Many CFOs could intentionally misstate financial statements, aren't aware of XBRL
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 %
Grant Thornton's survey ended on September 26th and incorporated responses from 221 CFOs and senior controllers, 55 in publicly held companies, 158 in privately held companies, and 8 other. More than 70 percent of respondants are in companies with less than $100 million in annual revenue. Survey participants came from 38 states and the District of Columbia. Twenty-two percent indicated their companies are engaged in manufacturing, 15 percent in technology, 10 percent in financial services, 6 percent in banking and financial institutions, 6 percent in not-for-profit, 5 percent in health care, 5 percent in retail, and 31 percent in other businesses.