In business, change occurs rapidly and organizations now have to access unlimited supplies of data. Internal auditors at leading companies are leveraging data to drive everything they do – to make decisions, to influence risk assessment, to categorize and prioritize business standards, to gauge risk analysis, and compare valuation trends. The new use of data is having a significant effect on audits, forensic accounting and business in general. To learn more about data monitoring and auditing and how it relates to forensic and valuation services (FVS), please click here.
While tax work is often seasonal, practitioners in forensic and valuation services (FVS) find that business opportunities ebb and flow with the economy. Identifying and understanding opportunities, such as the recent rise of Big Data, can be key to capturing new FVS work in downturns as well as recoveries. Knowing growth areas is key to creating new business opportunities and Big Data gives you an in depth analysis and subject overview that can be helpful in this area. Read more about Big Data and how it impacts business development by clicking here.
What Forensic Accountants need to know about Big Data
The buzz about Big Data has grown, and electronic data analysis topped this year’s list of top issues of interest in forensic and valuation services (FVS) practitioners. Data analysis is now center stage with new technologies that support greater data mining, and clients who are more sophisticated in understanding its potential. These sophisticated clients expect today’s Forensic Accountants to be comfortable and well versed with Big Data and they expect them to have the skill set to use it to its full advantage.
This work requires a broader set of skills and specialized training may be needed for today’s CPA’s, with internal training in conjunction with university level classes. It’s a new world and data is at the core. To read more on how Big Data is reshaping forensic and valuation services (FVS), please Click here.
MDG Certified Public Accountants and Consultants…