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With the Securities & Exchange Commission’s (SEC) attention focused elsewhere, it will be some time before XBRL, for extensible business reporting language, is mandated for corporate use. That’s probably a good thing. About half the chief auditors responding to a recent Institute of Internal Auditors’ (IIA) survey said they aren’t familiar with the interactive data format, and another 42% indicated they know only the basics. Nine out of 10 said they need guidance. It’s critical that internal auditors get up to speed on the process, says Lily Bi, IIA director of technology practices, because XBRL “will have an inevitable impact on the profession.”

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