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Study of the Impact of the Big Data Era on Accounting and Auditing

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arxiv 2403.07180 v1 pith:MCC67C7Y submitted 2024-03-11 q-fin.GN

classification q-fin.GN
keywords dataaccountingauditinglearningchallengesmachineprivacytransparency
verification ladder T0 review T1 audit T2 compute T3 formal
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Big data revolutionizes accounting and auditing, offering deep insights but also introducing challenges like data privacy and security. With data from IoT, social media, and transactions, traditional practices are evolving. Professionals must adapt to these changes, utilizing AI and machine learning for efficient data analysis and anomaly detection. Key to overcoming these challenges are enhanced analytics tools, continuous learning, and industry collaboration. By addressing these areas, the accounting and auditing fields can harness big data's potential while ensuring accuracy, transparency, and integrity in financial reporting. Keywords: Big Data, Accounting, Audit, Data Privacy, AI, Machine Learning, Transparency.

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  1. Automating Financial Statement Audits with Large Language Models

    cs.IR 2025-06 conditional novelty 6.0 of 10

    A five-stage benchmark shows LLMs detect financial statement errors well but fail at explanation, standards citation, and statement revision.

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