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The internal auditor’s role in XBRL is explained in a new whitepaper from The Institute of Internal Auditors Research Foundation (IIARF), published in response to a survey indicating that internal auditors need more information on their potential role in their organization’s transition to filing financial statements in Extensible Business Reporting Language (XBRL).

The paper, titled XBRL: What’s in it for Internal Auditors, provides internal auditors an overview of XBRL, approaches to implementation, and an overview of how internal auditors can be involved in the adoption of the reporting format.

“Through the survey, we found internal auditors were minimally involved in the actual process of generating XBRL filings, even in those companies that are already using XBRL, either voluntarily or through the mandate,” explained Lily Bi, CIA, CISA, CGEIT, director of technology practices with The Institute of Internal Auditors. “But internal auditors need to be able to contribute to, and provide assurance on, the process of generating XBRL filings as they do with any other corporate reporting process.”

The paper also explains the U.S. Security Exchange Commission’s (SEC’s) XBRL filing requirements, as well as information for executives making crucial decisions today on how to comply with the SEC’s interactive data mandate over the course of the next several years. Filing financial statements in XBRL format has become a regulatory mandate for many companies across the globe.