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5th University of Kansas
    International Conference on XBRL
     Transparency, Assurance, and Analysis

   Revamping the Audit Approach using
        Accounting Equations:
    Processing XBRL-tagged Data in
       an XBRL-tagged Top-cycle

      Philip Elsas, ComputationalAuditing.com
                  Paul Klint, CWI.nl
         Trevor Stewart, Deloitte & Touche
     Rajendra Srivastava, University of Kansas
          Hans Blokdijk, Limperg Institute
       Miklos Vasarhelyi, Rutgers University

Overland Park, Kansas            April 28-30, 2011
2

Top-cycle as Model for XBRL Assurance




                ComputationalAuditing.com
3

Why a model for XBRL assurance?

• To avoid a too complicated and too flexible language


• Model-based closure around XBRL assurance language


• Top-cycle auditing model guides design of
  Domain-Specific Language (DSL) for XBRL assurance


• Tagging framework for both data and operators


• Model-driven auditing for real-time trust



                      ComputationalAuditing.com
4

  Wholesale Trading Enterprise,
  Elementary Top-cycle Model


AccRec:   AccRec[B] + SP * Sales – AccRec[E] → CashRcpt
Inv:      Inv[B] + Pur – Inv[E] → Sales
AccPay:   AccPay[E] + CashDisb – AccPay[B] → PP * Pur
Cash:     Cash[B] + ColVAT + CashRcpt – PayVAT – Cash[E] → CashDisb
VAT:      VAT[E] + VPP * Pur + PayVAT – VSP * Sales – VAT[B] → ColVAT




                              ComputationalAuditing.com
Top-cycle model as Diagram          5




        ComputationalAuditing.com
6



                            Top-cycle model
                            as Matrix




ComputationalAuditing.com
7
Revamped Audit Approach: 5 phases
“Next Generation Auditing: Data-Assurance as a Service”

1. Mining ‘As Is’, actual top-cycle process model

2. Identify ‘To Be’, normative top-cycle

3. Continuous Auditing: continuous confrontation to norm

4. Dempster-Shafer-Srivastava method for aggregation

5. Publish deviation top-10 on interactive dashboard




                       ComputationalAuditing.com
8
Phase 1:
Process Mining




                 ComputationalAuditing.com
Phase 2: Identify norm in ‘As Is’              9




          A



               B



                         D




           C




                   ComputationalAuditing.com
Phase 2: Resulting in normative top-cycle    10




                 ComputationalAuditing.com
Revamped Audit Approach: applying            11

XBRL tagged data & operators in all 5 phases
                             Topcycle-embedded Audit Assertions




                   XBRL
                 US GAAP
                 Taxonomy




                 ComputationalAuditing.com
12

       Design & Development of a
       Domain-Specific Language
              for Auditing



A software engineer's view:
●   DSL captures domain knowledge
●   DSL leads to 10-50x increase in software
    productivity
Domain Knowledge                       13




                   Auditor: 20 words for debt

Inuit: 20 words for snow

                               Th. Limperg




                 Anon. Inuit
                 Woman




   Words capture essential domain knowledge:
   describe them in feature model/ontology/...
   and use as basis for DSL design
14

                 DSL realization

                                     Use meta-programming to
                                      Use meta-programming to
                                     compile DSL to (Java-based)
Design of
 Design of                            compile DSL to (Java-based)
                                     service implementations
                                      service implementations
auditing DSL
 auditing DSL



                           DSL
                            DSL
                         Compiler
                          Compiler


               Implements
           (See rascalmpl.org)          Software services for
                                         Software services for
                                        mining/checking/
                                         mining/checking/
                                        visualization/...
                                         visualization/...
Scoping our DSL
                                                 15




●
    XBRL Formula
                              ●
                                  Continuity
                                  equations
●
    XBRL ontologies
                              ●
                                  Audit planning
●
    Process mining                questionnaires
●
    Dempster-                 ●
                                  Reporting with
    Shafer-Srivastava             drill down

          Let's bring the benefits of a DSL
           Let's bring the benefits of a DSL
       to the auditing domain and profit from
        to the auditing domain and profit from
          the power of meta-programming
           the power of meta-programming
                languages like Rascal
                 languages like Rascal
Invitation to team up on R&D projects                 16




 What’s in it for an audit firm?
 • Avoid overlapping investments
 • ROI: ensure connecting R&D and relevant know how


 What to bring to the table?
 • Proposal on pilot studies
 • Client accompanying you in pilots
 • Time commitment of audit expert



  Top 3 proposals are rewarded with team-up
  connecting to your audit practice


                       ComputationalAuditing.com
Golden opportunity for Ernst & Young                                                17




 Extend E&Y CARAT project proposal on audit tools &
 techniques by inclusion of pilots on owner/franchisor
 oriented audit approach with E&Y audit clients:
  • McDonald’s - global franchisor-franchisee
  • Twinfield - no.1 in online accounting



 Build on successful project of Twinfield for McDonald’s
 http://www.vanoers.nl/Home/Diensten/Accountancy/Adviseurvoorfranchisenemers.aspx
 & include support of subcontractors in pilots:

  • Chris Nedza - CEO of ZeeZor, real-time relation
     franchisor-franchisee: revenue completeness
  • Anne Rozinat - Fluxicon, process mining


                                ComputationalAuditing.com
Current considerations                              18




Finalize as white paper for China’s Ministry of Finance,
Accounting Regulatory Department - advised by
Fou-Khan Tsang, board member of SRA INAA:
 • China is on the outlook for alternative audit approach
 • Excellent appreciation of ownership orientation
 • Top-cycle concept has high yin-yang quality



India – current EY CARAT collaboration is springboard


Netherlands – establishing platform for internationalizing
proven Equational Audit Approach: integrated approach
for owner-ordered and management-ordered auditing


