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Dutch Taxonomy Project (NTP) Semantic data and process interoperability and continuous auditing. H.J. van Burg, Project Director NTP October 2007. Index. Reporting chain The concept The National Taxonomy Case (2) And where fits continuous auditing?. Regulatory Driven Reporting. Bank.

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dutch taxonomy project ntp semantic data and process interoperability and continuous auditing

Dutch Taxonomy Project (NTP)Semantic data and process interoperability andcontinuous auditing.

H.J. van Burg, Project Director NTP

October 2007

index

Index

Reporting chain

The concept

The National Taxonomy

Case (2)

And where fits continuous auditing?

regulatory driven reporting

Regulatory Driven Reporting

Bank

Accountant

Requests

TAX

Business

Requests

CoC

Intermediary

Requests

Requests

Statistics

Solution

Provider 1

Requests

Super Funds

Solution

Provider 2

observations

Observations

Information is not interconnected between domains • mainly due to different accounting principles and contexts

Inefficiencies in preparation and compliance

Reliability of information is lacking behind

the concept

The concept

Rationalize: 1. data, 2. processes and 3. compliance

The rationalization process always complies with law and starts with the common accounting practice businesses

Data and process taxonomies interconnect (reporting) domains as well as interconnect law and common practice

A taxonomy (data and process) drive control framework results in an effective and efficient reporting chain

build the national taxonomy

Build the National Taxonomy

Collection of standards

Collection of rule books

Collection of forms

Harmonisation

Business data

model

Rules & process

model

Data

model

Business

Data

Rules

Government

Data

Iterative

Taxonomy

Data

Rules

national taxonomy roadmap

National Taxonomy – Roadmap

Law

• Red Paper

Legislative burden

reduction

Taxonomy v1.0

Taxonomy v2.0

Taxonomy v3.0

Taxonomy v4.0

Data

Rules

Data

Rules

Data

Rules

Data

Rules

business driven regulatory reporting

Business Driven Regulatory Reporting

CoC

Taxonomy

Intermediary

Director

Annual Accounts

TAX

Business

Tax Reporting

Taxonomy

Statistics

Computer

Financial

Package (FP)

Statistics

R1

Taxonomy

Taxonomy

R2

R3

observations12

Observations

Information is interconnected between domains • common ground in accounting principles and contexts

Preparation of report information is effective and efficient

Reliability of information has increased but still there is a need for compliance

case limited corporation tax declaration lctd

Case: Limited Corporation Tax Declaration (LCTD)

Observation

More and more information is required (1.600 data elements)

Information is not interconnected with the annual accounts

Tax advisers prepare the Limited Corporation Tax Declaration (LCTD)

Objectives (see paper)

Limit the amount of data element what is legally required (400)

Interconnect data en processes definitions (taxonomies) of LCTD with the annual accounts

Agree on mutual compliance

case lctd

Case: LCTD

Preparation

Design the Limited Corporation Tax Declaration extension (objective: general accepted tax and interconnected accounting principles)

Design the subsequent processes (objective: impose checks and balances)

Agree on a Tax Control Framework (objective: segregation of responsibilities Intermediary and Tax Agent)

Execution

Pilot and controlled

case basel ii

Case: Basel II

Observation

Preconditions for implementation are not fulfilled:

No semantic interoperable data framework (accounting principles)

Reporting is not interconnected with annual of fiscal domain

Expectation gab on assurance

The existing gathering is inefficient and very expensive

Objectives

Comply with the market!

case basel ii16

Case: Basel II

Preparation

Build a Basel II extension on the Dutch taxonomy (objective: general accepted accounting principles and interconnect)

Design the subsequent processes (objective: impose checks and balances)

Agree on a Control Framework (objective: segregation of responsibilities Intermediary and Financial institute)

Execution

Pilot starts in 2009

continuous auditing

Continuous auditing

Control Framework (Annual, Tax or / and Basel II):

Interconnect domains,

Segregation of responsibilities and

Scope prepares / auditing work

Different purpose, contexts and frequencies of reporting requires continuous auditing work

More and more auditing work will become part of the internal control framework

thank you

Thank you

More information

www.xbrl-ntp.nl