Federal Audit in Relation to Continuous Audit - 12th CONTECSI 34th WCARS

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This document discusses using continuous auditing and XBRL tagging of government financial reports to improve access and analysis of those reports. It notes that current government financial reports like CAFRs are often only available as PDFs from various websites, making them difficult for automated analysis. The document advocates tagging CAFRs and other reports with XBRL to make their contents machine-readable, allowing more time to be spent on analysis rather than data extraction. With XBRL tagging, reports could be stored in a central repository and continuous auditing could generate real-time, standardized reports for various stakeholders like citizens, legislators, and analysts.

Technology

Federal Audit in Relation to Continuous Audit
Hussein Issa
(34th WCARS-Sao Paolo)

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

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!

Users
• Citizens
• Analysts
• Investors
• Creditors
• Legislative and oversight bodies
In addition to other stakeholders: preparers, policy makers, etc.
45/31/201534th WCARS

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

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

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

Federal Audit in Relation to Continuous Audit - 12th CONTECSI 34th WCARS

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Federal Audit in Relation to Continuous Audit - 12th CONTECSI 34th WCARS

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