D552 Data Analytics for Accountants I
Review
Data Analytics - answer the process of evaluating data with the purpose of drawing
conclusion’s to address business questions
a way to search through large structured and unstructured data to identify unknown
patterns or relationships - answer What does data analytics provide?
Unstructured Data - answer data that do not adhere to a predefined data model in a
tabular format
Structured Data - answerdata that are organized and reside in a fixed field with a record
or a file, readily searchable by search algorithms
Big Data - answerdatasets that are too large and complex for businesses existing
systems to handle utilizing their traditional capabilities to capture, store, manage, and
analyze these datasets
Volume, Velocity, Veracity, and Variety - answerWhat are the 4 V's of big data?
Volume - answerthe sheer size of the data
Velocity - answerthe speed of data processing
Variety - answerthe number of the types of different data q
Veracity - answerthe underlying quality of the data
discover the various buying patterns of their customers, investigate anomalies that were
not anticipated, forecast future possibilities, etc. - answerCompanies use data analysis
to:
$2 million - answerThe study from McKinsey Gobal institute estimated that data
analytics and technology could generate how much in value per year?
1. Audits must better embrace technology
2. Technology will enhance the aulity, transparency, and accuracy of the audit -
answerAccording to Forbes Insights/KPMG's report "Audit 2020: A focus on change",
the vast majority of respondents believe that:
1) asked questions by management
, 2) find data to address those questions
3) analyze the data
4) report the results to management to aid in their decision making -
answerResponsibilities of Management Accountants:
integrating the strategy with the IT department and gaining access to available
technology tools - answerWhat do 29% of tax departments find the biggest challenge
related to executing an analytics strategy?
Isson and Harriot - answerWho created the IMPACT cycle?
1) I - Identify the Questions
2) M - master the data
3) P - perform test plans
4) A - address and refine results
5) C - communicate insights
6) T - track outcomes - answerSteps to the IMPACT cycle?
Audience, Scope, and Use - answerWhat attributes should be considered when
identifying the question?
everythign about the data, including how to access, availability, reliability, frequency of
updates, what time periods are covered to make sure data coincide with the timing of
the business problem and so on. - answerTo master the data, you should know:
- reviewing data availability in a firm's internal systems
- reviewing data availability in a firm's external network
- examine data dictionaries and other contextual data
- evaluate and perform ETL processes and assess the time required to complete
- assess data validation and completeness to provide a sense of reliability
- evaluate and perform data normalization - to reduce data redundancy and improve
data integrity
- evaluate and perform data preparation and scrubbing - answerTo give some idea
about the data questions, you may want to consider:
between 50% and 90% - answerHow much time to data analytics professionals
estimate they spend cleaning the data so it can be analyzed?
- the research question
- the model
- the data availability
- the expected statistical inference - answerCharaceristics that might suggest use of
different data approaches are:
Similarity Matching - answera data approach that attempts to identify similar individuals
based on data known about them
Review
Data Analytics - answer the process of evaluating data with the purpose of drawing
conclusion’s to address business questions
a way to search through large structured and unstructured data to identify unknown
patterns or relationships - answer What does data analytics provide?
Unstructured Data - answer data that do not adhere to a predefined data model in a
tabular format
Structured Data - answerdata that are organized and reside in a fixed field with a record
or a file, readily searchable by search algorithms
Big Data - answerdatasets that are too large and complex for businesses existing
systems to handle utilizing their traditional capabilities to capture, store, manage, and
analyze these datasets
Volume, Velocity, Veracity, and Variety - answerWhat are the 4 V's of big data?
Volume - answerthe sheer size of the data
Velocity - answerthe speed of data processing
Variety - answerthe number of the types of different data q
Veracity - answerthe underlying quality of the data
discover the various buying patterns of their customers, investigate anomalies that were
not anticipated, forecast future possibilities, etc. - answerCompanies use data analysis
to:
$2 million - answerThe study from McKinsey Gobal institute estimated that data
analytics and technology could generate how much in value per year?
1. Audits must better embrace technology
2. Technology will enhance the aulity, transparency, and accuracy of the audit -
answerAccording to Forbes Insights/KPMG's report "Audit 2020: A focus on change",
the vast majority of respondents believe that:
1) asked questions by management
, 2) find data to address those questions
3) analyze the data
4) report the results to management to aid in their decision making -
answerResponsibilities of Management Accountants:
integrating the strategy with the IT department and gaining access to available
technology tools - answerWhat do 29% of tax departments find the biggest challenge
related to executing an analytics strategy?
Isson and Harriot - answerWho created the IMPACT cycle?
1) I - Identify the Questions
2) M - master the data
3) P - perform test plans
4) A - address and refine results
5) C - communicate insights
6) T - track outcomes - answerSteps to the IMPACT cycle?
Audience, Scope, and Use - answerWhat attributes should be considered when
identifying the question?
everythign about the data, including how to access, availability, reliability, frequency of
updates, what time periods are covered to make sure data coincide with the timing of
the business problem and so on. - answerTo master the data, you should know:
- reviewing data availability in a firm's internal systems
- reviewing data availability in a firm's external network
- examine data dictionaries and other contextual data
- evaluate and perform ETL processes and assess the time required to complete
- assess data validation and completeness to provide a sense of reliability
- evaluate and perform data normalization - to reduce data redundancy and improve
data integrity
- evaluate and perform data preparation and scrubbing - answerTo give some idea
about the data questions, you may want to consider:
between 50% and 90% - answerHow much time to data analytics professionals
estimate they spend cleaning the data so it can be analyzed?
- the research question
- the model
- the data availability
- the expected statistical inference - answerCharaceristics that might suggest use of
different data approaches are:
Similarity Matching - answera data approach that attempts to identify similar individuals
based on data known about them
