CoreFiling and Rivet Software Partner to Help Companies Achieve SEC Compliance
Rivet to offer CoreFiling's Magnify® document review tool for SEC filers
Oxford, July 7th, 2011 - CoreFiling, the leading XBRL software vendor and Rivet Software, the leading provider of financial reporting solutions, today announced a partnership under which Rivet will offer CoreFiling's Magnify® as part of a solution to help SEC filers achieve accuracy in their XBRL filings. Under the reseller agreement, Rivet will market Magnify to help SEC filers assess the quality and compliance of their financial disclosures before submission.
Rivet's XBRL Auditing Package is the first complete XBRL review and validation toolkit available to publicly traded companies, their advisors and auditors. The limited liability provision granted by the US Securities and Exchange Commission (SEC) is expiring and the Interactive Data file will be subject to the same liability provisions as the related filing. Companies will be held responsible for the quality of their XBRL data and need a reliable auditing and review tool to ensure completeness and accuracy of XBRL mapping and structure prior to file submission.
CoreFiling's Magnify combines a step by step checklist to review automated validation tests, covering the SEC's Edgar Filer Manual (EFM) rules, XBRL 2.1 rules, and customizable user defined business rules. Magnify also provides the market's most extensive review and validation tool for in-house accountability and transparency.
"Magnify reduces the risk in the regulatory compliance process," said Philip Allen, Chairman of CoreFiling. "Now you can track the changes between document drafts, and create reports to demonstrate evidence of the measures taken by corporates to ensure compliance."
Rivet will be offering Magnify to enhance Rivet's XBRL verification tool, Dragon View™, to provide full XBRL Instance Document validation. Rivet's Agreed-Upon Procedures (AUP) XBRL auditing solution ensures filings comply with the SEC mandate, providing the ability to ensure accuracy and consistency within the XBRL filing process. Rivet's Dragon View is the industry-standard XBRL view and review tool, allowing XBRL filing companies and auditors to easily review XBRL.
"Dragon View paired with Magnify will help corporations file their financials with confidence, as well as provide a comprehensive software package to the CPA/Auditor community. Magnify is a powerful tool which complements our existing XBRL Auditing Package to the SEC filing community," says Patrick Quinlan, CEO of Rivet Software.