AIS INTERNAL CONTROL
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To safeguard assets, ensure reliable financial reporting, and promote adherence to management directives, the document identifies risks and potential control activities for an XBRL environment, including compromised data, tagging errors, hardware and software failures, inappropriate authorizations, and using an inappropriate taxonomy. It recommends daily backups, firewalls, password requirements, independent reviews, training, disaster recovery plans, physical security, and internal audits to control these risks.
AIS INTERNAL CONTROL
- 1. • Safeguard assets • Ensure reliable FS • Encourage adherence to mgt. directives • Promote operating efficiency
- 2. Data subject to theft, loss, and manipulation in the same ways all electronic data are Coding process is subject to the risk that humans will make errors in coding. Consider risks of hardware and software failure in an XBRL environment.
- 4. RISKS POTENTIAL CONTROL ACTIVITIES Compromised Data Daily data backups, firewalls, mandatory password changes, “strong” password requirements Tagging Errors Electronic tagging, independent review after tagging, periodic user training Hardware and Software failure Disaster recovery plans, physical security, backup power supplies Inappropriate/ missing authorizations Internal audit review of selected transactions, periodic user training, up-t—date procedures manuals Selection of an inappropriate taxonomy Periodic review and approval of taxonomies used, centralized approval process for taxonomy extensions