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THE IMPACT OF BIG DATA ANALYTICS ON IMPROVING FINANCIAL REPORTING QUALITY
ABSTRACT
A new era of data analytics has begun as a result of the expanding availability and accessibility of massive volumes of data and technological breakthroughs. Big Data analytics has become a potent tool for businesses to obtain competitive advantage across a variety of industries, including financial reporting. This study attempts to look into how Big Data analytics might enhance financial reporting quality. The study uses a mixed-methods strategy that combines quantitative and qualitative analysis. Examining financial reporting data from a sample of businesses that have integrated Big Data analytics into their reporting procedures is a component of quantitative analysis. To gauge the effectiveness of Big Data analytics, key financial reporting quality indicators like accuracy, dependability, timeliness, and transparency will be evaluated.
The perceived influence of Big Data analytics on financial reporting quality will also be investigated through qualitative interviews with financial experts, auditors, and regulatory agencies. The advantages, difficulties, and potential threats of incorporating big data analytics into financial reporting practices will all be covered in the interviews. The results of this study should show how Big Data analytics has a favorable impact on the caliber of financial reporting. By reducing errors, enhancing data completeness, and enhancing the identification of fraudulent activities, it is projected that the adoption of Big Data analytics will improve the accuracy and dependability of financial reporting. Furthermore, it is anticipated that the incorporation of Big Data analytics will enhance the timeliness of financial reporting, allowing stakeholders to make better decisions based on current information.
The study does identify some possible drawbacks, though, like the requirement for qualified people to use Big Data analytics tools properly and privacy and security risks with data. To fully comprehend the obstacles that organizations could encounter while implementing Big Data analytics in financial reporting procedures, these difficulties will be thoroughly examined. Overall, by studying the effect of Big Data analytics on financial reporting quality, this research aims to add to the body of knowledge. Organizations, policymakers, auditors, and other stakeholders will benefit from the findings’ insightful information, which will help them decide whether to use Big Data analytics into financial reporting procedures.
