Nearly two-thirds of CFOs feel they could intentionally misstate financial statements; only half aware of XBRL
CHICAGO, Nov. 7, 2007 - In a national survey of chief financial officers and senior comptrollers conducted by Grant Thornton LLP, the U.S. member firm of Grant Thornton International, one of the six global accounting, tax and business advisory organizations, 62 percent believe it would be possible to intentionally misstate their financial statement to their auditor. In addition, 47 percent of CFOs are not aware of eXtensible Business Reporting Language (XBRL), the new standard for tagged business information.
| Do you believe it would be possible to intentionally misstate your financial statement to your auditor? | |
| Yes | 62.44 % |
| No | 37.10 % |
Do you think it is possible for auditors to detect any and all corporate fraud (e.g., even if they are being intentionally misled by management with respect to a company's financial health)? |
|
| Yes | 16.74 % |
| No | 83.26 % |
Is it the auditor's responsibility to detect any and all fraud? |
|
| Yes | 17.19 % |
| No | 82.35 % |
Are you aware of eXtensible Business Reporting Language (XBRL), the new standard for tagged business information? |
|
| Yes | 53.39 % |
| No | 46.61 % |
If the SEC makes filing in the XBRL format mandatory, what is the first year's results for which you expect such filings to become mandatory? |
|
| 2007 | 0.45 % |
| 2008 | 11.31 % |
| 2009 | 31.67 % |
| 2010+ | 49.77 % |
About Grant Thornton LLP
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