iXBRL Reporting – What Is XBRL?

iXBRL reporting

CaseWare’s iXBRL reporting eases the process of manual reporting and collection of data. As a business, you probably find yourself having to send out a lot of reports every year and often have to manually collect all the data. When it comes to analysing and comparing the data, you find yourself reading a lot of paper-based reports, which increases your chance of making mistakes.

The logical step to overcome this would be to use digital reporting tools. Problem is, everyone uses different software tools. This means nothing is consistent and makes it just as difficult to compare and analyse various reports.

This is why CIPC has made XBRL reporting mandatory and why CaseWare Africa has made sure that our solutions give you everything you need to be compliant.

What Is XBRL?

Essentially, XBRL is a structured way of digital reporting. It’s an open, international way of structuring information, managed by a global consortium. It enables software such as CaseWare Africa to tag all financial items in business reports with relevant taxonomy.

  1. First, you tag the data you want to report on, for example: financial statements and the various line items they’re in.
  2. The data is then automatically extracted from your CaseWare Working Papers file.
  3. All you then have to do is send it.

Because of the fact that everyone is using the same tags and format, as set up by your reporting frameworks taxonomy, it’s easy to use and compare the data.

At CaseWare Africa, we help our clients to meet their mandatory deadlines quickly and easily.

Contact us today and we will be more than happy to explain it all to you so that you can achieve more.

Interim Financial Statements – Automated Financial Reporting

Interim Financial Statements

Automate your interim’s with CaseWare Africa‘s interim financial statement template. Automation is one of the key strategies driving financial reporting, because it reduces manual intervention and makes the process both more streamlined and accurate.

Until now, the market has lacked an automated solution to easily prepare interim financial statements. Our new interim financial reporting template will help you to ensure that you are compliant.

Benefits Of Interim Financial Statements

  • Simplify the importing of data from multiple periods.
  • Unify the reporting process across an entity with seamless integration into our IFRS template.
  • Consolidate multiple entities quickly and easily.
  • Increase consistency and efficiency across the financial reporting process.
  • Prepare IAS 34 compliant interim, condensed, financial statements.
  • Create explanatory notes as required by the IAS 34 standard as well as easily including specific requirements for exchanges like the JSE, NSE, and other listing requirements and market trends.

When you use both CaseWare’s interim and IFRS financial reporting templates together, the same data sets prepare both the interim and annual financial statements, which significantly reduces the risk of errors and the time needed to create the engagements. The template can be adjusted to produce semi-annual, quarterly, 5 monthly, and monthly financial statements.

Chat to us today about interim financial statements and how you can use them for your business.

Does XBRL Affect Me?

If you had read our recent post about XBRL, you will know that it stands for eXtensible Business Reporting Language and is a global standard that was developed to improve how financial data is communicated and that it also enables digital financial reporting. 

Wondering If Your Company Is Affected By XBRL?

XBRL Reporting has many different uses and is used by a variety of people across different roles. All companies required to submit Annual Financial Statements (AFSs) as part of the Companies Act should be taking note of XBRL.

Similarly, any company that needs to provide information to financial regulators, securities regulators, stock exchanges, business registrars, tax authorities, and statistical and monetary policy authorities is affected by XBRL. Enterprises that regularly move information around in a complex grouping or supply chains that exchange information to manage risk and measure activity will be impacted by XBRL.

XBRL

 

Where Is XBRL Applicable?

According to the Companies and Intellectual Property Commission (CIPC), XBRL can be applied to a wide range of business and financial data. Below are a few examples of the data XBRL can handle:

    • Internal and external financial and business reporting;
    • Reporting and exchange of information in all types of regulators such as tax and financial authorities, central banks, and even government;
    • Filing of loan reports and applications;
    • Credit risk assessments; and
    • Authoritative accounting literature, providing a standard way of describing accounting documents provided by authoritative bodies.

Who Will Benefit Most From XBRL?

    • Regulators, analysts, and investors: XBRL allows for enhanced distribution and usability of existing financial statement information. It enables automated analysis and less rekeying of information from one form to another.
    • Data aggregators and financial publishers: More efficient data collection lowers operating costs, boosts traction capacity, and adds value to data to minimise errors.
    • Independent financial software developers: Any software that handles financial information can use XBRL for importing and exporting data. This increases the potential for full interoperability for other applications.
    • Companies that prepare financial statements: The value of XBRL is that companies can create financial statements more efficiently because they only need to do so once.

