Integrated Equity Applications After
Sarbanes–Oxley
Author(s)
O. Criner & E. Kindred
Abstract
Primary among the requirements of the Sarbanes–Oxley legislation are that chief
executive officers and chief financial officers certify the accuracy of their
corporations’ financial statements. This act spawned a thrust to complete total
accounting systems with end-to-end financial audit capabilities. The federal
government’s use of XML and XBRL will eventually be extended to require that
all public companies file all forms and reports with them using XML or XBRL.
The Securities and Exchange Commission (SEC) is currently accepting XBRL
filings from corporations on a voluntary basis. The potential improvement and
analytical capability offered by this new environment requires the planning and
implementation of new software for computational science research. This paper
discusses the technological convergence that allows the implementation of
systems that more accurately and rapidly monitor the performance of public
companies through their SEC filings and news events.
Keywords: Sarbanes–Oxley, XBRL, XML, computational modelling, accounting
data integrity, financial forensic analysis.
1 Background
The Sarbanes–Oxley Act was passed by the United States Congress in the
aftermath of several corporate scandals involving large public corporations
during and after 2001. This research topic became of interest to the senior author
because of his involvement as a juror in one of the high profile trials of that time.
Several questions arose during that trial concerning the accuracy of accounting
information, accounting procedures that thwarted transparency, the integrity of
corporate financial data, and the uses and limitations of mathematical and
Keywords
Sarbanes–Oxley, XBRL, XML, computational modelling, accounting
data integrity, financial forensic analysis.
Related Book
Other papers in this volume
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