Abstract
In the era of fast-tracking digitization and unconventional big data analytics, business models are being reshaped and they impact auditing amongst auditors. This viewpoint paper takes into account the procedures underlying on big data and its analytics in driving the evolution of business and identifies some of the unresolved issues and concerns on auditors, especially in the context of cognitive tasks. The paper continues to focus on the current spate of discussions on big data and auditing profession. It explains the nature of big data and its characteristics as well as the output types. This paper also tries to find answers for what is new in it, how it assists the auditors along with some unresolved issues and concerns. Since big data analytics is the future, auditors need to reshape themselves in terms of skills and competencies to meet the emerging technological challenges.
Highlights
The emerging technologies are driving several changes in accounting and auditing fields
Big data analytics is of great importance for accounting and auditing professionals and educators
The objective of this paper is to critically examine issues, concern and challenges arising from the big data analytics to auditing professionals
Summary
The emerging technologies are driving several changes in accounting and auditing fields. The Institute of Chartered Accountants of England and Wales (ICAE& W) argued that ”It is critical for audit profession to keep pace with these changes and be proactive in understanding how new technology trends can tranform the audit approaches”. Among such technologies, big data analytics is of great importance for accounting and auditing professionals and educators. The objective of this paper is to critically examine issues, concern and challenges arising from the big data analytics to auditing professionals
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