At CaseWare Africa, we provide a full range of professional services and “best of breed” software solutions to thousands of customers. Our solutions automate financial statements and assurance engagements, streamline tax management processes, enable simplified times and billing, and also takes care of secretarial duties. To find out more about how we can help you on your XBRL reporting journey, get in touch.

ISAE Attestation For Auditors

ISAE Attestation Auditing Software

ISAE Attestation is auditing software that allows auditors to gather appropriate evidence for the compliance reporting requirements of the Legal Practice Council and the Estate Agency Affairs Board. Powered by CaseWare Cloud, ISAE Attestation is always available from any location, on any device, at any time, and is licensed on a per-engagement basis, which means you can buy what you need when you need it and top up at any time.

ISAE Attestation Assisting Auditing Practitioners

ISAE Attestation assists practitioners in performing engagements based on ISAE 3000 assurance engagements, other than audits or reviews of historical, financial information. It contains a built-in methodology based on ISAE 3000 and specific compliance requirements of the Estate Agency Affairs Board and Legal Practice Council.
ISAE Attestation is designed to incorporate the four major elements of an attestation engagement into one seamless process:
  • Accepting
  • Planning
  • Performing
  • Reporting.

The ISAE Attestation Accepting Phase

This assists with understanding the company’s policies for attestation engagements as well as performing acceptance or continuance procedures. With advanced optimisations, ISAE Attestation, utilises checklists, questionnaires, queries, and work programmes that intelligently expand or collapse according to the engagement.

The Planning Phase

This enables practitioners to gain an understanding of the entity’s business, assess materiality, perform a risk assessment and plan the overall strategy for the engagement. By utilising queries, ISAE Attestation, allows practitioners to communicate and collaborate directly with clients within the app whilst providing transparent visibility to partners at all times.

The Performing Phase

This phase allows practitioners to perform procedures on the service activities relevant to the engagement. Prebuilt work programmes set forth the procedures necessary to complete an efficient and effective engagement. The procedures consist of a detailed plan of the work that must be performed, encourages a thorough understanding of the service activity, and includes the steps required to achieve the reasonable, assurance, engagement objectives. With engagement management built-in, the progress of every engagement and statuses of all engagements across the firm can easily be tracked and monitored.

The Reporting Phase

And finally, the Reporting phase assists in discussing significant judgments with management, preparing the reasonable assurance report, ensuring the report is appropriately worded, completing and locking down the engagement. With built-in roll forward technology, efficiency can be significantly increased, by leveraging extensive, built-in logic to roll forward selected information related to the client into next year’s engagement.
This product is empowering auditors with streamlined attorney trust and estate agent trust account assurance engagements. Find out more about ISAE Attestation here.

Audit International – Leading Paperless Auditing Solution

Completely integrated with accounting and a CaseWare engagement file, Audit International is the leading, paperless audit solution, designed to produce shorter, faster, risk-focused audits. Built using the CaseWare International audit platform and designed around the international standards on auditing.

Templates are available in the following profiles:

  • Minimal
  • Basic
  • One Form
  • One Form+
  • Core
  • And can be tailored for engagement

The dashboard screen, which is divided into planning and risk assessment, risk response and completion and reporting stages, makes navigation easy for inexperienced users and gives a simplified view of the status of the audit at any time. Using CaseWare’s audit optimiser, the file is tailored very rapidly to focus only on the areas required and eliminating any unnecessary work.

What Else Can Our Paperless Audit Solution Do For You?

Checklists are answered using simple, dropdown menus with automated sign-off and the lightning buttons allow users to answer entire sections in one go. Risks, controls, and management letter points can be raised at any time on a simple to follow dialogue and associated to work programmes or other documents.

The financial statement areas, FSA worksheet records, allows you to plan your audit based on risks and provides a central point for recording your risk response. Any risks raised are automatically fed through to the associated work programme as is materiality and the planning information from the FSA documents.

Work programmes can be easily tailored to address and identify risks and the results fed back to the risk dialogue and risk report. Results are easily recorded in the comment boxes, which expand to accommodate text and you can refer to any piece of supporting evidence in the document manager. Any audit issues can be identified, assigned, and cleared and reported easily.

On-screen review, times are reduced and audit quality is improved by channelling critical information to the completion documents, automated management letters, and associated reports.

