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Record to report or R2R is a Finance and Accounting (F&A) management process which involves collecting, processing and delivering relevant, timely and accurate information used for providing strategic, financial and operational feedback to understand how a business is performing. [1]
Time-series analysis of time-dependent data. [5] Clustering and classification to find patterns and associations among groups of data. [5] Data matching Data matching is used to compare two sets of collected data. The process can be performed based on algorithms or programmed loops.
Today, forensic accountants work closely with data analytics to dig through complex financial records. Data collection is an important aspect of forensic accounting because proper analysis requires data that is sufficient and reliable. [24] Once a forensic accountant has access to the relevant data, analytic techniques are applied.
Create a cost and operational flow diagram – How resources and activities are related to products and services. Collect data – Collecting data where the diagram shows operational relationship. Build a software model, validate and reconcile. Interpret results and prepare management reports. Integrate data collection and reporting.
A ratio's values may be distorted as account balances change from the beginning to the end of an accounting period. Use average values for such accounts whenever possible. Financial ratios are no more objective than the accounting methods employed. Changes in accounting policies or choices can yield drastically different ratio values. [6]
Financial accounting is a branch of accounting concerned with the summary, analysis and reporting of financial transactions related to a business. [1] This involves the preparation of financial statements available for public use.
Forensic data analysis (FDA) is a branch of digital forensics. It examines structured data with regard to incidents of financial crime. The aim is to discover and analyse patterns of fraudulent activities. Data from application systems or from their underlying databases is referred to as structured data.
Data analysis is a process for obtaining raw data, and subsequently converting it into information useful for decision-making by users. [1] Data is collected and analyzed to answer questions, test hypotheses, or disprove theories. [11] Statistician John Tukey, defined data analysis in 1961, as:
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