                       ComputationalAuditing.com
19




        Your
     questions,
or advisory comments
PhilipElsas@ComputationalAuditing.com




            ComputationalAuditing.com

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Kansas Elsas Klint 2011

  • 1. 5th University of Kansas International Conference on XBRL Transparency, Assurance, and Analysis Revamping the Audit Approach using Accounting Equations: Processing XBRL-tagged Data in an XBRL-tagged Top-cycle Philip Elsas, ComputationalAuditing.com Paul Klint, CWI.nl Trevor Stewart, Deloitte & Touche Rajendra Srivastava, University of Kansas Hans Blokdijk, Limperg Institute Miklos Vasarhelyi, Rutgers University Overland Park, Kansas April 28-30, 2011
  • 2. 2 Top-cycle as Model for XBRL Assurance ComputationalAuditing.com
  • 3. 3 Why a model for XBRL assurance? • To avoid a too complicated and too flexible language • Model-based closure around XBRL assurance language • Top-cycle auditing model guides design of Domain-Specific Language (DSL) for XBRL assurance • Tagging framework for both data and operators • Model-driven auditing for real-time trust ComputationalAuditing.com
  • 4. 4 Wholesale Trading Enterprise, Elementary Top-cycle Model AccRec: AccRec[B] + SP * Sales – AccRec[E] → CashRcpt Inv: Inv[B] + Pur – Inv[E] → Sales AccPay: AccPay[E] + CashDisb – AccPay[B] → PP * Pur Cash: Cash[B] + ColVAT + CashRcpt – PayVAT – Cash[E] → CashDisb VAT: VAT[E] + VPP * Pur + PayVAT – VSP * Sales – VAT[B] → ColVAT ComputationalAuditing.com
  • 5. Top-cycle model as Diagram 5 ComputationalAuditing.com
  • 6. 6 Top-cycle model as Matrix ComputationalAuditing.com
  • 7. 7 Revamped Audit Approach: 5 phases “Next Generation Auditing: Data-Assurance as a Service” 1. Mining ‘As Is’, actual top-cycle process model 2. Identify ‘To Be’, normative top-cycle 3. Continuous Auditing: continuous confrontation to norm 4. Dempster-Shafer-Srivastava method for aggregation 5. Publish deviation top-10 on interactive dashboard ComputationalAuditing.com
  • 8. 8 Phase 1: Process Mining ComputationalAuditing.com
  • 9. Phase 2: Identify norm in ‘As Is’ 9 A B D C ComputationalAuditing.com
  • 10. Phase 2: Resulting in normative top-cycle 10 ComputationalAuditing.com
  • 11. Revamped Audit Approach: applying 11 XBRL tagged data & operators in all 5 phases Topcycle-embedded Audit Assertions XBRL US GAAP Taxonomy ComputationalAuditing.com
  • 12. 12 Design & Development of a Domain-Specific Language for Auditing A software engineer's view: ● DSL captures domain knowledge ● DSL leads to 10-50x increase in software productivity
  • 13. Domain Knowledge 13 Auditor: 20 words for debt Inuit: 20 words for snow Th. Limperg Anon. Inuit Woman Words capture essential domain knowledge: describe them in feature model/ontology/... and use as basis for DSL design
  • 14. 14 DSL realization Use meta-programming to Use meta-programming to compile DSL to (Java-based) Design of Design of compile DSL to (Java-based) service implementations service implementations auditing DSL auditing DSL DSL DSL Compiler Compiler Implements (See rascalmpl.org) Software services for Software services for mining/checking/ mining/checking/ visualization/... visualization/...
  • 15. Scoping our DSL 15 ● XBRL Formula ● Continuity equations ● XBRL ontologies ● Audit planning ● Process mining questionnaires ● Dempster- ● Reporting with Shafer-Srivastava drill down Let's bring the benefits of a DSL Let's bring the benefits of a DSL to the auditing domain and profit from to the auditing domain and profit from the power of meta-programming the power of meta-programming languages like Rascal languages like Rascal
  • 16. Invitation to team up on R&D projects 16 What’s in it for an audit firm? • Avoid overlapping investments • ROI: ensure connecting R&D and relevant know how What to bring to the table? • Proposal on pilot studies • Client accompanying you in pilots • Time commitment of audit expert Top 3 proposals are rewarded with team-up connecting to your audit practice ComputationalAuditing.com
  • 17. Golden opportunity for Ernst & Young 17 Extend E&Y CARAT project proposal on audit tools & techniques by inclusion of pilots on owner/franchisor oriented audit approach with E&Y audit clients: • McDonald’s - global franchisor-franchisee • Twinfield - no.1 in online accounting Build on successful project of Twinfield for McDonald’s http://www.vanoers.nl/Home/Diensten/Accountancy/Adviseurvoorfranchisenemers.aspx & include support of subcontractors in pilots: • Chris Nedza - CEO of ZeeZor, real-time relation franchisor-franchisee: revenue completeness • Anne Rozinat - Fluxicon, process mining ComputationalAuditing.com
  • 18. Current considerations 18 Finalize as white paper for China’s Ministry of Finance, Accounting Regulatory Department - advised by Fou-Khan Tsang, board member of SRA INAA: • China is on the outlook for alternative audit approach • Excellent appreciation of ownership orientation • Top-cycle concept has high yin-yang quality India – current EY CARAT collaboration is springboard Netherlands – establishing platform for internationalizing proven Equational Audit Approach: integrated approach for owner-ordered and management-ordered auditing ComputationalAuditing.com
  • 19. 19 Your questions, or advisory comments PhilipElsas@ComputationalAuditing.com ComputationalAuditing.com