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Resources, events, agents (REA) is a model of how an accounting system can be re-engineered for the computer age.REA was originally proposed in 1982 by William E. McCarthy as a generalized accounting model, [1] and contained the concepts of resources, events and agents (McCarthy 1982).
An accounting information system (AIS) is a system of collecting, storing and processing financial and accounting data that are used by decision makers.An accounting information system is generally a computer-based method for tracking accounting activity in conjunction with information technology resources.
One such an example is the REMI Model. [8] Additionally, new AI based software aLocal provides economic impact, financial forecast, market demand and employment estimates using a modified input/output algorithm using financial and community data in addition to the current software that only uses economic data. [9]
Hybrid knowledge/statistical-based systems, where expert knowledge is integrated with statistical power, use a series of data mining techniques for the purpose of detecting cellular clone fraud. Specifically, a rule-learning program to uncover indicators of fraudulent behaviour from a large database of customer transactions is implemented.
Reference data is a catch all term used in the finance industry to describe counterparty and security identifiers used when making a trade. As opposed to market data the reference data is used to complete financial transactions and settle those transactions. The financial service industry and regulatory agencies have pursued a policy of ...
Machine learning uses data analytics to simultaneously and continuously learn and identify data patterns allowing it to make predictions based on the data. Currently, Deloitte and PricewaterhouseCoopers (PWC) are both using machine learning tools within their companies to aid in financial auditing.
Searchability of unstructured textual data – A simple search on some data, e.g. apple, results in links where there is a reference to that precise search term. (Inmon & Nesavich, 2008) [19] gives an example: "a search is made on the term felony. In a simple search, the term felony is used, and everywhere there is a reference to felony, a hit ...
The general event study methodology is explained in, for example, MacKinlay (1997) [5] or Mitchell and Netter (1994). [7] In MacKinlay (1997), this is done "using financial market data" to "measure the impact of a specific event on the value of a firm".