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Re: Trust

• To: XML DEV <xml-dev@l...>
• Subject: Re: Trust
• From: "W. E. Perry" <wperry@f...>
• Date: Thu, 01 Aug 2002 12:34:41 -0400
• Organization: Fiduciary Automation
• References: <65FB0B72BF5CD211980600104B102DC50A2883@i...>

Ralph Hilken wrote:

> Keep in mind that in this industry, the word "material" is what counts.  For
> businesses with billion dollar cash entries, only million dollar mistakes
> matter.  Also, statistics are used to verify integrity of processes and
> entries.  Only a few data entry processes in a company are actually audited
> every year, and the results extrapolated.  Standardizing on an automated
> system increases the likelihood that the data entry processes are consistent,
> lending more credence to the extrapolation process.  Says nothing about where
> the data came from in the first place.  Note that it did not have to be XBRL
> to accomplish this automation, but that is what seems to have caught the eye
> of the accounting industry.

For an entirely different (and quite pessimistic) conclusion from the same
premises, you might take a look at my article
http://www.xml.com/pub/a/2002/05/29/perry.html.

• References:
  • RE: Trust
    • From: Ralph Hilken <ralph.hilken@a...>

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