![]() ![]() Firms may use data analytics to predict market trends or to influence consumer behaviour. ![]() They can be as simple as production of Key Performance Indicators from underlying data to the statistical interrogation of scientific results to test hypotheses. The possible uses for data analytics are as diverse as the businesses that use them. In some cases the formats covered include audio and visual analysis in addition to the usual text and number formats. This is often aided by specialised software which may have to be developed to enable the information from many different sources and formats to be first combined and then analysed. The data used by companies is likely to be both internal and external and include quantitative and qualitative data. This isn’t a new concept but there are growing trends towards more integrated and more timely use of data from multiple sources to help inform business decisions or to draw conclusions. Whether it is the ability to identify potential for new products and services or to detect the potential loss of clients in order to direct efforts to encourage them to stay, data analytics is everywhere in business today.Īt a basic level data analytics is examining the data available to draw conclusions. Data analytics enable businesses to identify new opportunities, to harness costs savings and to enable faster more effective decision making. What is data analytics?ĭata analytics has been around in various forms for a long time, but businesses are finding increasingly sophisticated and timely methods to utilise data analytics to enhance their operations. In addition, candidates are expected to have a broad understanding of what is meant by the term 'data analytics', how it may be used in the audit and how it can improve audit efficiency. Discuss current developments in emerging technologies, including big data and the use of data analytics and the potential impact on the conduct of an audit and audit quality.Assess and describe how IT can be used to assist the auditor and recommend the use of Computer-assisted audit techniques (CAATs) and data analytics where appropriate, and.The Advanced Audit and Assurance syllabus includes the following learning outcomes: This article provides some insight into the matters which need to be considered by auditors when using data analytics. An introduction to professional insights.Virtual classroom support for learning partners.Becoming an ACCA Approved Learning Partner. ![]()
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