Auditing XBRL-Related Documents: The Case of United Technologies Corporation
J. Efrim Boritz
University of Waterloo - School of Accounting and Finance
Won Gyun No
Iowa State University
October 23, 2008
XBRL (eXtensible Business Reporting Language) was developed to provide financial information users with a standardized method to prepare, publish, and exchange business information. XBRL is being used, being implemented, or being pilot tested around the world for financial reporting and government e-filings as well as other uses. Although there has been growing awareness about assurance issues related to the use of XBRL, current audit practices and standards fall short of providing the needed guidance for the provision of assurance on XBRL-Related Documents. In this paper, we report on a mock audit that we conducted on the XBRL-Related Documents of United Technologies Corporation's October 2005 10-Q to identify the issues that companies and auditors might encounter if they are requested to provide assurance on XBRL-Related Documents. The assurance framework applied in the audit process is summarized, and findings from the process are discussed together with their implications.
Number of Pages in PDF File: 46
Keywords: XBRL, Assurance, Case Study
JEL Classification: M41, M49, G38working papers series
Date posted: October 23, 2008
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