Accounts compliance checks and risk assessments
With the advent of iXBRL, we've been exploring the possibility of running risk assessments and detailed compliance checks on accounts before they get submitted to HMRC alongside the CT600 form.
The government gateway and HMRC's own validation checks only look at around 21 very rudimentary items. What interests us here at AccountingWEB.co.uk is the scope for expanding those checks to pick up the sorts of things that will make the accounts more likely to be subject to an enquiry (eg turnover/profit up/down more than 20% on previous year, associated companies mentioned in related party disclosure note, but not adjusted in CT profit limits etc etc).
Steve Collings has highlighted some of these points in his financial reporting problems articles. But what are the tests you think are most important before submitting a set of accounts?
Look forward to hearing your suggestions, and if you're interested in the underlying project and where it may go, come and let us know your thoughts in the AccountingWEB feedback discussion group.