Edge Computing in the Post Pandemic World

The world was moving towards edge computing before the pandemic struck. In bare bones terms, edge computing involves moving the data and processing closer to the end user.

With the pandemic, companies began moving their personnel offsite, mostly to their homes. They have had to begin addressing the challenges this movement raised, including security and privacy issues.

But also, with their people physically spread out, it became apparent that edge computing had a new relevance, especially considering the already fast-moving trend towards using big data, advanced analytics, and AI. 

“As the world moves into the fourth industrial revolution, the requirement for high-speed connectivity, real-time data processing and analytics will be increasingly important for business and society. With the combined IoT market size projected to reach $520 billion by 2021, the development of edge computing solutions alongside 5G networks will be required to provide near-instantaneous network speed and to underpin computational platforms close to where data is created.”[1]

The confluence of these trends means that the computing platforms are faced with an unprecedented degree of change over the next months and years.

[1] http://www.infosecisland.com/blogview/25261-Edge-Computing-Set-to-Push-Security-to-the-Brink.html

How Corporate Reporting on the Internet is Missing the Boat

In a recent project, I explored the use of the internet for corporate reporting from its beginnings with the start of the World Wide Web up to the present, a period of approximately twenty-five years. Numerous changes have taken place during that period, some of which relate to the technology and others that relate to the changing business and reporting environment. 

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Making Auditing Standards Fit-for-Purpose in a High-Tech World

Auditing standards urgently need to change in two respects. First, they should reflect that the vast majority of entities being audited already make significant use of technology in their operations and in preparing financial statements. Such use will continue to grow rapidly and become more complex. Second, the standards need to be revised to strongly promote – and perhaps require – the use of automated audit procedures, including data analytics. Despite leaders of the accounting profession calling for action now, however, auditors in general do not appear to share this sense of urgency. They may express agreement with the concept of a need for change in the near term, but resist any significant revisions of standards that would make such changes a reality. For example, in 2016, the IAASB Issued a Request for Input (RFI) on the growing use of technology in audits, especially data analytics. IAASB’s Feedback Statement on this RFI states that “most respondents believe that the principles in the extant ISAs are still appropriate and accommodate the use of data analytics, and caution against prematurely rushing to change requirements in the standards.” 

This is an excerpt from an article by Gregory Shields that appeared in the Summer 2019 issue of ThinkTWENTY20. A free copy can be obtained here. For a free subscription to ThinkTWENTY20, click here.

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