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Copy: Auditing in the Era of Big Data

Tammy Whitehouse | May 8, 2014

Get ready for the era of Big Audit.

The auditing profession is starting to look at how to leverage Big Data in audits with some big investments into cutting-edge data analytics that could dramatically deepen the reach of external auditors into corporate books and records.

The push into the next generation of auditing, however, is mired in regulatory and legal complexity that promises to bog down the transformation.

Under the future vision of auditing, public companies would give auditors access not just to a sample of their transactions, but to their entire general ledger and their databases. “With these tools, auditors will have the capability to look at the underlying data, not just the summary data,” says Brian Fox, president of audit services firm Confirmation.com. “They will want all the transactional data, even if it's millions or tens of millions of records. It will be a different conversation.”

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