1. Search Engines for Extracting, Managing, and Analyzing Knowledge from the SEC Filings in XBRL and Beyond Rajendra P. Srivastava Ernst & Young Professor and Director E&Y Center for Auditing Research Adv. Technology 13th World Continuous Auditing & Reporting Faculty of Economics, University of Via Voltapaletto, 11, Ferrara (Italy), June 15-16, 2007

2. Outline  Background of FRAANK (Financial Reporting and Auditing Agent with Net Knowledge)  Current Features of FRAANK 2.1  Knowledge Extraction by FRAANK from SEC Filings  Role of FRAANK 2.1 in Creating Empirically Based Industry Specific Taxonomies  Live Demonstration  SEEK_INF (Search Engine for Extracting Knowledge from Industrial Filings)

3. Background of FRAANK  Spring 1996: FRAANK was born to Capture 10Ks and 10Qs from SEC Edgar database Parse BS, IS and CF to create electronic Documents  2001: Adopted to XBRL Taxonomy 1.0  2002-06: Text Parsing, Tagging, and Display Items on 10K and Footnotes to FS Auditor’s Report Intelligence to find Auditor, Place, Date, and Type  2005-07: Moved to XBRL Taxonomy 2.1  2007: FRAANK 2.1

4. Academic Publications on FRAANK (http://www.eycarat.ku.edu) 2000: Nelson, Kogan, Srivastava, Vasarhelyi, Lu. Virtual Auditing Agents: The EDGAR Agent Challenge, Decision Support Systems (28) 3: 241-253. 2002: Bovee, Ettredge, Srivastava, Vasarhelyi. Does the Year 2000 XBRL Taxonomy Accommodate Current Business Financial Reporting Practice?” Journal of Information Systems, Vol. 16, No. 2, Fall: 165-182. 2005: Bovee, Kogan, Srivastava, Vasarhelyi, Nelson. Financial Reporting and Auditing Agent with Net Knowledge (FRAANK) and eXtensible Business Reporting Language (XBRL). Journal of Information Systems, Vol. 19, No. 1 (Spring): pp. 19-41.

5. Current Features of FRAANK 2.1  Uses XBRL 2.1 Taxonomy (Calculation Tree) Parses BS, IS, CF in 10Ks and 10Qs and tags them using XBRL 2.1  Creates KU_Tags for items not found in XBRL 2.1  Creates a database of line items identified as not having XBRL 2.1 tags  Parses Non-Financial Information in 10K Items, Footnotes, Audit Report, SOX 404 Report Identifies auditor, place, date, type, and tags using XBRL 2.1 Identifies Effective & In-effective SOX 404 Report

19. Questions!