Big Data and Its Impact on CPA Profession
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1 DUQUESNE UNIVERSITY Big Data and the Big changes for CPAs Christine Shaw 4/8/2016
2 Big data is being generated and collected around the world in mass quantities every day. According to IBM, 2.5 quintillion bytes of data are generated each day (IBM). (For those not familiar with quintillion, it is a number followed by eighteen zeros.) With the volume of data increasing exponentially every day and the technology used to mine this data for information still vastly new to many people, it is no wonder the term big data has negative connotations. However, with the high demand for big data analytics, it is time for big data to refer to increased value and supported decision making for businesses. Businesses already affected by the use of big data include the farming industry, which is able to better predict weather trends that correspond to agriculture harvesting, and retail stores, which can better predict what purchases people will make. As big data becomes more widely accepted and used, many more businesses will be involved. One group not commonly thought of as being affected by big data are CPAs, but with the growing importance of big data analytics, the CPA profession will need to increase its awareness and knowledge of the subject. Big data is defined as an evolving term that describes any voluminous amount of structured, semi-structured and unstructured data that has the potential to be mined for information (Rouse). What makes big data different from any other data is how it is characterized. There are three key differences between data and big data, explicitly known as the 3 V s. The three V s include volume, velocity, and variety (Wigmore). This means that not only is the size of big data important to note, but also the speed at which data is created and the sources from which the data is derived. It is not the typical data used by accountants. A common misconception is that only a data analyst or data scientist will be dealing with the vast amount and size of data. However, big data and its collection process, storage, and analysis all provide unique challenges for the accounting field.
3 Before being able to analyze information, the right data must be captured. Capturing data has a history of complications and risks. For example, up until the mid-1990s, databases used by most companies were designed to capture the value of a year in only two digit integers to save memory space (Y2K Bug). After recognizing this design error in that a system would read 1900 and 2000 as the same, businesses had to invest in updating the system to be compliant with changing to the year With the emergence of more efficient technology and storage capacity, databases were able to store much more than ever before. While this issue, labeled as the Y2K problem, caused panic at the risk of systems posting transactions as the year 1900 instead of 2000, this data-riskiness was only the start of the various risks that data storage entails. Auditors face these complex risky environments every day with their clients and their corresponding IT environments. With data analytics, an auditor is able to provide more meaningful insights into an organization s risk environment. If auditors implement data analytics during an audit, they can provide continuous auditing and can aid in mitigating risks such as operational issues or the impact of cost-cutting in a more efficient and effective manner (Capriotti, CPA). With the ability to manage risks and monitor compliance more closely, CPAs can further the effectiveness and reliability of their work. In 2002, the Sarbanes-Oxley Act delivered sizeable consequences to not only CPAs, but also IT departments employed to store corporations electronic records. SOX, while not a mandate on big data necessarily, has implications surrounding storage and the controls of the data. In particular, under SOX Title VIII, a paragraph entitled Destruction of corporate audit records denotes Any accountant who conducts an audit of an issuer of securities shall maintain all audit to review workpapers for a period of 5 years (SOX). Further, this rule indicates any relevant electronic documents that are created, sent or received in connection with
4 the audit or financial data must be maintained. This creates added time and expense for a publically filing company and creates a new concern for CPAs. In particular, auditors have to be concerned with the amount of data to be retained and where it will be stored securely. The year in which SOX was enacted is the same year in which scientists labeled as the beginning of the digital age. This is because in 2002 digital storage capacity overtook analog capacity (Hilbert). A shift from analog to digital documentation has accordingly added responsibility as an auditor to ensure essential digital data is being retained. Risk assurance is not the only aspect on which big data has an impact. The scope of big data s impact on CPAs is almost endless. Some examples of how the public audit will change include the ability to monitor compliance with greater assurance and the ability to capture data in real time. With the ability to capture real time data and have it more accessible, both internal and external audit are better able to monitor compliance functions. With new technologies, auditors will have the ability to look at not only a sample of data but also the entire dataset. Big data thus provides auditors with capabilities to better serve their clients. James Comito, CPA for the national director of Professional Standards Group at Mayer Hoffman McCann PC comments, The profession is making much better use of the technological advances that we ve seen over the last years, so it s pretty exciting stuff, really (Murphey). His firm has taken a look at their audit procedures and processes and adapted them to make better use of big data analytics and the technologies available. Mayer Hoffman McCann PC (MHM) did this by expanding its use of CaseWare IDEA to increase the integration of data analysis into the firm s audit process in October By incorporating IDEA, a tool that enables accounting professionals to analyze large volumes of data into their audit, MHM hopes to provide a higher quality audit. Joanna Schultz, National Director of Audit Technology expressed, We believe the future of auditing is
