Big Data

Question 1

What is Big Data?

Answer 1

creation, analysis, storage and dissemination of extremely large data sets

Feasible due to advances in networked computer storage, advanced analytics, and massive computer power

Question 2

What are data sources?

Answer 2

Ubiquitous computer (smartphones, wearables, Fitbit)

The internet of things

Question 3

When you have big data projects, you need ….?

Answer 3

CLEAR GOVERNANCE

• Responsibilities and scope of the project
• Require a clear purpose, scope and plan
• consider qualitative characteristics of information in formulating big data plans

Question 4

What is dark data?

Answer 4

data from business actives that may be reused in analytics, business relationships, or directly monetized (sold)

Meta data- helps to identify potential value of big data

Question 5

What are implications of big data?

Answer 5

Result in expanding existing data warehouses

• Emerging focus of big data- data mining (discovering data trends), expanded OLAP (online analytical processing)
• Big data based audit

Question 6

What are risks of big data?

Answer 6

1) Privacy
2) Legal issues and prohibited uses (medical data and HIPPA)
3) Technology and structure- where and how will we store and protect it?
4) Management initiative- are they informed?
5) Is the data going to be available when you need it

Question 7

How is big data relevant to accounting and accountants?

Answer 7

Possible new roles for CPAs- data scientists of financial information

• big data in auditing (assessing misstatement)
• Big data analysis of our identified risk areas
• “Continuous audit” of big data streams