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Are your external auditors reviewing XBRL as part of their audit procedures?

Comments

5 comments

  • Laurie Becker
    Hi Heather!

    Great question and one we've been wondering for years!

    Our external auditors have yet to express interest in XBRL - it doesn't seem to be on their radar.

    I recall the PCAOB talking about XBRL review many years ago, before it was fully required by all of us, but I haven't heard a peep out of them since then.

    If I recall correctly, our internal auditors (outsourced/3rd party firm) have mentioned it as an area they expect to be getting attention next year or the year after, but as I said, it seems not to be of interest to external auditors yet.

    I personally think it will take SEC comment letters about more than just calculation relationships for auditors and/or company management to get excited about XBRL accuracy and want auditor review of it.

    Sorry I'm not of much help besides perhaps to confirm that we've heard about as much buzz on it as you have - probably next to none :)

    Laurie
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  • Heather Healy

    Thanks Laurie! We were contacted by our external auditors and asked if we were planning on adopting iXBRL. Their reasoning was that since the tags and financials will now be one document in Edgar they thought their national office might require review. We have not early adopted yet and one hesitation was because of increased scrutiny on XBRL by the external auditors if we do. Just curious if those that adopted iXBRL had the same reaction from their auditors. Have you guys adopted?

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  • Laurie Becker
    That makes sense. I wonder if we'll hear about it sooner than later, because yes, we adopted iXBRL this past quarter.
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  • Michael Mannarino
    We implemented iXBRL for last year's 10-K and our external auditors haven't mentioned anything about it.
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  • Erika McWilliams
    What do y'all do as a Company to indicate that you have reviewed the XBRL? Do you know if Workiva has come out with a time stamp or something like that for the tags?
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