You may have heard that “Extensible Business Reporting Language (XBRL) is coming.” Well, XBRL is not just “coming,” it is already here — and in places you may not have expected. XBRL: What's In It For Internal Auditors provides an overview of this new and important topic for internal auditors. The report outlines the SEC’s XBRL filing requirements, approaches to implementation, and how internal auditors can be involved in the adoption and conversion process.
Filing financial statements in XBRL format has become a regulatory mandate for many companies across thte globe. Management and internal auditors should understand the value it brings throughout the entire compliance and reporting process — from the initial transaction at the business-unit level, to the release of the group financial statements or management report. For internal auditors, key areas of interest in the XBRL process could include:
- The migration from manual to automated processes in key activities.
- The ability to more efficiently access and integrate entitywide data.
- The abstraction of business rules and controls that can be applied across a wide range of software applications.
- A lower cost operating environment.
A comprehensive listing of XBRL resources and reference material are also included.
View the entire document here.
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