Following the European Commission’s decision that the XBRL mark-up within ESEF documents must be subject to audit, Germany’s Institute der Wirtschaftsprüfer (IDW), or Institute of Public Auditors, has published draft audit standards for ESEF.
As data digitisation and XBRL reporting continue to expand worldwide, it’s crucial that companies are reporting accurate, high-quality data. Wes Bricker, Vice Chair of XBRL International’s Board of Directors and PwC Vice Chair, US and Mexico Assurance Leader, recently wrote an article for FEI highlighting the importance of accurate XBRL tagging.
Technology is changing the world of audit. From the systems auditors rely on to improve the accuracy of their audits, to the data (soon to include, under ESEF, XBRL tagging) that requires review, tomorrows’ auditors must know how to work digitally.
With the increase in use of XBRL and iXBRL for company financial reports around the world, and the upcoming ESEF requirement in Europe, we’ve seen a growing demand for tools that assist with the process of reviewing XBRL reports.
Following the UK Financial Reporting Council’s (FRC’s) recent demands for the big four audit firms to separate audit from other business practices, Deloitte has announced plans to establish an independent Audit Governance Board (AGB).
Since 2015 the international regulatory Monitoring Group has been looking into a range of aspects associated with independence and governance around international standards for auditing with a review of the audit standard setting process.
This week the UK’s Financial Reporting Council (FRC) announced their plan for the first structural overhaul of the big four accounting firms since the failure of Carillion in 2018 prompted calls for audit regulation reform.
In December 2019, Sir Donald Brydon recommended improvements to the Internal Controls over Financial Reporting (ICFR) as part of a reform agenda in UK audit. More effective ICFR could provide management and users of financial statements with better quality information and facilitate better decision-making. A new ICAEW report explores the scope of a future UK […]
The ICAEW has pulled together a useful array of links, lists and insights into the auditing implications of Covid-19. Including guidance, responses and links to information from various standard setters and regulators, as well as ICAEW’s own insight and webinar into coronavirus considerations for auditors, it is a helpful assemblage of guidance for anyone affected in this […]
During this time of deep digital reliance, the Institute of Chartered Accountants of India (ICAI) has announced a policy change meaning that electronic signatures are permitted in order to sign audit reports and certificates for the first time. The ICAI announcement draws on the 2000 IT Act, concluding that the Act allows for electronic signatures […]
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XBRL International is a global not for profit operating in the public interest. Our purpose is to improve the accountability and transparency of business performance globally, by providing the open data exchange standard for business reporting.
