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You may have heard of XBRL and wonder if there is any connection to SOX section 302 and 404.  Well, the answer is ….yes. XBRL, eXtensible Business Reporting Language, is a global electronic information format designed to transmit and store business information in a machine readable format.

The XBRL tags are part of taxonomies developed by market constituents, publicly available and license free. Taxonomies consist of financial concept definitions in which each business concept is defined and assigned a relationship to other concepts.  Companies are required to ensure their tags are accurate and consistent.  XBRL processes should be a well-integrated part of your 302 and 404 financial evaluation process.

This course outlines the various impact of XBRL on SOX sections 302 and 404 and provides valuable insight into how to prepare for those impacts and learn how to address them in detail.

Information within this course comes from readily available public domain documents and is utilized by the trainer as a supplement for relaying the course content.

Note: The concepts outlined in this course are up to date and relevant in regards to the Sarbanes-Oxley legislation. Although there have not been any changes in the legislative concepts of the law since it’s release in 2002, some aspects of executing the work have evolved. This speaker is preparing a series of courses titled “Sarbanes-Oxley 20 years later”. Those courses can be found individually on the platform and would be beneficial for anyone involved with compliance.

NOTE: The Instructor has created 5 new segments on Sarbanes-Oxley Update - 20 Years Later:
Sarbanes-Oxley Update - 20 Years Later: Accounting Risk Assessment Considerations
Sarbanes-Oxley Update - 20 Years Later: Sourcing Emerging Risks Part 1
Sarbanes-Oxley Update - 20 Years Later: Evaluating Testing Processes
Sarbanes-Oxley Update - 20 Years Later: Sourcing Emerging Risks Part 2
Sarbanes-Oxley Update - 20 Years Later: Examining Fraud Risks

Learning Objectives

  • Identify Internal Controls and their link to SOX
  • Recognize Compliance Requirements
  • Discover XBRL control point accuracy
  • Identify XBRL Roles & Liabilities
Last updated/reviewed: May 5, 2022

Included In Certifications

This course is included in the following Certification Programs:

16 CoursesSarbanes-Oxley (SOX) Certification

  1. Sarbanes Oxley (SOX) Overview
  2. SOX: Authoritative Bodies
  3. Sarbanes-Oxley (SOX) Standards - Evolution
  4. Information Technology General Controls Primer
  5. COSO 2013 Overview
  6. Sarbanes-Oxley (SOX) Section 404
  7. Sarbanes-Oxley Section 302: ICFR
  8. Sarbanes-Oxley (SOX) And Fraud Sections
  9. Sarbanes-Oxley (SOX) - Top Down Risk Assessment Part 1
  10. Sarbanes-Oxley (SOX) - Top Down Risk Assessment Part 2
  11. Sarbanes-Oxley (SOX) - Entity Level Controls
  12. Sarbanes-Oxley (SOX) Identifying and Documenting Controls
  13. Sarbanes-Oxley (SOX) Testing
  14. Sarbanes-Oxley (SOX) - Assessing Material Impact
  15. XBRL - Connection to SOX 302/404 and Critical Roles
  16. Tools For Sarbanes-Oxley Compliance

18 CoursesFinancial Statement Preparation, Reporting and Auditing Certification

  1. Financial Statement Introduction
  2. GAAP Principles, Assumptions and Considerations
  3. GAAP Presentation of Financial Statements
  4. Management Discussion and Analysis (MD&A) Update
  5. Sarbanes Oxley (SOX) Overview
  6. Sarbanes-Oxley Section 302: ICFR
  7. XBRL (Extensible Business Reporting Language) Introduction to Basics - Updated
  8. XBRL - Connection to SOX 302/404 and Critical Roles
  9. Analyzing Financial Ratios - Solvency, Liquidity and Debt
  10. Analyzing Financial Ratios - Leverage
  11. Analyzing Financial Ratios - Performance And Efficiency
  12. Conducting An Audit In Accordance With GAAS - Part 1
  13. Conducting An Audit In Accordance With GAAS - Part 2
  14. Conducting An Audit In Accordance with GAAS - Part 3
  15. Introduction to Accounting for Income Taxes Based on Income
  16. Practical Application For Accounting For Income Taxes Based On Income Part 1
  17. Practical Application For Accounting For Income Taxes Based On Income Part 2
  18. FASB Codification Research System

