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Progress Report: AICPA XBRL Assurance Task Force

Progress Report: AICPA XBRL Assurance Task Force. Amy Pawlicki AICPA Director - Business Reporting, Assurance & Advisory Services and XBRL. October 19, 2010 XBRL International Conference, Beijing. XBRL Impacts the Financial Reporting Process

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Progress Report: AICPA XBRL Assurance Task Force

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  1. Progress Report:AICPA XBRL Assurance Task Force Amy Pawlicki AICPA Director - Business Reporting, Assurance & Advisory Services and XBRL October 19, 2010 XBRL International Conference, Beijing

  2. XBRL Impacts the Financial Reporting Process XBRL tagging is very different from turning a Word document into a .pdf Tagging data is the equivalent of classifying data in company financial statements and footnotes Currently, for the majority of companies, tagging is supplementary to the traditional financial reporting process... Relevance of 3rd Party Assurance and Related Services on XBRL

  3. Auditor involvement with XBRL SEC filings: The SEC rules do not require any auditor involvement on XBRL-Tagged Data (including application of AU Sections 550, 711 or 722) SEC Final Rule release states that issuers can obtain 3rd party assurance under PCAOB AT 101 Potential misunderstanding regarding auditor involvement with XBRL exhibits Background on the US Environment

  4. Center for Audit Quality Alert on Potential Audit Firm Service Implications Raised by the SEC Final Rule on XBRL Statement of Position on Performing Agreed-Upon Procedures Engagements Consideration of issues related to performance of other XBRL-related engagements AICPA XBRL Assurance Task Force Progress to Date

  5. Potential services audit firms may be asked to provide: Advisory services Agreed-upon procedures Examination of an assertion about XBRL-tagged data Examination of controls over the preparation of XBRL-tagged data AT 601, Compliance Attestation Review of an assertion about XBRL-tagged data Other considerations related to XBRL-tagged data: Effect of submission of XBRL-tagged data on the Independent Auditor’s Report Reference to other forms of reports Available at http://thecaq.org/members/alerts.htm CAQ Alert on Potential Audit Firm Implications of SEC Rule on XBRL

  6. SOP 09-1, “Performing Agreed-Upon Procedures Engagements That Address the Completeness, Accuracy, or Consistency of XBRL-Tagged Data”: Guidance for applying certain aspects of AT 201 to the subject matter of XBRL Company accepts responsibility for the subject matter and the assertion Sufficiency of procedures determined by the company to meet its own needs Report is restricted-use (not distributed beyond the company, not included or referred to in an SEC filing) Report is a detailed description of procedures and findings only AICPA SOP 09-1 for AUPs http://www.cpa2biz.com/AST/Main/CPA2BIZ_Primary/Accounting/Standards/AICPASOPsAccounting/PRDOVR~PC-014947/PC-014947.jsp

  7. Advisory Services to the extent permitted by independence rules Performing Agreed-Upon Procedures Engagements (SOP 09-1) Assurance Services on a voluntary basis: No specific guidance available for attestation examinations of XBRL-Tagged Data based on SEC Final Rule Other matters need to be considered (e.g., materiality, suitable criteria) Current Options for Auditor Involvement with XBRL in the US

  8. Suitable Criteria for XBRL Services Q: What are the criteria for XBRL engagements? A: Currently, for the US market, aspects of: • SEC Rules • EDGAR Filer Manual • US GAAP Taxonomy • XBRL Specification • Others? *This is a work in progress: we have not yet determined which aspects would be included in the scope of the engagement. *A New Set of Criteria Needed to be Developed for XBRL-Related Services…

  9. Project: Development of Criteria for XBRL-Related Services • Establish a core set of suitable and available criteria against which the completeness, accuracy and consistency of XBRL-tagged data can be measured • Written in a nontechnical and easily understandable manner • General terms to be applied across multiple applications • Focus on areas that require judgment and have a material impact on users

  10. Potential Uses for XBRL Criteria • Updated procedures for AUP engagements • Regulatory-required engagements • Examinations under attestation standards • Advisory services under standards for consulting services *Can be leveraged internationally

  11. Re-assessment of procedures in SOP 09-1 for AUPs based on Criteria work Alert: Observations and Recommendations for XBRL Implementation Continue to engage regulator (SEC) and standard setter (PCAOB) participation International Collaboration with IAASB XBRL Task Force on Auditor Association Other Planned AICPA XBRL Assurance Task Force Activities

  12. Contacts Amy PawlickiDirector – XBRL, AICPAChair –XBRL Intl. Assurance Committee apawlicki@aicpa.orgAmi BeersManager – XBRL, AICPAabeers@aicpa.org

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