Journal Article10.2308/AJPT-51684
Big Data and Analytics in the Modern Audit Engagement: Research Needs
325
TL;DR: In this paper, the need for the external audit profession to move toward Big Data and audit analytics is discussed, and the regulations regarding audit evidence and analytical procedures, in contrast to the emerging environment of big data and advanced analytics.
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Abstract: SUMMARY: Modern audit engagements often involve examination of clients that are using Big Data and analytics to remain competitive and relevant in today's business environment. Client systems now are integrated with the cloud, the Internet of Things, and external data sources such as social media. Furthermore, many engagement clients are now integrating this Big Data with new and complex business analytical approaches to generate intelligence for decision making. This scenario provides almost limitless opportunities and the urgency for the external auditor to utilize advanced analytics. This paper first positions the need for the external audit profession to move toward Big Data and audit analytics. It then reviews the regulations regarding audit evidence and analytical procedures, in contrast to the emerging environment of Big Data and advanced analytics. In a Big Data environment, the audit profession has the potential to undertake more advanced predictive and prescriptive-oriented analytics. The next s...
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