big data 30 marker

Question 1

What is Big Data?

Answer 1

Extremely large and complex datasets from diverse sources, which require advanced tools for analysis and insight generation.

Question 2

What is Cybersecurity?

Answer 2

Protection of digital systems and data from unauthorised access, breaches, or attacks that may impact business operations or reports.

Question 3

What are the enablers of Big Data?

Answer 3

Cloud computing, Internet of Things (IoT), mobile technology, and AI-based analytics.

Question 4

What are the benefits of Big Data for accounting?

Answer 4

Improved forecasting, real-time financial monitoring, better fraud detection, and more informed decision-making.

Question 5

What are the implications for annual reports?

Answer 5

Increased use of integrated reporting, predictive analytics, and real-time dashboards to supplement traditional statements.

Question 6

What is the impact of Big Data on corporate governance?

Answer 6

Boards must oversee data governance, cybersecurity risk, and digital infrastructure, integrating it into internal controls.

Question 7

How does Big Data affect professional bodies?

Answer 7

Accountants need new skills in data analytics, ethics in AI use, and must adapt to new tech-driven roles.

Question 8

What are the challenges of Big Data?

Answer 8

Data overload, privacy concerns, lack of standardisation, and the cost of systems and skilled staff.

Question 9

What are cybersecurity threats to reporting?

Answer 9

Data tampering, ransomware, and breaches can distort financial data or prevent timely reporting.

Question 10

What is the stakeholder impact regarding data governance?

Answer 10

Stakeholders demand transparency about data governance and cyber risk; reporting builds trust and ensures compliance.