The use of eXtensible Business Reporting Language (XBRL) is mandatory for the categories of the companies as specified by MCA. Filers may not realize the extent of errors and omissions, poorly mapped or tagged facts, and inappropriate extensions resulting from differences in coding.
Companies must confirm their XBRL filings are clean, accurate, complete, and – most important – fully compliant with MCA requirements or they face the threat of various litigations. Filings may be at risk if:
Many filers use external providers to map and generate their XBRL filings. Others bring the process in-house and produce the documents themselves. Information in the XBRL format will not render the same as the human-readable format, meaning that reading the the human-readable XBRL will not expose the errors.
As the department reviews XBRL submissions, they are telling some filers that their XBRL is either incomplete or inaccurate, and are requiring a restated XBRL filing.
Failure to gain reassurance that potential quality or content issues have been identified and addressed can put your company at risk, even though the MCA has not mandated external audit of the XBRL. The first step to protecting your organization is to advise audit committee members of the issues and the potential implications (which could include a restatement). The next step is to speak with all internal or outsourced providers to confirm independent review is part of the process for generating filings. And a final step to consider is commissioning an independent review of existing filings to identify exposure and avoid future misstatements.
We can perform an independent review of your XBRL filings to identify potential issues and provide actionable guidance to resolve risks that could result in a query or a request to refile an updated version. Our specialists use state-of-the-art tools and processes intended to streamline the review process and deliver cost-effective results within your timetable.
We can perform an AUP (agreed upon procedures) review, conduct an internal audit of XBRL and associated processes, and provide other services tailored to meet your specific needs. Our goal is to help you satisfy management and the audit committee that the risks associated with your XBRL filings are under control.
Our XBRL assurance review offers independent assurance of compliance supported by our proven expertise in delivering high-quality results for audit committees, boards, stakeholders, and external auditors.
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