by: Norbert Tschakert, CPA/CFF/CITP, Ph.D.; Julia Kokina, CPA, Ph.D.; Stephen Kozlowski, CPA, CGMA, Ph.D.; and Miklos Vasarhelyi, Ph.D.
As technology continues to evolve, it promotes changes to business models and surprises those who are unprepared. Businesses change their strategies and the way they operate. New threats and opportunities arise. In an increasingly data-driven world, CPAs need to be able to adapt to these technological disruptions.
CPAs now often find themselves performing tasks that require skills in data analytics:
Both internal and external auditors are using data analytics to enable practices such as continuous monitoring, continuous auditing, and analysis of full data sets in situations where only samples were audited.
Financial planning and analysis professionals analyze data in hopes of discovering the best course of action for their companies.
CFOs and finance leaders use Big Data to find patterns in customer behavior and market trends to drive company strategy.