This study aims at exploring the point of view of a sample of auditors in accounting and auditing firms in Saudi Arabia regarding the impact of the use of XBBL on auditing and the professional mechanisms and requirements used to deal with this impact
The importance of this research in the following aspects:
First, the scientific side: Where this research opens a new area of scientific research, because the lack of Arabic studies that related to XBRL , in terms of the effects of the use of the language of XBRL on the audit profession, and therefore it is considered an exploratory study, and precedes the development of theoretical models and doing purposeful scientific research. So, this study raises questions and problems which are relevant for future studies.
Second, the practical side: where the research Interested in directing the attention of external auditors to know the inevitable effects of using eXtensive Business Reporting Language (XBRL) on the audit procedures, opportunities and challenges of using XBRL, and development mechanisms to overcome these effects in order to achieve the highest level of audit process quality.
Because, the professional practice in this new area in the preparation phase for international implement, the researcher has adopted the exploratory study as a suitable method, using appropriate questionnaire on a sample of external auditors in accounting & auditing offices in Saudi Arabia. This questionnaire no graded questions given the fact that personnel were not experienced in the research topic.
The plan of this research contains five parts, as follow: -
• First Part: general Framework of research.
• Second Part: theoretical study of the research.
• Third Part: assessment of the previous literature and the extraction the requirements for development of the audit traditional model .
• Forth Part: exploratory study in the Saudi environment.
• Fifth Part: results of the research and its impacts on the audit profession.
After viewing the general framework of research, the second part discussed studies that dealt with assurance issues related to XBRL technology, and its impact on the traditional model of the audit process, where these studies form the basis upon which the researcher will depend to conduct both theory and field study.
While the third Part discussed the following:
• The overall effect on the audit profession.
• The most important aspects of the impact of using XBRL on the traditional model of the audit.
• Mechanisms to develop a variety of auditor's services to meet the inevitable professional effects of using the XBRL.
• The requirements of development of the audit traditional model to meet the inevitable professional effects of using the XBRL.
And the fourth Part shows the exploratory study in Saudi environment, with objectives, methodology, and tools of the exploratory study. Also sample & population of the study, and the most important results was discussed. The researcher used (MINITAB) as statistical program to calculate the value of (p. value).
the most important results of the study include:
1) Participants agreed XBRL would impact accounting information system owing to its reliance on advanced technology.
2) the use of XBRL, leads to increase the efficiency and reduce the cost of continuous auditing, and overcome the challenges of access data in real time, where it has the ability to gather databases for immediate audit and evaluation by auditors.
3) Although there is an increase in awareness about the assurance issues which related the use of XBRL (in developed countries), the current standards and practices of auditing are insufficient for providing the guidance required to provide assurance on the documents related with the using of XBRL.
4) the audit process needs new procedures relied on information technology in the implementation phase of the audit process, to determine whether the controls on the creation of XBRL documents operate efficiently and effectively, and whether the XBRL documents has been prepared in accordance with the specifications of XBRL.
5) Participants agree that development of the traditional model of the auditing process to deal with consequences of the use of XBRL requires promotion of accounting education and continuing qualification and training in the modern technological applications.
In light of the research results, the researcher believes that the impact on the audit profession is to improve the quality and speed of auditing using programs and applications that can read XML files and the application of electronic auditing, which makes the performance of the auditors more efficient and fast.
The recommendations of this study are : First, the Saudi Organization for Certified Public Accountants should issue suitable professional standards and instructions and control the licenses for professional electronic services such as continuing auditing in the light of the use of XBRL, assurance on immediate information systems and trust company's websites. Because , the environment of financial reporting in kingdom of Saudi Arabia is ready for the introduction of XBRL technology, as the accounting information systems used by most Saudi companies rely heavily on advanced technology
Second, impacts caused by the use of XBRL should keep pace with similar professionally effective legislations regarding electronic, financial and economic evidence in Kingdom of Saudi Arabia.
The researcher suggested the following future research:
• the Borders and requirements of fulfillment of the auditor's legal and professional responsibilities in light of the use of XBRL.
• a proposal framework for auditor's guidance when issuing his electronic report that associated with XBRL documents.
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