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XBRL Assurance Services

Reducing Risks

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.

The Threat

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:

  • Inadequate validation tool/software was used;
  • Internal or outsourced resources lacked XBRL expertise; or
  • The audit committee does not have confidence that the XBRL documents contain exactly the same information.

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.

Determining Exposure

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.

Avoiding the Worst-Case Scenario

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.

Common XBRL Filing Errors:

  • Printed information does not match what was filed electronically;
  • Printed information contains incorrect statements;
  • Additional facts in the XBRL version are missing in the PDF version (or vice versa);
  • Unnecessary extensions;
  • Excessive definition of extensions, resulting in de facto additional disclosures;
  • Incorrect selection of taxonomy elements;
  • Use of noncurrent taxonomy elements (deprecated);
  • Incorrectly negated facts;
  • Incorrect dimensions;
  • Calculations that do not calculate;
  • Mismatched labels;
  • Incorrect dates;
  • Mismatched fact types (for example, percentage-type facts tagged as ratios or string-type elements)

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The XBRL Logo is a trademark or service mark of XBRL International, Inc., registered in the United States and in other countries. We are not official representative of XBRL International. We are providing XBRL Conversion and Taxonomy Development Services to Clients in India and Other Countries.