Empower Your Auditing Firm With Audit International

Our leading paperless auditing solution will help you empower your auditing firm, while exceeding expectations, reducing risk, complying with the latest regulations and improving profitability. CaseWare Africa, an adapt IT company, a leader in assurance software solutions.

ISRS Agreed-Upon Compliant Financial Reporting

ISRS Agreed-Upon allows auditors to gather appropriate evidence for the compliance reporting requirements of ISRS 4400 in line with procedures agreed. Powered by CaseWare Cloud, ISRS Agreed-Upon is always available from any location, on any device, at any time, and is licensed on a per-engagement basis, which means you can buy what you need when you need it, and top up at any time.
An accounting module that enables compliant financial reporting, it assists with performing the responsibilities of a practitioner engaged to perform an agreed-upon procedures engagement in accordance with ISRS 4400. To balance efficiencies and make compliance easier, ISRS Agreed-Upon includes two profiles, Core and Extended.

ISRS Core Profile

This is designed with experienced practitioners in mind, provides only the procedures needed to meet the minimum requirements of ISRS 4400, removing all additional procedures to assist with documentation.

ISRS Extended Profile

This is designed with inexperienced practitioners in mind, expands on the Core Profile by adding procedures that take the application and explanatory material of ISRS 4400 into account, and guides practitioners with more detail in documenting the relevant requirements.

Three Elements Of Agreed-Upon In One

This accounting software module is designed to incorporate the three major elements of an agreed-upon into one seamless process, Accepting, Performing, and Reporting.
The Accepting Phase will assist with understanding the firm’s policies for agreed-upon engagements as well as performing acceptance or continuance procedures and agreeing procedures with clients. With advanced optimisations, ISRS Agreed-Upon will utilise checklists, questionnaires, queries, and work programs that intelligently expand or collapse according to the engagement.
The Performing Phase allows practitioners to perform agreed-upon procedures as defined in the planning phase. The work program consists of a detailed plan of the procedures that must be performed and also includes the steps required to conclude on the procedures and document the respective findings to achieve the engagement objectives.
By utilising queries, ISRS Agreed-Upon allows practitioners to communicate and collaborate directly with clients within the app whilst providing transparent visibility to partners at all times. With engagement management built-in, the progress for every engagement and statuses of all engagements across the firm can easily be tracked and monitored.
And finally, the Reporting Phase assists in discussing findings with management, preparing the agreed upon report, ensuring that the report is appropriately worded, completing and locking down the engagement. With built-in workflows, information is recorded once-off, using a structured methodology that reduces the risk of inconsistencies and errors in the agreed-upon procedures report.
Find out more about ISRS Agreed-Upon, an intuitive, cloud-based solution to streamline agreed-upon assurance engagements and enable compliant financial reporting.

CaseWare Working Papers – Financial Reporting Solution

Whether it’s financial reporting, auditing, or tax, the core platform and beating heart of any CaseWare solution is CaseWare Working Papers. Our premium financial reporting solution allows you to easily import your financial data from Excel, CSV, or hundreds of general ledger systems such as Sage and Quick Books, or you can type a TB straight in. Follow a simple once-only mapping routine and our CaseWare financial reporting solution will automatically produce an array of automated lead schedules using your nominal code structure.

What Can This Financial Reporting Solution Do For You?

  • Get total visibility and control with drill-down functionality from the face of your financial statements, right down to individual transactions and summarised lead schedules, which can be annotated with notes or cross-referenced to supporting evidence.
  • CaseWare Working Papers allows you to store and manage all your supporting evidence in one secure, archivable place. Adding documents to the document manager couldn’t be easier with simple drag and drop.
  • Use electronic sign-off to control workflow and add milestones to track changes, giving you total confidence in the accuracy of the numbers on your report.
  • Review points are created and cleared in the customisable issues pane, making the whole process simple to manage and ensuring nothing is missed, even in teams working in different offices or time zones.
  • Save anything in Working Papers to PDF or Excel, or use complementary tools such as CaseWare Connector to automate Excel and Word documents.

CaseWare Working Papers gives you the whole story behind your engagement. The incredible reporting power and accuracy of CaseWare Working Papers eradicates misreporting risks and significantly reduces both production and review times. For a financial reporting solution that removes administration and the possibility of errors, look no further.

CaseWare Africa, a division of Adapt IT, the leader in financial reporting solutions.