In a Financial Review article, Accounting systems need to come out of the 19th century, Petter Wells points out that accounting systems are stuck in the 19th century. He points out how XBRL can be leveraged to improve audits:
100 per cent check
Professor Wells said adopting software such as XBRL would enable a computer-generated check of 100 per cent of audits, so the regulator could then look into just those flagged as problematic and not rely on its own classification of risk.