Continuous Reporting & Auditing Software Products Charles Hoffman,
Continuous Reporting & Auditing Software Products Charles Hoffman, CPA XBRL Solutions, Inc. My Background 2 Business school, accounting degree
Previously auditor with Price Waterhouse Financial officer for 15 years Accounting software consultant Dreamed up this XBRL thing and started the process Perspective In times of change learners inherit the earth, while the learned find themselves beautifully equipped to work in a world that no longer exists. Eric Hoffer 3 Objectives
4 Communicate some concepts Provide information relating to tools XBRL Solutions, Inc. is building Concepts
5 Everyone connected, high bandwidth XML/XBRL everywhere Intelligent Agents: authority and autonomy World Class Manufacturing Everyone connected, high bandwidth 6
Done deal Five years or less Intense competition driving this XBRL/XBRL Everywhere 7 Cisco already has the daily close
FDIC wants to have real time bank examinations Company wants to have electronic reporting of 300 mutual funds, rather than paper-based to save money NCCS wants to stop keying in data for 250,000 organizations at a cost of $5,000,000 per year Company wants to consolidate 300 different subsidiaries on 100 different accounting systems What do you want to do better, cheaper or faster? Intelligent Agents Now a majority of cost relates to data discovery and re-keying Data Mechanics Data Analysis
Discovery (Re-keying data) With XBRL cost can be redirected to analysis Data D.D. Mechanics Analysis With XBRL, Intelligent Agents total costs are reduced, Data D enhanced analysis Analysis M *Bars represent component cost, total bar length represents total costs
8 World Class Manufacturing 9 JIT (Just in time) problem diagnosis and problem solving as a way of life
TQC (Total quality control) do it right the first time TPM (Total preventative maintenance) preventative maintenance done daily Reduced setup time, preferably zero Reduced lead time, preferably none Reduced batch sizes, preferably one Pull-based manufacturing, rather than push-based Tools Text Credit Application
+ Banks Text Report + Text Regulatory Filings EDGAR (Text)
10-K Report GL Report + + + +
+ Statements in Print Statement in PDF C of A Operational Data Stores +
Statement on Web Internal to entity 11 Text External (Investors, creditors, regulators, etc) Auditor Overview of Process Electronic audit working papers, electronic audit wizards, electronic analysis wizards
10-K Operational Data Stores Data 12 Data extraction software Electronic,
scriptable closing book Process Financial Statement Creation expert system Financial Statement Web Site
Result Data Extraction 13 ODBC Data Junction ACL (Audit Control Language) Audit Wizard
14 Closing Book 15 Financial Reporting Expert System 16 Questions?
READ MY-INPUT-FILE AT END MOVE 'NO' TO MORE-RECS END-READ This is a locate-mode read and the most efficient way to read records File Reading READ MY-INPUT-FILE INTO MY-REC AT END MOVE 'NO' TO MORE-RECS END-READ WRITE This is a move-mode...
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