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Clinton E. White, Jr Professor of Accounting & MIS Lerner College of Business

Auditing an XBRL Instance Document: The Case of United Technologies Corp. A discussion and extension. Clinton E. White, Jr Professor of Accounting & MIS Lerner College of Business University of Delaware. Boritz and No. A mock audit of the UTX filing for the 3 rd Quarter of 2005

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Clinton E. White, Jr Professor of Accounting & MIS Lerner College of Business

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  1. Auditing an XBRL Instance Document:The Case of United Technologies Corp.A discussion and extension Clinton E. White, Jr Professor of Accounting & MIS Lerner College of Business University of Delaware

  2. Boritz and No • A mock audit of the UTX filing for the 3rd Quarter of 2005 • A thought provoking and important research project • Exposes a number of issues that an auditor or 3rd party reviewer would face when collecting evidence to provide assurance that an XBRL instance document reports completely and accurately what it is purported to report

  3. Boritz and No • Audit procedures: • Applied the available audit guidance materials in planning & conducting their audit • Did a 100% substantive audit • Used primarily manual techniques

  4. Understanding context • Understanding context: • <xbrli:context id="Context94"> • <xbrli:entity> • <xbrli:identifier scheme= • "http://www.nyse.com">UTX</xbrli:identifier> • </xbrli:entity> • <xbrli:period> • <xbrli:startDate>2005-09-01</xbrli:startDate> • <xbrli:endDate>2005-09-30</xbrli:endDate> • </xbrli:period> • </xbrli:context>

  5. Understanding context • At least one context element is required in every XBRL instance document • A context element must have at least: • An entity element containing an identifier element • A period element containing either a startDate/endDate combination or an instant element (or a forever element) • A context element may also contain: • A segment element in the entity element • A scenario element

  6. Understanding context • 7 key context elements for consolidated reporting: • contextRefinstant/startDateendDate • Context1 2005-01-01 2005-09-30 • Context2 2005-07-01 2005-09-30 • Context3 2005-04-01 • Context5 2005-09-30 • Context8 2004-12-31 • Context9 2004-01-01 2004-09-30 • Context17 2004-07-01 2004-09-30

  7. The Business Reporting Supply Chain XML Specs XBRL External Reporting Processes XBRL GL Business Operations Internal Business Reporting External Business Reporting Investment Lending Regulation Economic Policymaking Participants Central Banks Companies Financial Publishers & Data aggregators Investors Trading Partners Management accountants Auditors Regulators Software Vendors Source:Mike Willis, PWC & XBRL

  8. Resources • Boritz, Efrim and Won Gyun No, Auditing and XBRL Instance Document: The Case of United Technologies Corporation • Dreyer, Christian and Mike Willis, Cheaper, smarter, faster: benefits to analysts from XBRL, Professional Investor (September 2006) • Kay, Michael, XSLT 2.0 (3rd edition), Wrox – Wiley Publishing (2004) • XSLT Tutorial, www.w3schools.com/xsl/

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