Big Data Analytics for Business Intelligence in Accounting and Audit
2021
Big
data analytics represents a promising area for the accounting and audit
professions. We examine how machine learning applications, data analytics and
data visualization software are changing the way auditors and accountants work
with their clients. We find that audit firms are keen to use machine learning
software tools to read contracts, analyze journal entries, and assist in fraud
detection. In data analytics, predictive analytical tools are utilized by both
accountants and auditors to make projections and estimates, and to enhance business
intelligence (BI). In addition, data visualization tools are able to complement
predictive analytics to help users uncover trends in the business process.
Overall, we anticipate that the technological advances in these various fields
will accelerate in the coming years. Thus, it is imperative that accountants
and auditors embrace these technological advancements and harness these tools
to their advantage.
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