IIA Technology Updates

The IIA Technology Updates section features information about the latest technology guidance, conferences and IT seminars of interest to internal auditors, and other news from The Institute's Technology Practices Department.

IIA Announces XBRL Initiatives

Short for extensible business reporting language, XBRL has provided organizations all over the world with a standard way of preparing, analyzing, and communicating business and financial information electronically, as well as promoting a seamless flow of information throughout the entire business reporting supply chain. As part of its guidance efforts, The IIA recently announced a number of XBRL initiatives to help internal auditors stay abreast of the latest technology efforts impacting audit professionals across the globe. The project's key objectives are to:

  • Enhance XBRL awareness among internal auditors.
  • Develop technical guidance to inform the profession in timely manner.
  • Create educational materials and programs that educate audit practitioners.

"XBRL is a quick, evolving topic worldwide," says Lily Bi, IIA director of technology practices. "As part of their work, audit practitioners need to understand XBRL's impact on the organization's business and financial reporting activities, continuously monitor the regulatory mandate on XBRL adoption and jurisdiction globally, and identify potential XBRL opportunities and issues on the internal audit profession."

Specific XBRL initiatives include the completion of a survey in 2008 to understand what the internal audit profession is doing with XBRL and what their potential needs are; discussing XBRL as one of several IT topics during the third annual IT Audit Research Symposium, which will take place in July 2008 in San Francisco; publishing an XBRL white paper that will provide advocacy information on the subject; and conducting a webinar to demonstrate how XBRL works and its implementation process.

For more information about The IIA's upcoming XBRL initiatives, please contact Lily Bi at lily.bi@theiia.org.