Considering the progress made in the accountancy sector with ‘continuous’ assurance, it struck me that until now, process (read: mere procedures) was driven by technology, at least up till now. Because the idea of ‘transactions’ in that, now quickly antiquating, ERP system we all know, was based like it was and is in all the other comparable systems or less, on the ideas before that. And procedures just had to adapt to the software. No, not the other way around; that’s pure marketing babble!
So, now we (hopefully soon) have XML and XBRL to take some work off our hands (?). But also … qua big d analysis (tired of writing / pronouncing that at full length..!) we’re moving ahead. To be able, would be able, to just dump all ‘transactions’ or primitives into a big db and then run ad hoc queries on them, possibly with some AI in the mix. Who needs separate bookkeepers’ accounts when all source data is available in blobs or whatever ..?
Which may require a leapfrog of assurance. But hey, the world wasn’t invented to service that, but the other way around.
Any thoughts ..?