iXBRL Regulatory Risks from a reporting standpoint
I'm trying to ascertain the possible risks involved with tagging our documents and what, if any regulatory penalties can/will be associated with improper tagging (ex: not using the correct concept for a specific number or what ratio of custom tags to standard tags is acceptable). I've had difficulty understanding what, if any penalties exist in tagging iXBRL incorrectly (I use incorrectly liberally here as it seems to be subjective). If anyone has experience with iXBRL comments from regulators please, if you would, discuss your experience so I'm better able to identify possible risks in our process.
In addition, I would like to see whether any companies include the process/controls around iXBRL tagging as a SOX control. Since the tagging does not impact the accuracy of the financial statements, I can see why external auditors do not review the tagging.0
We do not have iXBRL as a SOX control, however, do have this as part of our Company's Disclosure Controls and Procedures.0
We have this as a Sox Control and I think that iXBRL filings will be reviewed by the external auditors in the near future.0
How do you implement this as a SOX control and do you have any literature you could point me to that discusses the review by external auditors (or is that speculation by you)?
Please sign in to leave a comment.