Question

what standard was developed by the AICPA to almost effortlessly share data between the external auditors and internal accounting department to perform routine audit tasks?

Answer 1

The AICPA developed the EBR standard, which utilizes XBRL, to enable the easy sharing of data between external auditors and internal accounting departments, thereby improving the efficiency of audit tasks.

Step-by-step explanation:

The American Institute of Certified Public Accountants (AICPA) developed a standard known as the Enhanced Business Reporting (EBR), which includes XBRL (eXtensible Business Reporting Language) as a component to facilitate the sharing of data between external auditors and internal accounting departments. XBRL is designed to enable the automatic exchange and reliable extraction of financial information, making routine audit tasks more efficient. This standard allows for a more seamless integration of financial reports and ensures that data is both consistent and readily accessible for various stakeholders, including auditors.