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Attesting Adios! Airways’ XBRL Filings: A Case Study on Performing Agreed-upon Procedures

Stephanie Farewell, University of Arkansas at Little Rock
Roger S. Debreceny, University of Hawa'i at Manoa

ABSTRACT: On 30 January 2009, the Securities and Exchange Commission (SEC) released rule 33-9002 (SEC 2009). This rule phases in the required use of XBRL. The accuracy of mapping financial statement line items to the US GAAP taxonomy and the tagging of the financial statement facts are of fundamental importance to the accuracy of the XBRL instance document. Currently, there is no requirement of separate assurance on XBRL filings. However, given the significance of the information made available, firms may find it desirable to obtain attestation services. This case provides students with an agreed-upon procedures assurance engagement plan based upon SOP 09-1 “Performing Agreed-Upon Procedures Engagements that Address the Completeness, Accuracy or Consistency of XBRL Tagged Data” released by the Auditing Standards Board in 2009 (ASB 2009). Students assume the role of an engagement manager completing an agreed-upon procedures engagement for the quarterly financial statements of Adios! Airways Inc.

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