Audit & Assurance in an interactive world

1. Audit & Assurance in an interactive world • Assurance bij de “XBRL-jaarrekening” 2009/2010 van Deloitte Rob Vervoort

2. Although XBRL adoption is growing, no assurance obligations exist today

3. The expectationsaboutassurance

4. Sc. : Traditional FS converted to XBRL format GAAP Local-Dutch NL XBRL Taxonomies IFRS IFRS  Other Us Other- US NL-FRIS XBRL-Financial Statements Preparing process Information- systems XBRL preparing process XBRL Instance- document Users XBRL- Presentation viewer Manual input  Financial Statements Users

5. Some risks in relation to the XBRL translation process The use of the correct taxonomy Correct and complete translation (mapping or tagging) of original data in an instance document There is no standard representation of an instance document (although the presentation view provides significant guidance) A fact value is not necessarily viewed in combination with closely related fact values Quality assurance related to these risks should be considered seriously

6. State of “Assurance” Discussion No world wide view or ‘solution’ for assurance IFAC is still developing a vision on the need for assurance SEC does not require assurance (yet) The current auditing standards are providing no guidance how to provide assurance on information in electronic format (audit approach) Major issue is that stakeholders have no view yet about the opportunities of electronic filing and their demands / needs on assurance (internal and third party) Nederland • Praktijkhandreiking 1114 SBR-Kredietrapportages • Concept notitie over digitaalrapporteren en assurance • Opportunities for local solutions

7. Creating an XBRL Financial Statement

8. How to prepare an XBRL financial statement 1 2 understand extend XBRL Instance Documents Company Extension Taxonomy Company Extension Taxonomy Financial Statements Financial Statements Taxonomy • Obtain knowledge of XBRL • Select XBRL software tool(s) • Understand the Taxonomy • Map financial statements to taxonomy • Perform gap analysis of financial statements to the Taxonomy • Define company specific reporting elements to disclose CustomTag element 3 4 tag submit CustomTag element CustomTag element SEC (Edgar) apply tags • Tag financial statements and footnotes to (extended) taxonomy • Uniquely tag the actual fact values • Review and validate instance document • Conduct assurance on XBRL instance document by auditor (optional) • Submit XBRL filing

10. Nederlandse Taxonomie 2010 / Commercieel Jaarrapport / Geconsolideerd / Groot Instance document = audit object

14. The questforassurance

15. Assurance bij de “XBRL-jaarrekening” van Deloitte Doelstellingen assurance: Belangrijke stap zetten in assurance discussie rondom XBRL Niet alleen conclusie ten aanzien van juistheid van de data (zogenaamde “ontleend aan”-verklaring) Ook conclusie ten aanzien van de overeenstemming van het XBRL document met de uitgangspunten en criteria van de Nederlandse Taxonomie

16. Possible assurance model Assurance procedures: • Traditional procedures on the true and fair view of the financial statements according tot ISAs (audit of historical of F/S) Additonal assurance procedures on: • Use of the correct taxonomie; • Correctness and completeness of the tagging/mapping • Technical validity of the XBRL instance document • Completeness and correctness of the XBRL instance document • XBRL-Presentation viewer • Completeness of data • Compliance with criteria of the taxonomy • Unique identification via a ‘hash-number’ Auditors report based on ISA 800 or Assurance report based on ISA 3000

17. Assurance bij de “XBRL-jaarrekening” van Deloitte

18. Assurance bij de “XBRL-jaarrekening” van Deloitte

19. New XBRL reporting process will need new assurance model XBRL Taxonomies NL GAAP Shareholders US GAAP IFRS Analyst Financial institutions XBRL Instance-document Reporting software Information- systems t Chamber of Commerce Government Financial statements / Other reports Manual input Oversight-bodies

20. Possible assurance model which fits needs of users Assurance procedures: • Procedures to test the internal controls regarding the financial reporting processes Additional assurance procedures on controls regarding the translation process of data to an XBRL instance document: • Use of the correct taxonomy; • Correctness and completeness of the tagging process • Correctness of the technical aspects of the XBRL instance document • Completeness of data • Compliance with taxonomy criteria Assurance report on controls (like Third party service organizations or SAS-70 reports)

21. Moving from content assurance to process assurance XBRL Taxonomies NL GAAP A specific ISA 30xx for an Assurance Engagements to provide a conclusion on the XBRL preparing process US GAAP IFRS XBRL Instance-document  Reporting software Information- systems Users t Manual input

22. Conclusions Short term: Content assurance Long term: Content assurance will be replaced by process assurance in combination with content assurance for specific users. Essential: The stakeholders must clearly understand their information needs, the possibilities of electronic reporting and last but not least clarify their assurance needs.