Data analytics technology is already doing great work in fraud
detection and prevention within organizations. For example, fraud
investigators are able to gather evidence from populations rather than
the samples. This makes fraud evidence quality and more reliable than
evidence gathered using traditional sampling methods (Dong, et al.,
2018).
Given increasing digitization of fraud, complexity and automation,
data analytics has a great future in detecting and preventing such
sophisticated fraud cases. Data analytics provides the perfect match
for the increasingly sophisticated fraud. It provides continuous
monitoring of organizational data to identify any anomalies as the data
streams. Data analytics also provides platform through which data
patterns can be established through which potentially fraudulent trends
can be established. Such information gathered is crucial in directing
fraud investigations as well as providing basis for making
recommendations on how to improve aspects such as internal control
structures to prevent future fraud (Baranek & Sanchez, 2018).
However there are challenges of big data as applied in fraud. Such
challenges are related to the four dimensions of big data. First, it
could be hard for organizations analyze massive data generated every
other second. The increasingly diversified data sources make it even
harder to sort out which data is appropriate for specific purposes such
as fraud. Velocity of the data can as well be high such that
organizations may not be able to manage the data so that it helps them
on fraud aspects. Finally, on veracity it is possible that the data
collected through big data analytics is biased and this is likely to
lead to poor decisions being made (McCafferty, 2014).
3 paragrpagh
3 references
The original question was:
Now that you have looked at the history of data in accounting, think
about the future of data analytics and data management in accounting.
Select an area of accounting that interests you (governmental,
financial, fraud, etc) and discuss the challenges of big data as they
relate to the 4 dimensions of big data discussed in your text. Also
discuss how new technology and data analytics can work to overcome the
challenges you identified in the area of accounting you selected. Be
sure to give specific examples and back up your statements with peer
reviewed literature from the library.
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