31 Reviews (115 ratings)Reviews

5
Anonymous Author
This is a great overview of XBRL - I found it very technical having not covered the topic before but still managed to understand enough to pass the test. Lynn's presentation was clear and demonstrated her expertise in this area.
5
Anonymous Author
It was very well structured, well-paced and easy to follow training course. Structuring the course in segments as well as offering a continuous play option is perfect for any learning style. The examples given were good.
5
Member's Profile
Excellent overview. Lynn offers controls to consider for XBRL as this process impacts the accuracy of ICFR. One update needed regarding third party service organization reports - SOC 1 replaced SSAE 16 Reports.
3
Anonymous Author
This course is full of a lot of technical information. At times I found it hard to follow, but still finished having learned enough to have a reasonable understanding of the topic.
4
Anonymous Author
What I did not like of this course is I could not see the presenter as in the other courses. For me it is important because that way I feel like I'm taking the class live.
4
Anonymous Author
I liked the fact that this had been divided into quite small sessions. I did not take the suggested basic course but that could have been useful. Very good training.
5
Anonymous Author
This subject was an education on questions to ask within my organization. This topic has not been included in any other SOX training I have attended. Thank you.
5
Anonymous Author
The course provided many control points to consider that is prompting me to perform a review of the controls over our XBRL process. Very informative.
4
Member's Profile
I have come to understand the idea behind XBRL.I believe it would be helpful if it was adopted worldwide.Excellent concept!
4
Anonymous Author
This entire section is new to me and is very technical. This would be helpful if you need to understand the basics of XBRL.
4
Anonymous Author
This is a high level technical course about XBRL, with reminders of the important checks before completing the submission.
4
Member's Profile
The XBRL pre-req course should be included in the SOX certification program so that this is better understood in relation.
4
Member's Profile
Overall good learning material. the XBRL vs SOX was really good learning in a way that shows link between them.
5
Anonymous Author
Very good course. Previously, I did not have much exposure to XBRL; this course provided a great overview.
5
Anonymous Author
Great course - I didn't know much about this topic so it was good to be enlightened on the subject.
4
Member's Profile
Great course with a lot of technical information.
5
Anonymous Author
This course was excellent and provided important information that I will utilize in the future.
5
Anonymous Author
I am deeply impressed by the vast information and knowledge encountered in this course.
5
Anonymous Author
Good to understand the requirements filing requirement of SEC in the most simplest way
4
Anonymous Author
The explanations are easy to follow. I now have an idea of what XBRL is all about.
4
Member's Profile
Objectives met, I was not familiar with this topic so it was a good introduction.
4
Member's Profile
Great course regarding XBRL requirements. New and interesting topic for me.
3
Member's Profile
Great course, with easy to understand language and straigh to the point.
4
Anonymous Author
Really good to understand the handling of the information linked to XBRL
4
Member's Profile
Very good course, Its good to have a one presentation rather than many
5
Anonymous Author
This course gave good information about XBRL and connection to SOX.
5
Member's Profile
Applicable to real world scenarios and usable in future filings
4
Member's Profile
Interesting topic delivered in an easy, understandable manner.
4
Member's Profile
I was not familiar with XBRL, so this course was very helpful.
4
Anonymous Author
Very informative
5
Anonymous Author
Excellent

Prerequisites

Course Complexity: Intermediate

Prerequisite: Exposure to SOX

 

Advanced Preparation: None

 

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
Legislation and Link
  10:33Legislation and Requirements
  16:41XBRL and Link to SOX
Control Point
  2:12Control Point Accuracy
  7:35Control Point Completeness and Validity
  7:33Control Point Roles and Authorizations
  4:23Control Point Presentation
Handling The Information
  3:16Handling Inputs
  4:28Handling Process
  2:08Handling Tagging
  5:22Handling Validation and Output
Internal Controls, Liability, and Responsibility
  9:28Internal Controls and Liability
  4:33Roles and Responsibilities
CONCLUSION
  8:20Standard Operating Procedures and Summary
Continuous Play
  1:29:45XBRL – Connection to SOX 302/404 and Critical Roles
SUPPORTING MATERIALS
  PDFSlides: XBRL – Connection to SOX 302/404 and Critical Roles
  PDFXBRL – Connection to SOX 302/404 and Critical Roles Glossary/Index
REVIEW & TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM