Question 1: (20 marks)

XBRL(extensibleBusinessReportingLanguage) and is based on theXMLlanguage (Extensible Markup Language), is specifically designed to electronically communicate business information and is used to facilitate business reporting of financial and nonfinancial data.

Explain how XBRL works and how it makes business reporting more efficient

Question 2 (20 marks)

Although the concept of continuous auditing was introduced more than 20 years ago, it was not widely implemented by firms before the proliferation of information technologies in recent years.

Discuss the above statement showing:

Continuous audit concept.

Continuous Audit Benefits

Implementation of Continuous Audit

The most significant Non-technical Barriers / technical challenges