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Client Acceptance

ASSURANCE FRAMEWORK FOR ELECTRONIC BUSINESS REPORTING. Client Acceptance. Planning. 1. Acceptance. 3. Planning the engagement: Understanding the subject matter. 2. Terms of engagement. 4. Assessing the appropriateness of the subject matter. Testing & Evidence. 7. Obtaining evidence.

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Client Acceptance

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  1. ASSURANCE FRAMEWORK FOR ELECTRONIC BUSINESS REPORTING Client Acceptance Planning 1. Acceptance 3. Planning the engagement: Understanding the subject matter 2. Terms of engagement 4. Assessing the appropriateness of the subject matter Testing & Evidence 7. Obtaining evidence 5. Assessing the suitability of the criteria 8. Using the work of an expert Evaluation & Reporting 6. Risk and Materiality 10. Reporting 9. Management representations • From Assurance Working Group of XBRL International (2006)Interactive Data: The Impact On Assurance, New Challenges For The Audit Profession • From Hayes, R., Dassen, R., Schilder, A., & Wallage, P. (2005)Principles of Auditing: An Introduction to International Standards on Auditing

  2. AN ASSURANCE FRAMEWORK FOR XBRL-RELATED DOCUMENTS • AICPA (2003)Attest Engagements: Attest Engagements Interpretations of Section 101, Interpretation No 5. Attest Engagements on Financial Information Included in XBRL Instance Documents. • PCAOB (2005)Staff Q&A Regarding XBRL Financial Reporting • Assurance Working Group of XBRL International (AWG) (2006)Interactive Data: The Impact on Assurance, New Challenges for The Audit Profession • ACIPA (2009)Statement of Position (SOP) 09-1

  3. AN ASSURANCE FRAMEWORK FOR XBRL-RELATED DOCUMENTS • Characteristics of auditors An auditor should not only be independent but also have sufficient knowledge to evaluate the risk of misstatement in the XBRL-Related Documents. • Internal control over the creation of XBRL-Related DocumentsTo determine whether the controls over the creation of the XBRL-Related Document are operating effectively (and efficiently) • ComplianceTo determine whether the XBRL-Related Documents are created in accordance with the relevant XBRL specifications and regulatory requirements • SuitabilityTo determine whether appropriate elements are used to tag the underlying business facts in the official filing and the extension taxonomies are necessary. • AICPA (2003)Attest Engagements: Attest Engagements Interpretations of Section 101, Interpretation No 5. Attest Engagements on Financial Information Included in XBRL Instance Documents. • PCAOB (2005)Staff Q&A Regarding XBRL Financial Reporting • Assurance Working Group of XBRL International (AWG) (2006)Interactive Data: The Impact on Assurance, New Challenges for The Audit Profession • ACIPA (2009)Statement of Position (SOP) 09-1

  4. AN ASSURANCE FRAMEWORK FOR XBRL-RELATED DOCUMENTS • AccuracyTo determine whether the XBRL-Related Documents accurately reflect, in all material respects, all business facts presented in the source documents or files (e.g., a regulatory filing) • CompletenessTo determine whether all business facts in the source documents or files are completed tagged in the XBRL-Related Documents • Validity/OccurrenceTo determine whether XBRL-Related Documents contain information that is not in the source documents or files • ConsistencyTo determine whether the XBRL-Related Documents are prepared in a manner consistent with prior periods • AICPA (2003)Attest Engagements: Attest Engagements Interpretations of Section 101, Interpretation No 5. Attest Engagements on Financial Information Included in XBRL Instance Documents. • PCAOB (2005)Staff Q&A Regarding XBRL Financial Reporting • Assurance Working Group of XBRL International (AWG) (2006)Interactive Data: The Impact on Assurance, New Challenges for The Audit Profession • ACIPA (2009)Statement of Position (SOP) 09-1

  5. AUDIT OBJECTIVES AND RELATED TASKS

  6. BREAK

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