Finance and Accountancy Briefing
iXBRL Responsibilites of management and auditors
Responsibilities of management
Management is responsible for the completeness and accuracy of information filed with HMRC. However, where accounts are prepared (and tagged) by external advisers or where management uses proprietary software with in-built iXBRL tagging, it may not always be easy to establish the accuracy of the tagging. Management will need to consider the extent to which they want to perform or check iXBRL tagging themselves, or whether some sort of external confirmation of the accuracy of tagging should be sought.
Online filing in iXBRL format does not include an HMRC requirement for the entity’s statutory auditors to provide assurance on the iXBRL tagging of the information submitted. In addition, the Auditing Practices Board (APB) has issued Bulletin 2011/1 ‘XBRL Tagging of information in Audited Financial Statements – Guidance of Auditors which explains that iXBRL tagging is not currently within scope of an audit performed under International Standards on Auditing (UK and Ireland). Should management wish to obtain assurance on this matter from their auditors (or other advisers) they would, therefore, need to request that this be undertaken as a separate exercise to the audit.
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