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Continuous internal auditing: can big data analytics help?

Continuous internal auditing: can big data analytics help? This paper considers the underlying procedures in big data and its various analytical tools which accountants and auditors may have to use in internal and continuous auditing. It describes the nature and characteristics of big data, distinguishes between traditional, continuous auditing and continuous monitoring, importance of data analytics for internal auditors, applications of big data and audit data analytics. It further discusses benefits of big data analytics (BDA), concerns and challenges which are likely to affect the auditors deeply but do not yet have perfect solutions. As there has been a big hype about BDA and auditors claim that BDA is the future, auditors need to reshape their talent, professional qualifications, skills, and competencies in order to meet the emerging technological challenges. At the end, the paper suggests the need for updating the accounting curriculum at the university and professional accounting bodies levels and also gives direction for future research. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Accounting, Auditing and Performance Evaluation Inderscience Publishers

Continuous internal auditing: can big data analytics help?

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Publisher
Inderscience Publishers
Copyright
Copyright © Inderscience Enterprises Ltd
ISSN
1740-8008
eISSN
1740-8016
DOI
10.1504/IJAAPE.2020.106766
Publisher site
See Article on Publisher Site

Abstract

This paper considers the underlying procedures in big data and its various analytical tools which accountants and auditors may have to use in internal and continuous auditing. It describes the nature and characteristics of big data, distinguishes between traditional, continuous auditing and continuous monitoring, importance of data analytics for internal auditors, applications of big data and audit data analytics. It further discusses benefits of big data analytics (BDA), concerns and challenges which are likely to affect the auditors deeply but do not yet have perfect solutions. As there has been a big hype about BDA and auditors claim that BDA is the future, auditors need to reshape their talent, professional qualifications, skills, and competencies in order to meet the emerging technological challenges. At the end, the paper suggests the need for updating the accounting curriculum at the university and professional accounting bodies levels and also gives direction for future research.

Journal

International Journal of Accounting, Auditing and Performance EvaluationInderscience Publishers

Published: Jan 1, 2020

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