The SEC has never really audited the firms they oversee. This is the reason SEC Chief Cox put $54 M into XBRL trying to get information so they could at least start. And so CFO reports that XBRL
will be required by second quarter of 2009.
XBRL stands for Extensible Business Reporting Language. It brings database to financial information. The idea is click on a number and it takes you to the relevant information without having to search the report.
Professor Elam 
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