Data level assurance

Project objectives

The use of XBRL and similar tagging technologies (including XML itself from which XBRL and others are derived) is growing. In financial accounting, this leads to the reporting of individual data items in various settings, in addition to conventional financial reports. The result is that users of the data level reports must rely on the accuracy of these individual items being disclosed and audits are conducted only in the context of financial statements as a whole. There is, therefore, an emerging need for assurance at the data level. The objectives of this project are:

1. To explain in non-technical terms the advent of data level reporting, the need for assurance at the data level and the issues that arise from providing assurance at the data level.
2. To discuss and evaluate the various approaches to providing assurance at the data level.
3. To provide recommendations as to the approach(s) that should be used in providing data level assurance.
4. To suggest further steps that should be taken in the profession to address the issues related to data level assurance.

Terms of reference

The terms of reference for this project are as follows:

1. Conduct a detailed literature review to enable the issues and alternative solutions to be defined in detail.
2. Conduct one or more workshops as considered necessary to facilitate input from various stakeholders and other interested parties on the identified issues and alternative solutions.
3. Formulate recommendations on the solutions that should be adopted to the issues around data level assurance as well as suggestions as to the future course of action in the profession regarding this area.