Wednesday, September 02, 2009

The Impact of XBRL on Internal Auditors: A White Paper

The Research Foundation of the Institute of Internal Auditors (IIARF) just published a white paper on the role of internal auditors (IAs) in implementing the use of eXtensable Business Reporting Language (XBRL) in financial reporting. A previous survey had indicated that IAs had little previous involvement in XBRL filings, even where XBRL was mandated. The paper guides IAs through an overview of XBRL, approaches to implementation, hints on how to comply with SEC mandates and uses beyond the regulatory process, such as data integration and impact on internal control. IIA Technology Director Lily Bi emphasized the importance of XBRL throughout the entire compliance and reporting process.

Congratulations to the IIA on this paper. Looks to me like this is good reading not only for IIA members, but for companies needing to implement XBRL and audit committees attempting to understand how XBRL works.

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