APPLICATION OF EXTENSIBLE BUSINESS REPORTING LANGUAGE (XBRL) IN REDUCING AUDIT EXPECTATION GAP IN NIGERIA
Journal Title: European Journal of Business and Social Sciences - Year 2014, Vol 3, Issue 4
Abstract
The inability of the stakeholders and auditors to have a common understanding of the scope of audit function and the transparency needed during the performance of the audit work have created an expectation gap which is now a challenging issue that lead to this research work, an application of Extensible Business Reporting Language (XBRL) in reducing audit expectation gap in Nigeria. This expectation gap is a major danger currently threatening the audit profession and it has gone deep to question the credibility of current financial reporting process. The Extensible Business Reporting Language (XBRL) is simply an open standard - based reporting system being built to accommodate the electronic preparations and exchange of business reports around the world. The methodology of this work is simple desk review. The researcher found the followings: that there is need for proper transparency and accountability of corporate business transactions and financial reporting and that there is the need to cut down data manipulations. The conclusion is that the stake holder’s interests need to be carried along in the preparation of financial information. The researcher recommends that for there to be proper accountability in financial report, there is the need to electronically tag the assets and liabilities of every corporate organization through the use of Extensible Business Reporting Language for it will give transparency and also reduce expectation gap.
Authors and Affiliations
UDE ALEXANDER ONYEBUCHI| DEPARTMENT OF ACCOUNTANCY EBONYI STATE UNIVERSITY, ABAKALIKI chiontus@yahoo.com, ONYINYE ENEH| DEPARTMENT OF ACCOUNTANCY NNAMDI AZIKIWE UNIVERSITY, AWKA
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