Study of the Impact of the Big Data Era on Accounting and Auditing

Paper: arXiv 2403.07180

Authors: Yuxiang Sun, Jingyi Li, Mengdie Lu, Zongying Guo

Abstract

Big data revolutionizes accounting and auditing, offering deep insights but also introducing challenges like data privacy and security. With data from IoT, social media, and transactions, traditional practices are evolving. Professionals must adapt to these changes, utilizing AI and machine learning for efficient data analysis and anomaly detection. Key to overcoming these challenges are enhanced analytics tools, continuous learning, and industry collaboration. By addressing these areas, the accounting and auditing fields can harness big data’s potential while ensuring accuracy, transparency, and integrity in financial reporting. Keywords: Big Data, Accounting, Audit, Data Privacy, AI, Machine Learning, Transparency.

Complexity vs Empirical Score

• Math Complexity: 1.0/10
• Empirical Rigor: 2.0/10
• Quadrant: Philosophers — conceptual discussion, limited math and data

Why this score: The paper provides a high-level qualitative overview of how big data and AI impact accounting and auditing practices. It lacks mathematical formalization, empirical datasets, and rigorous statistical or algorithmic backtesting required for a higher quantitative research score.

Research Flowchart

  flowchart TD
    A["Research Goal: Impact of Big Data on Accounting & Auditing"] --> B["Data Inputs: IoT, Social Media & Transaction Data"]
    B --> C["Methodology: AI & Machine Learning Analytics"]
    C --> D["Process: Automated Analysis & Anomaly Detection"]
    D --> E["Address Challenges: Privacy, Security & Continuous Learning"]
    E --> F["Outcomes: Enhanced Transparency, Accuracy & Financial Integrity"]