill of quantity (BQ). If the bill of quantity (BQ) is made too high, then the PT ABC
will not win the project. And if the Bill of Quantity (BQ) is made too low, then the PT ABC will
get the financial problem or the project will be stopped. So, the identification, evaluation and risk
analysis are very important for the company in preparing the bill of quantity (BQ).
3. Control Activities
Based on interviews with project leaders and site managers, PT ABC management did not
review and evaluate the control system. The company's control system is an old standing system.
Therefore, management needs to do an evaluation to be able to review and evaluate internal control
system and company's operational activities periodically so that weakness or lack of control system
can be repaired immediately.
4. Information and Communication
PT ABC has not implemented an internal whistleblower system that allows employees to
anonymous communication to management if the procedure does not running well. PT ABC also
does not have a mechanism or procedure through website or telephone and official facsimile. This
communication is to ensure the compatibility and integrity of project construction through advice
and input from external parties.
5. Monitoring
Based on interviews with project leaders and site managers, the absence of liability
mechanisms causes the reduce of project management control so there is a gap for violations,
especially which related to budget execution. It can be seen at the end of the project
implementation, the project manager and the site manager did not make the project cost realization
report so the project managers and site managers do not know the realization of completion project
budget.
The bill of quantity (BQ) as the budget of the project tends to cause an opportunity to do a
corruption. In the format of the bill of quantity (BQ) there is contractor fees known by project
managers and site managers which allowing project managers and site managers to negotiate prices
directly with suppliers or subcontractors on the site.

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 The Company has a policy that the site manager can purchase material directly on the site
with material price limit below Rp 2,000,000.00 (two million rupiah). This condition allows the
occurrence of irregularities in the purchase of materials on the site without known and approval by
the head office.

Conclusion

Based on the analysis and discussion above, it can be concluded that the implementation of
internal control over the realization of project budget in PT ABC according to COSO internal
control component is not sufficient, it makes a gap that caused the irregularities. These irregularities
are very risky to the project management, because it can cause harm to the company and even cause
the risk of a criminal offense.
There are some limitations in this research, that internal control analysis is limited to the
realization of project budget and procedures related to the realization of the project budget, not
including the whole procedure within the company. This research was conducted with approach to
case at PT ABC so that result can not be generalized in other research object.

Suggestion

Suggestions that can be used to improve internal control over project budget realization at
PT ABC for further research are:
1. The management of PT ABC should improve the control environment within the company
by make the ethic codes of ethical behavior of the company in relation to the internal and
external parties of the company and make performance evaluation criteria related to ethical
behavior to avoid the assumption that management tolerate the deviation or fraud by
employees or an external party company.
2. The management of PT ABC should be able to assess the competence in each employee so
the management can place the employees according to their own competence. In addition,
management should also have a performance criteria assessment, incentives and rewards to

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 employees and policies or procedures to maintain or develop competent individuals within
the company.
3. The management of PT ABC should have an audit committee and the audit internal function
in order to supervise the implementation of projects which related to the project budget start
from the budget calculation to the budget realization.
4. The management of PT ABC have to consider the risks when running the business and
prioritize the procedures to running the company's operational activities by implementing
liability mechanisms or procedures and clear division of tasks and responsibilities to reduce
deviations so that the company can be more focus to developing the business by playing in a
more competitive market.
5. The management of PT ABC should clarify the description of responsibilities and authority
(job description) of each employee so that each employee has the responsibility and authority
and has the performance evaluation in order to avoid differences in workload among
employees so there is no double position of project leader with marketing and planner with
the estimator to avoid irregularities in the implementation of the realization of the project
cost.
6. The management of PT ABC should have company regulations as the basic for establishing
other policies related to human resource development, such as training policy, employee
performance assessment and reward to employees in accordance with performance especially
for engineering and budget divisions and operational divisions.
7. The management of PT ABC have to identification, to assessment and analysis of the risks
in relation to the implementation of the project budget and communicate the results to the
Board of Directors and related parties.
8. The management of PT ABC should review and evaluate the internal control system which
related to the realization of the project budget periodically by using criteria or standard
evaluation of the internal control system so in case there is a deviation it can be solved
immediately.
9. The management of PT ABC should improve communication between the Board of Directors
and employees, implement a whistleblower system both internal and external to the company,
especially which related to the project budget procedures and project implementation.

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10. The management of PT ABC should require project managers to create a project budget as
the basic for project implementation and make a report of project budget realization and
doing an evaluation to the report.

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