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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: August 5, 2023
Included In Certifications
This course is included in the following Certification Programs:
16 CoursesSarbanes-Oxley (SOX) Certification
- Sarbanes Oxley Overview
- SOX: Authoritative Bodies
- Sarbanes-Oxley (SOX) Standards - Evolution
- Information Technology General Controls Primer
- COSO 2013 Overview
- Sarbanes-Oxley (SOX) Section 404
- Sarbanes-Oxley Section 302: ICFR
- Sarbanes-Oxley (SOX) And Fraud Sections
- Sarbanes-Oxley (SOX) - Top Down Risk Assessment Part 1
- Sarbanes-Oxley (SOX) - Top Down Risk Assessment Part 2
- Sarbanes-Oxley (SOX) - Entity Level Controls
- Sarbanes-Oxley (SOX) Identifying and Documenting Controls
- Sarbanes-Oxley (SOX) Testing
- Sarbanes-Oxley (SOX) - Assessing Data Impact
- XBRL - Connection to SOX 302/404 and Critical Roles
- Tools For Sarbanes-Oxley Compliance
18 CoursesFinancial Statement Preparation, Reporting and Auditing Certification
- Financial Statement Introduction
- GAAP Principles, Assumptions and Considerations
- GAAP Presentation of Financial Statements
- Management Discussion and Analysis (MD&A) Update
- Sarbanes Oxley Overview
- Sarbanes-Oxley Section 302: ICFR
- XBRL (Extensible Business Reporting Language) Introduction to Basics - Updated
- XBRL - Connection to SOX 302/404 and Critical Roles
- Analyzing Financial Ratios - Solvency, Liquidity and Debt
- Analyzing Financial Ratios - Leverage
- Analyzing Financial Ratios - Performance And Efficiency
- Financial Statement Audit in Accordance with GAAS - General Standards
- Financial Statement Audit in Accordance with GAAS - Conducting the Audit
- Financial Statement Audit in Accordance with GAAS - Auditors' Report and Opinion
- Introduction to Accounting for Income Taxes Based on Income
- Practical Application For Accounting For Income Taxes Based On Income Part 1
- Practical Application For Accounting For Income Taxes Based On Income Part 2
- FASB Codification Research System
56 Reviews (180 ratings)
Reviews
Cory Goodman
(Internal Auditor - Finance at Republic Finance)
Course concepts were presented in a clear and well organized manner. Slides presented the main points of the material. The instructor was knowledgeable and offered valuable personal insight. The only problem I had were the reverences to another, preliminary, XBRL course which is not included in the certification.
Anonymous
(SVP Accounting and Internal Control)
The course was necessary but not exciting. Important to note that those responsible for handling SOX need to look at it from the perspective of management's responsibility for ICFR. One shouldn't say that it isn't required because the external auditor does not require it.
Anonymous
(SOX process manager)
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.
Anonymous
(Internal Control Expert)
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.
Brenda Dugan
(Financial Controls Compliance Manager at United Community Bank)
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.
Multimer Cayabyab
(Sr. Analyst at LCL)
I like this course as it gives me an idea of the XBRL, on which I find it very useful and understand how it works on the backend. I really appreciate that this is part of the discussion.
Anonymous
(Staff Operations Auditor)
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.
Anonymous
(Audit Director)
There was a lot of good information in this course. One concern I had with this section is I did not see where I had access to the XBRL training that was referenced in the course.
Carlos Rafael Paes Felix
(Manager at EY)
The course provided me a comprehensive overview of XBRL and the respective steps for implementation, risks and key controls that management should be aware. Very good material!
Anonymous
(Internal Auditor)
Really good coverage on a topic that is often overlooked. Very thorough and she makes it interesting. The course is broken down into groups of info that make it digestible.
Michael Trollinger
( at Trollinger, CPA)
This could have been a good topic, but is outdated and doesn't reflect current regulations (i.e. posting on website, attaching as exhibits, etc.). Needs a complete rewrite.
Anonymous
(Compliance, Sr. Analyst)
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.
Anonymous auditor
(Internal Auditor at SGSC)
This course is good, but it goes away after one year if you do not give a review. So, they force you to give a review for the sake of keeping the course after one year.
Anonymous
(Specialist SOX Compliance)
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.
Anonymous
(Accountant)
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.
Anonymous
(Manager SOX & Accounting)
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.
ERIC ABAIDOO
( at Tullow Oil)
I have come to understand the idea behind XBRL.I believe it would be helpful if it was adopted worldwide.Excellent concept!
