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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.
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