Big data and analytics present many opportunities for businesses and accountants to derive greater insight, predict future outcomes and improve organisational decision making. The ability to interrogate larger datasets, access new sources of data and undertake more advanced statistical modelling provides opportunities to improve and fundamentally rethink the way that many accounting and auditing tasks are done.

However, we also need to ensure the use of big data and analytics is appropriate and subject to robust challenge, especially where predictive models are being relied upon. We need new thinking about the ethics, governance and regulation of big data, to ensure sufficient transparency and to encourage confidence in its use.

Furthermore, greater focus on data raises questions about the skills of accountants, and specifically the extent to which accountants will need deeper skills in data and statistics in order to make the most of these opportunities.

For more information, or to submit comments, contact us: techfac@icaew.com

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