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Audit Data Standards Getting a Close Look

Posted on November 18, 2014 by Dave Nitchman

Audit Checklist

The Standardization Administration of China (SAC) has submitted a proposal to ISO for a new international standard focusing on requirements for audit data collection. The aim is to address common issues, improve data accessibility and transparency, standardize collection and avoid duplicated efforts. Read the SAC proposal.

The importance of this action and its obvious ties to our mission to improve business reporting has led XII to form a short term task force of stakeholders in the audit information supply chain to evaluate the proposed work item, create an XII point of view and briefing document so that XII members and interested parties can respond to the ISO call for comments on the proposal.

The ADCTF is seeking participants with the following competencies:

  • XBRL Global Ledger– XBRL GL is XII’s Recommendation for representing ERP data and standardizing the audit information supply chain.
  • Accounting and audit standardization – Standards in accounting and audit representation have been established in numerous countries by other standard-setting organizations. Some, such as the AICPA Audit Data Standard, can be represented with XBRL GL.
  • Audit methodologies and procedures – Practical, hands-on experience with auditing.
  • Software development – ERP and accounting software developers and tools used for data extraction, transformation and loading for audit purposes.

This is a member-only initiative. Members have been notified of how to participate. If you are not a member and are interested, please e-mail join@xbrl.org

 

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