This article provides strategies for developing, promoting, or enhancing data analytics skills for
individuals and organizations, at varying technology levels and fields, whether in education, public, or
private practice.
Data analytics uses technology to apply statistical analysis on data (information) to identify trends and
solve problems (Thor Olavsrud, “What Is Data Analytics? Analyzing and Managing Data for Decisions,”
CIO, February 8, 2021,
data analytics is defined as the process of gathering, sorting, and analyzing data to develop business
solutions through technology tools
technology can assist CPAs with assessing abnormal trends related to certain accounts during an
audit, consultation, or preparation of a tax return.
The CPA exam has been revised to ensure candidates meet certain technical skills
Although the CPA exam has four sections (Auditing and Attestation, Business Environment and
Concepts, Financial Accounting and Reporting, and Regulation) with multiple-choice, task-based
simulations and written communication questions, candidates will also be tested on technology
Skills
accounting professionals should also have a working knowledge of technology and its impact on
business operations.
This implies that as auditors, key consultants, and accountants, CPAs should be asknowledgeable
as essential stakeholders to provide the best consultative advice.
The top seven benefits of data analytics include: better targeted social influencer marketing
(61%), more numerous and accurate business insights (45%), segmentation of customer base
(41%), recognition of sales and market opportunities (38%), automated decisions for real-time
processes (37%), definitions of churn and other customer behaviors (35%), and detection of
fraud (33%).
artificial intelligence (AI) is reducing delays and creating more efficiencies in business processes
The purpose of this article is two-fold; to provide an overview of technology trends and discuss
strategies on how to enhance technology skills.
Firms are using machine learning in auditing to reduce audit staff, assist with internal controls,
and improve fraud detection
Advisory services experience increased accuracy and identify added value services when
machine learning is applied
International Journal of Information Management, vol. 35, no. 2, 2015, pp. 137–144. https://
doi.org/10.1016/j.ijinfomgt.2014.10.007) note that data analytics encompasses the acquisition,
extraction, aggregation, and integration of data from text, audio, video, and social media, applied
to predictive analytics through modeling and analysis as well as interpretation.
When CPAs stay abreast of technology trends, they can grow personally and professionally,
enhance data analytics skills, and solve business problems for clients more efficiently.
Rapidly changing technology trends impact all facets of accounting, from public and private
practice to academia.
The strategies and resources discussed above can serve as a guide in enhancing educational
growth.