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The Impact of Big Data on Accounting and Auditing

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  • Dimitris Balios

    (National and Kapodistrian University of Athens, Greece)

Abstract

Big data and big data analytics will unavoidably change the role of accountants. This paper considers the impact of big data on accounting and auditing. Financial accountants need to move beyond the book-keeping process and become key information providers to decision-makers. That upturns accountants' consulting role and their ability to think strategically, providing critical help in management decision making. The relationship between managers and management accountants becomes closer and more effective because of big data. Management accountants can use additional analytical methods to detect processes and product excellence, combined with diminishing cost. Big data and big data analytics in auditing ensure audit quality and fraud detection. Upgraded information systems and automation in business procedures diminish the need for staff participation. Inevitably, the skills of accountants and knowledge must be associated with big data and big data analytics and modern accountants must develop an analytics mindset by being familiar with data and technologies.

Suggested Citation

  • Dimitris Balios, 2021. "The Impact of Big Data on Accounting and Auditing," International Journal of Corporate Finance and Accounting (IJCFA), IGI Global Scientific Publishing, vol. 8(1), pages 1-14, January.
    • Handle: RePEc:igg:jcfa00:v:8:y:2021:i:1:p:1-14
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    Cited by:

    1. Mohammed Alsaif & Duc Hong Thi Phan & Michael Kend & Mona Alharbi, 2025. "Emerging Technologies in External Audit and How They Are Challenging Auditors' Judgements and Decision‐Making Processes," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 65(4), pages 3347-3360, December.
    2. Melinda Timea FULOP & Nicolae MAGDAS, 2022. "Opportunities And Challenges In The Accounting Profession Based On The Digitalization Process," European Journal of Accounting, Finance & Business, "Stefan cel Mare" University of Suceava, Romania - Faculty of Economics and Public Administration, West University of Timisoara, Romania - Faculty of Economics and Business Administration, vol. 10(2), pages 38-45, June.
    3. Youli Xu & Muddassar Sarfraz & Jianmin Sun & Larisa Ivascu & Ilknur Ozturk, 2025. "Advancing corporate sustainability via big data analytics, blockchain innovation, and organizational dynamics—A cross‐validated predictive approach," Business Strategy and the Environment, Wiley Blackwell, vol. 34(1), pages 1399-1418, January.
    4. Grosu, Veronica & Cosmulese, Cristina Gabriela & Socoliuc, Marian & Ciubotariu, Marius-Sorin & Mihaila, Svetlana, 2023. "Testing accountants' perceptions of the digitization of the profession and profiling the future professional," Technological Forecasting and Social Change, Elsevier, vol. 193(C).

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