5 evolving with the increased use of data extraction and analysis technology, which is improving the effectiveness of our audit (Audimation.com). She further explains how the increased use of IDEA by all staff levels will enable them to save time and effort while maintaining an even higher quality of work. Another important aspect of data analytics is how data is analyzed. Through the use of correlations, variables stemming from big data can be turned into valuable insights. While these correlations can to be identified through analytic software and data mining tools, the output of the software is not the most important aspect. Although the initial identification of the correlations are an important output of the system, understanding and being able to apply the correlations is the critical aspect of success for an accountant with big data. For example, if a well-written programing code determines an irregularity in a company s purchasing pattern, the process does not end at simply suggesting the company is committing fraud. The CPA must analyze the information and determine the implications of the data. Even though it is appropriate to declare big data as a champion in providing information with higher quality and velocity, it is more important to recognize the importance of the people utilizing the data. Rather than looking at big data as the sole solution to problems, it is equally if not more critical to consider leveraging the people who are employed to analyze the big data. This aspect is truly where the importance of CPA professionals is illustrated. As CPAs further their understanding of big data and how they can dually help shape the way information is obtained, the profession will advance beyond the usual roles. Armed with a few basic statistical calculations, CPAs will be able to better answer questions about their clients such as What really drives their revenues and costs? and When will the customers likely pay? Not only will data analytics help save CPAs time by
6 answering these questions, but [data analytics] will also bolster the depth and precision of their work. Data analytics have an impact on both internal and external audit. From the internal audit perspective, as stated earlier, big data is giving CPAs the ability to capture data in real time. With this notion, an internal audit can be more effective by using the concept of continuous auditing. According to a the authors of Reimagining Auditing in a Wired World, it is possible with today s technology to continuously monitor and audit an entity s transactions in close to real time This ability may be used to monitor and assess the operating effectiveness of automated internal controls, or to perform substantive tests (Byrnes). This ability to detect problems in real time will enhance an audit with reliability and continuous assurance. Many internal audit functions are beginning to incorporate continuous auditing into their practice; however, external audit also has big opportunities with this concept. Continuous monitoring gives an external audit the ability to spread work throughout the year and detect potential problems as early as possible. It could also cut costs if an external auditor is able to rely upon the report generated from the continuous monitoring. Others ways an external auditor can use data analytics include during the planning stage to assess business risk and, during the audit, to compare the respective company to industry trends in a more data-rich method. The results of data mining from an industry standpoint could also aid in the development of the audit plan (Capriotti, CPA). With these examples in mind, the internal and external audit have the potential to be effectively transformed Big data and the value derived from it is changing aspects of the CPA profession. With evolving technologies, traditional methods of auditing are able to be integrated with data analytics to provide a more efficient and reliable audit. Big data is not simply a collection of a
7 magnitude of data; it is a valuable tool that allows businesses and the CPA profession to analyze financial and nonfinancial information for effective use in numerous facets of industry and business.
8 Works Cited "Bringing Big Data to the Enterprise." IBM. IBM. Web. 06 Apr Byrnes, Paul. Reimagining Auditing in a Wired World. AICPA. Aug Web. 7 Apr Capriotti, Robert J. "Big Data Bringing Big Changes to Accounting." NJCPA, 23 June Web. 06 Apr Hilbert, Martin. "How Much Information Is There in the World?" ScienceDaily. University of Southern California, 11 Feb Web. 06 Apr "Mayer Hoffman McCann P.C. Expands and Standardizes Use of CaseWare IDEA for More Impactful Use of Analysis Technology." Audimation Services, Inc. 28 Oct Web. 11 Apr Murphey, Maria L., CPA. "Data Analytics Helps Auditors Gain Deep Insight. Journal of Accountancy. 13 Apr Web. 07 Apr Rouse, Margaret. "What Is Big Data?" SearchCloudComputing. TechTarget, Web. 07 Apr Sarbanes-Oxley Act. Pub. L Stat. July 30, Web. Wigmore, Ivy. "What is 3Vs (volume, Variety and Velocity) Data and Data Management Glossary." WhatIs.com. Feb Web. 06 Apr "Y2K Bug." Encyclopedia Britannica Online. Encyclopedia Britannica, 19 Nov Web. 11 Apr
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