You may have heard of XBRL and wonder if there is any connection to SOX section 302 and 404. XBRL stands for eXtensible Business Reporting Language and is a global electronic information format designed to transmit and store business information in a machine readable format.
XBRL tags are part of taxonomies developed by market constituents and are publicly available and license free. Taxonomies consist of financial concept definitions in which each business concept is defined and assigned a relationship to other concepts. Companies are required to ensure their tags are accurate and consistent. This course outlines the various impact of XBRL and Inline XBRL on internal control processes as specifically SOX sections 302 and 404. The course provides valuable insight into how to prepare for those impacts and learn how to address them in detail.
This course builds on the foundation of XBRL knowledge and explores the link between the SOX Act of 2002, internal controls and eXtensible Business Reporting Language (XBRL) requirements. The course will review why XBRL should be considered an internal control issue within organizations and compliance requirements for organizations. Additionally, this course will help identify how XBRL relates to control point accuracy.
Publication Date: March 2020
Designed For
Accountants and Finance professionals, Internal auditors/Professionals considering the role of internal audit, Executive management/ Board members and Audit Committee members, Legal and Compliance professionals.
Topics Covered
- Background
- Authoritative guidance
- SOX and compliance applicability
- Control processes
- Controls for XBRL handling information
- Inline XBRL
Learning Objectives
- Recognize the background of XBRL and Inline XBRL
- Identify the various authoritative guidance provided for XBRL
- Describe SOX and internal control compliance applicability for XBRL processes
- Identify specific control processes that should be considered for XBRL procedures
- Identify specific controls for XBRL handling of information
- Recognize internal control concepts for Inline XBRL
- Identify characteristics of iXBRL vs. XBRL
- Differentiate SOC and compliance applicability
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Accounting (2 hours)
Program Prerequisites
Base-line understanding of the XBRL process.
Advance Preparation
None
Instructor
Lynn Fountain
Lynn Fountain has over 38 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Lynn has held two Chief Audit Executive (CAE) positions for international companies. In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees. The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.
Ms. Fountain is currently engaged in her own consulting and training practice. She is a highly sought-after trainer and international speaker. In addition, Ms. Fountain has assisted numerous companies with enterprise risk management frameworks, internal audit processes and financial accounting. She also serves as a discussion leader for the AICPA for numerous classes finance, accounting and risk management topics.
Ms. Fountain is the author of three separate technical books. Her first book released in 2015 by the Institute of Internal Auditors Foundation is entitled “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”. Her second book “Leading the Internal Audit Function” was released in October 2015 by Taylor & Francis Publications. This book serves as the initial launch for a series of leading practice internal audit and information technology publications. Her third book “Ethics and the Internal Auditor’s Dilemma” was released in December 2016.
Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.