This book explores how the recent advancements of Information and Communication Technology (ICT) and, specifically, the advent of Big Data (BD) and the related Data Analytics (DA) technologies have impacted on companies' management control systems and on the audit activities. The objective of this book is threefold. First, it examines how the evolution of technology has affected the way in which decisions are made and controls are performed in the current business environment. Second, it explores what are the main challenges companies must face in using Big Data and the related Data Analytics technologies, mostly in terms of data quality issues. In this respect, it investigates which activities Internal Auditors perform to ensure data quality and reliability for internal users. Moreover, it aims at understanding if and how BD and DA have affected the way in which Internal Auditors perform their work. Finally, this book explores whether and how external auditors use BD and DA technologies in order to assure the quality and reliability of the financial information directed to external users. According to the abovementioned objectives, the first section deals with the contribution of BD and DA in increasing the efficiency and the effectiveness of the corporates' decision-making processes and management control systems. The second section focuses on the activities carried out by the Internal Audit Function in ensuring the quality of data. Furthermore, it investigates to what extent Internal Auditors use BD and DA in performing their work. The third section studies whether and how external auditors employ Big Data and Data Analytics techniques in order to give assurance on the reliability of corporates' financial statements.
The conclusion section emphasizes how the quality of data and information has always represented a critical issue in decision-making as well as in auditing and control systems. The advent of BD and the related analytics technologies, however, has significantly amplified the magnitude of this challenge for both management and auditors. Using quality data to assume rational decisions and assuring information reliability to both internal and external users thus require new and considerable efforts to be made not only by companies that decide to invest in advanced technology but also by internal and external auditors. In such an environment, moreover, standard setters and regulators are challenged in keeping pace with the opportunities and the challenges posed by the advancements of technologies, so that they are required to develop appropriate assurance standards able to guide auditors on how to properly perform their activities in an increasingly connected world.

Federica De Santis is Junior Lecturer at the Department of Economics and Management of the University of Pisa.