Big data is the most pressing issue for CPAs working in forensic and valuation area, according to survey results released by the "Big data presents a real opportunity for businesses to glean actionable insights from information. However, the downside is that it also presents a risk because the more data available, the harder it is to spot fraudulent activity, such as the creation of a fictitious employee or an improper payment to a vendor," Jolene Fraser, CPA/CFF and chair of the survey committee, said in a prepared statement.
Seventy-six percent of forensic respondents expect increased demand for their services in the same period with 30 percent thinking demand for their services to rise by up to 25 percent while 13 percent expect that to increase by 50 percent or 50. Twenty percent believe there will be no change and 4 percent anticipate a decrease.
Fifty-four percent of respondents in valuation believe there will be more demand for their services with 28 percent believing it will move by up to 10 percent and 18 percent who think that will rise by up to 25 percent. More than 6 percent expect a 50-percent-or-greater spike; 48 percent see no change
Steady growth was expected in the valuation area as well, more than half (54 percent) of respondents believe there will be greater demand for their services in the next two to five years. There are 28 percent who anticipate demand will increase by up to 10 percent, with an additional 18 percent anticipating a bump in demand of up to 25 percent. More than 6 percent expect demand to increase by 50 percent or higher. Forty-one percent forecast no change in demand, and 6 percent foresee a decrease.
