AICPA Audit Data Standard

The AICPA has released an exposure draft of proposed standards dealing with audit data. The standards propose use of a standard format in which auditors should obtain, handle and record data. The standard recommends the use of XBRL GL for this purpose. XBRL GL is a method of using XBRL to tag data at all stages in the data supply chain, from original transactions to GL accounts and everything in between.

Use of a data standard for assurance purposes will enable a reliable and speedy system for requesting data from clients It will also enable building some of the assurance work into the tagging system, which should reduce the possibility of audit errors taking place. Finally it will enable the development of much more concise and comprehensive working papers, built on a common standard that will facilitate problem identification and review.

The proposed Audit Data Standard is a landmark in the development of audit standards for this new era of data centricity. For a copy of the exposure draft, click this link.