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Federal Audit in Relation to Continuous Audit - 12th CONTECSI 34th WCARS
1. Federal Audit in Relation to Continuous Audit
Hussein Issa
(34th WCARS-Sao Paolo)
2. Current state – Where can you get Gov. FR?
• Electronic Municipal Market Access (EMMA):
– CAFRs for municipalities who issue bonds Problems?
• https://www.opengov.com/
• http://www.openbooknewyork.com/
• http://www.usaspending.gov/
• http://ohiotreasurer.gov/transparency/Ohios-Online-Checkbook
• Standardized Business Reporting: the Oregon CAFR Project
– Statement of net assets and Statement of activities for the years 2006 and
2007 for the state of Oregon (AGA 2008).
25/31/201534th WCARS
3. Comprehensive Annual Financial Report (CAFR)
NJ CAFR, 2013
35/31/201534th WCARS
Seriously?!!
You did not really expect to see a whole CAFR
statement on one slide!!!!! Ha Ha Ha!
4. Users
• Citizens
• Analysts
• Investors
• Creditors
• Legislative and oversight bodies
In addition to other stakeholders: preparers, policy makers, etc.
45/31/201534th WCARS
5. Reasoning Capability, Metadata, Context & Knowledge Representation
Time,
Effort,
Money
Taxonomy
PDF
Raw Text
Word
CSV/Excel
Relational DB
XML
XBRL
(Human readable)
(Machine readable)
Types of Data
5/31/201534th WCARS 5
6. With XBRL?Mechanics More Time for Analysis => Better Analysis => Less Risk
Value-added Analysis and Decision-making? 10%
Average Time for Updating Financial Information—11 days
90% time spent on Mechanics
Average Time for Updating Financial Information—1 day
Without XBRL …
With XBRL …
For example … help banks report
7. Government
pdf’sGovernment
pdf’s
Government
& Non-profit
PDF, Excel
Files, Etc.
Government & Non-profit
Data Repository
Phase 1:
Current
State
Citizen
Centric
Reports
MSRB
Reporting
CAFRs
or AFRs
Rating
Agency
Reports
State
Reporting
Ad Hoc
Reports
U.S.
Census
of Govt.
Lenders,
Etc.
Phase 2:
What can
be done
Phase 3:
What should
be done
Complex &
Redundant
Reporting
Processes
Stream-
lined &
Structured
Reporting
Processes
Continuous
Auditing &
Reporting
Processes
Creation of
Government &
Non-profit
Taxonomies
Standardized Government &
Non-profit Taxonomies
Cloud
distribution
layer
A
n
n
u
a
l
R
e
a
l
t
i
m
e
Reports for
legislatorsReports for
Bond
analystsReports for
CitizensReports for
Policy
makers
5/31/2015 34th WCARS 7