Challenges Faced By Big Data - 945 Words

Challenges Although the opportunities for Big Data in auditing are plentiful, there are also challenges that arise. One of the biggest challenges for Big Data is how it may affect the quality of auditors’ judgements. When dealing with large amounts of Big Data, auditors must maintain the standards of independence and professional skepticism. They must not let company’s Big Data findings significantly influence their audit opinion to the point where they succumb to audit risk and issue the wrong opinion (Griffin Wright, 2015, p. 378). Another challenge is ensuring that the auditors are adequately trained to handle the Big Data information during an audit. As discussed previously in this report, the supply of Big Data is much too large for regular employees to handle. Auditors now need to be trained to handle Big Data during an audit. This includes adding Big Data components to education curriculums in accounting and auditing (Griffin Wright, 2015, p. 378). Auditorsâ₠¬â€both current and future professionals—will need to evolve and gain the skills and experience necessary to respond to the changes enacted in the auditing process with Big Data (Fisher, 2015). Education and training models are currently based on historical standards, rather than equipping future auditors with the â€Å"right competencies for the future† (Fisher, 2015). Griffin and Wright (2015) state that this poses a risk in the fact that auditors may adjust rather slowly to the â€Å"new realities of Big Data, whichShow MoreRelatedChallenges Faced With Big Data1731 Words   |  7 PagesIV. CHALLENGES WITH BIG DATA Already some success is achieved from big data in some fields like Sloan digital sky survey so it’s mean there is some potential in big data and benefits are also real but still some challenges like scalability, heterogeneity, integration, privacy, security etc. need to be addressed for realizing full potential of big data. 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