Anonymous
(Analyst)
This entire section is new to me and is very technical. This would be helpful if you need to understand the basics of XBRL.
Anonymous
(Director Internal Control, Processes and..)
This is a high level technical course about XBRL, with reminders of the important checks before completing the submission.
Madalyn Adkins
(Internal Risk/Control Coordinator at Esdec US)
The XBRL pre-req course should be included in the SOX certification program so that this is better understood in relation.
Anonymous
(Senior Staff Accountant)
Simple and easy to understand, it was also straightforward and i was able to relate it directly to my company's work.
Paulo Sitoe
(Internal Auditor at Nokia)
Overall good learning material. the XBRL vs SOX was really good learning in a way that shows link between them.
Anonymous
(N/A)
Very good course. Previously, I did not have much exposure to XBRL; this course provided a great overview.
Anonymous
(Senior Auditor)
Clear and concise course. It points to key xbrl usage and requirements and how it is connected to Sox.
Anonymous
(Audit Manager)
XBRL has not been a focus for my education in internal audit, but I feel like this was an great start.
Anonymous
(Controls Specialist)
Great course - I didn't know much about this topic so it was good to be enlightened on the subject.
Jennifer Pawliw
(Staff Auditor 1 at Berkshire Bank)
Great course with a lot of technical information.
Anonymous
(CPA)
This course was excellent and provided important information that I will utilize in the future.
Shupto Mahbub
(CFO at Shupto Mahbub)
This chapter is a good catchup of 302 and 404 with XBRL detail. Well presented and explained.
Anonymous
(Senior IT Auditor)
I am deeply impressed by the vast information and knowledge encountered in this course.
Anonymous
(Treasury Manager)
Great introduction to the XBRL section and great help for the implementation process.
Anonymous
(Internal Auditor)
Good to understand the requirements filing requirement of SEC in the most simplest way
Anonymous
(Senior Internal Auditor)
Good course, it is easy to follow and understand even for those new in the SOX world.
William Findlay
(Managing Director, Accounting Controls at Assured Guaranty)
Helped understand the key SOX controls management should have in place regarding XBRL
Anonymous
(Internal Control Manager)
Easy to digest explanation of something which I have never heard before. Thank you,
Anonymous
(Consultant - Process Specialist)
The explanations are easy to follow. I now have an idea of what XBRL is all about.
Shreeya Srivastava
(IS/IT Internal Auditor at Nokia)
Very well-designed course and provide learner a brief learning about these topics.
Jon McGinnis
(Internal Audit Director at One Call)
Objectives met, I was not familiar with this topic so it was a good introduction.
Anonymous
(Sr MD Financial Reporting and Controls)
short and sweet. knowledgeable presenter. Good sox overview. perfect length.
Jennifer Bolden
(Auditor at Eastman Chemical Company)
This is an excellent SOX topic that I have not previously seen covered before.
Gabriel Sotero
(Associate at PwC)
Great course regarding XBRL requirements. New and interesting topic for me.
Anonymous
(Accounts Associate)
The training was good and explained good. The materials is very detailed
Daiane Cavalcante
(Jr Manager Accountant at Hookipa Pharma Inc)
Great course, with easy to understand language and straigh to the point.
Anonymous
(Senior Internal Auditor)
Really good to understand the handling of the information linked to XBRL
Tanay Srivastava
(Sr IT/IS Auditior at Nokia)
Very good course, Its good to have a one presentation rather than many
Anonymous
(Finance Director)
I liked this course. Very good material to understand what is XBRL.
Anonymous
(Internal controls manager)
This course gave good information about XBRL and connection to SOX.
Anonymous
(Reinsurance Accounting Manager)
Great overall course of XBRL considerations and SOX Compliance.
Mirwais Nazar Mohammad
(Senior Manager Finance at Ivanhoe Electric Corp.)
The concept of the course is comprehensive and well explained .
Michael Rogers
(Internal Auditor at Assurant)
Applicable to real world scenarios and usable in future filings
Sarah Nikas
(Finance Controls and Compliance Lead at Cargill)
Interesting topic delivered in an easy, understandable manner.
Joy Franklin
(Auditor at Assurant)
I was not familiar with XBRL, so this course was very helpful.
RAJASEKARAN SUBRAMANI
(Business Compliance Manager at HCL Americas)
Objectives Met, Requirements appropriate, Relevant materials
Anonymous
(Manager)
I have completed the course and have no further comments.
Anonymous
(SOX Senior Auditor)
Very informative
Anonymous
(None)
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
.
Lynn FountainCPA, CGMA, CRMA, MBA, Consultant, Author, Trainer
About Illumeo
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