Audit Data Collection Standards

There is a proposal within the International Organization for Standardisation (ISO) to start a new effort to create an international standard for audit evidentiary data for internal and external audit. In response to this development, XII convened a task force to define our position on this issue and make recommendations regarding a suggested response by XII, its members and the XBRL community in general.

An Audit Data Collection “Point of View” paper has been approved by the XBRL Best Practices Board (BPB) that support the idea of an ISO Audit Data Collection standard; encourages the analysis of other Audit Data standard efforts, including those that use XBRL’s Global Ledger Taxonomy Framework (XBRL GL); further advocates the use of XBRL GL in any resulting ISO standard; and raises concerns with the proposal as written. 

We are encouraging our members and other stakeholders with an interest in this topic to read the paper and act accordingly without delay, as the ISO has set a tight window to collect feedback. A list of ISO voting members may be found here: http://www.iso.org/iso/home/about/iso_members.htm

It's on issues like this where being a member of our consortium can help. You get out in front of the issue, with the backing of experts and connections that help you make your voice heard. Check out the benefits and then contact us. We'll be happy to advise you on your options.