The Institute of Chartered Accountants of England & Wales (ICAEW) is one of the largest professional accountancy bodies operating in Europe. It has more than 118,000 members. The Institute operates under a Royal Charter, and provides accreditation to desiring professionals through a robust evaluation process. This accreditation is considered to be a prestigious professional qualification.
The ICAEW has recently launched an initiative to evaluate and recognize XBRL service providers and software vendors. DataTracks UK is the first service provider to secure accreditation from ICAEW.
What does the accreditation process involve?
The accreditation process involves an independent evaluation of the software/service provider’s offering by ICAEW representatives. The evaluation focuses on:
a.Compliance of the software/service to the laid down guidelines
b.Quality of support offered by the software/service provider
What does successful accreditation indicate?
When a solution provider’s software/service is accredited by ICAEW, it confirms that the service provider follows a well-defined process by which the software/service is provided to end customers. In case of service providers who use software to deliver their services to customers, ICAEW evaluates both the service delivery process as well as the quality of the software used for this purpose. In such instances, the accreditation represents a stamp of quality on both the service and the software used.
What does it mean for companies?
Organizations subscribing to these services would have the comfort that the solution provider is capable of meeting their expectations on quality and support.
DataTracks UK is a leading provider of XBRL services to Accounting Firms and Businesses. DataTracks (www.datatracks.co.uk) provides iXBRL Managed Tagging Services to help companies convert their financial statements and tax computations to iXBRL format for filing with HMRC. DataTracks is the first managed iXBRL services provider to have been awarded ICAEW accreditation. All DataTracks services are provided through an easy to use e-commerce portal. User can register, create entities, place orders, pay, upload files and download iXBRL output.
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