The EU’s ESEF mandate includes a requirement for the assurance of ESEF-compliant disclosures – but how that will work in practice is dependent on the interpretation of local jurisdictions.
We’re delighted to announce that Easyx’s audit software xWizard has joined the ranks of XBRL Certified Software products.
The introduction of the new European Single Electronic Format (ESEF) includes a set of requirements around assurance of digital disclosures – but how will “ESEF audit” actually work?
Following the European Commission’s decision that the XBRL mark-up within ESEF documents must be subject to audit, Germany’s Institute der Wirtschaftsprüfer (IDW), or Institute of Public Auditors, has published draft audit standards for ESEF.
As data digitisation and XBRL reporting continue to expand worldwide, it’s crucial that companies are reporting accurate, high-quality data. Wes Bricker, Vice Chair of XBRL International’s Board of Directors and PwC Vice Chair, US and Mexico Assurance Leader, recently wrote an article for FEI highlighting the importance of accurate XBRL tagging.
Technology is changing the world of audit. From the systems auditors rely on to improve the accuracy of their audits, to the data (soon to include, under ESEF, XBRL tagging) that requires review, tomorrows’ auditors must know how to work digitally.
With the increase in use of XBRL and iXBRL for company financial reports around the world, and the upcoming ESEF requirement in Europe, we’ve seen a growing demand for tools that assist with the process of reviewing XBRL reports.
Following the UK Financial Reporting Council’s (FRC’s) recent demands for the big four audit firms to separate audit from other business practices, Deloitte has announced plans to establish an independent Audit Governance Board (AGB).
Since 2015 the international regulatory Monitoring Group has been looking into a range of aspects associated with independence and governance around international standards for auditing with a review of the audit standard setting process.