Data Analytics for Accounting – An Opportunity or a Threat?
Purpose of this Assignment: This assignment is a research exercise which provides exposure to
reading academic journal articles, using evidence to support your arguments, and more importantly,
referencing properly in your writing.
Question:
From ‘Accountants’ to ‘Business Analysts’: Is Big Data Analytics an opportunity or a threat for the
accounting profession?
Requirements / Checklist:
Answer the question with a paragraph of around 300 words. Support your answers with
evidence from three credible sources:
1. Richins G, Stapleton A, Stratopoulos TC & Wong C (2017) ‘Big data analytics:
Opportunity or threat for the accounting profession?’, Journal of Information Systems,
31(3): 63–79.
PDF available on the BUSN7008 Academic Integrity and Referencing Workshop
Wattle site (hereafter, the Wattle site).
2. An online source that is not an academic journal article (e.g. an institutional report, an
online magazine/news article).
3. One other credible source of any type (e.g. a journal article other than the one above, a
different online source to the one above, a book, a news article, etc.).
Include at least one quotation (‘…’) – it could be from any one of the three sources.
All three sources must be properly referenced in text using the Harvard referencing style.
A properly formatted reference list with full references for all three sources using the Harvard
style.
Present professionally using Times New Roman, 12-point font size and 1.5 line spacing.
Submit via Turnitin on the Wattle site before the due date.
Useful tips
1. Proper referencing – How?
Complete the Referencing lesson in your own time. It includes instructions on how to use
in-text citations, complete a reference list, and correctly quote materials.
The Harvard Style Guide prepared by Monash University and the Australian
Government Author-Date Style Manual are excellent learning resources. [In fact, we
use these same style guides to mark this referencing exercise].
2. Searching for academic articles? The Wattle site has guidance on how to search for
appropriate academic sources. Not all academic journals are equally credible. Some are better
ranked than others. See the Financial Times 50 list for the top 50 business journals.
3. Write in your own words with supporting evidence. Use the material from the Workshop to
guide you in how to paraphrase and summarise sources.
4. Read strategically. Since you are only required to write a short paragraph of 300 words, it is
most likely not necessary to read your sources word-by-word. See tips and guidelines on the
Wattle site regarding Reading Strategies for more informatio
Zs:
https://guides(dot)lib(dot)monash(dot)edu/citing-referencing/harvard2020-intro
Zs:
https://www(dot)stylemanual(dot)gov(dot)au/referencing-and-attribution/author-date
https://guides(dot)lib(dot)monash(dot)edu/citing-referencing/harvard2020-intro
https://www(dot)stylemanual(dot)gov(dot)au/referencing-and-attribution/author-date
The business world is always competitive, and successful people will probably hire thousands of professionals for their business. The profession’s completion rate is similarly high, as seen by data analysis and accounting examples. Any firm needs this profession to ensure that data and mathematical calculations support its next move. Most crucially, with giant firms, the lower the risk, the better. (ICAEW Thought Leadership, n.d.). ICAEW Thought Leadership (n.d.) states, “When analytical techniques are applied effectively to big data, businesses can achieve many improvements – personalized services, optimized operations, and better risk management.”
The business sector certainly requires the assistance of specialists like data analysts who can forecast and interpret challenging data, but this does not pose a threat to the accountancy profession CITATION Ric171 \l 1033 (Richins, et al., 2017). The analyst position opens up opportunities in accounting because it requires a person to deal with a lot of data and consumers. Due to the firm's ongoing growth, both parties may assist one another in creating opportunities. Their roles are highly different, but an accountant's responsibility is to provide a firm with critical financial reports to accurately track the money coming in and going out of the business (Northe...
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