Reduce review fatigue with automated processes
At all stages of financial report preparation, audit and accounting firms, financial printers, banks, insurance companies and large corporates develop processes and checks to ensure that the data they publish is accurate and correctly formatted. The introduction of XBRL into the filing process means that an additional layer of review is required in order to maintain quality all the way through to the final report submission stage, where it matters the most.
Carrying out the review of XBRL documents to a consistent standard across reporting periods or across large organisations is a challenge that should not be underestimated. Differences in reviewer experience, time available, interpretation of guidelines and different ways of expressing the review results may all conspire to reduce the quality and consistency of XBRL reviews and subsequent filings.
CoreFiling’s solution to this fundamental issue is based on the development of bespoke rule modules to automate the creation of business rules, whatever the complexity. When deployed on the web or on the desktop, these rules are used to ensure that reviews always promote high quality and completeness of XBRL data.
Advantages of the CoreFiling solution
- Workflow automation: Manual, repetitive tasks are converted into automated tasks enabling valuable resources to spend time where they add the most value.
- On the desktop or in the cloud: CoreFiling review modules run on all CoreFiling products that utilise the True North® XBRL processing engine. This allows exceptional flexibility in their deployment. The same rule modules are used to enable web-based services, CoreFiling’s Magnify® desktop tool or integration into client applications.
- Single source: Review modules can be published centrally ensuring that all reviewers, manual users and automated systems will always have the latest version of the rules at their disposal without additional manual effort.
- Bright lines rules: Clear and intuitive green-tick or red-cross results are used to indicate where documents pass or fail review criteria. This approach allows full automation of document review.
- Professional judgement: ‘Assisted’ rules provide the information that the reviewer needs to make a decision, drastically reducing the amount of manual effort required to make informed judgements.
- Consistent results: Customisable and dynamic messages explain review results in a consistent and informative manner.
- Magnify® is a desktop review tool for XBRL and Inline XBRL, which combines automated validation with manual checklists.
- Sphinx® is a business rules language designed to provide easy-to-read data validation logic for complex XBRL validation applications. Sphinx rules are processed by True North®.