Current Issues in AIS

Vocabulary flashcards covering major technologies, concepts, and trends discussed in the AIS lecture notes.

Blockchain Technology (in AIS)

A decentralized, cryptographically secured ledger that records transactions in linked blocks, providing immutability and transparency for accounting records.

Decentralization

A network structure where no single central authority controls data; validation is performed by multiple nodes.

Immutable Ledger

A record‐keeping system where once data are written, they cannot be altered or deleted.

Smart Contract

Self‐executing code on a blockchain that automatically enforces terms of an agreement, such as payment triggers in accounting systems.

FinTech

Technology-driven financial services including digital payments, robo-advisors, and peer-to-peer lending.

Mobile Wallet

A smartphone app (e.g., GrabPay, Alipay) that stores payment information to enable real-time digital transactions.

Robo-Advisor

Automated, algorithm-based financial planning and investment platform with minimal human supervision.

Peer-to-Peer (P2P) Lending

Online platforms that connect borrowers directly with individual lenders, bypassing traditional banks.

AI-Powered Lending

Credit assessment that uses artificial intelligence models to evaluate borrower risk and approve loans.

Automation in Accounting

Use of software to perform routine tasks like bookkeeping, invoicing, and payroll with minimal human intervention.

Artificial Intelligence (AI) in Accounting

Machine intelligence applied to tasks such as fraud detection, forecasting, and audit automation.

Fraud Detection (AI)

Algorithms that analyze transactions to flag anomalies indicative of fraudulent activity.

Predictive Analytics

Statistical and machine-learning techniques that forecast future outcomes such as cash-flow trends.

Big Data

Extremely large, diverse data sets—both structured and unstructured—analyzed to reveal patterns and insights.

Descriptive Analytics

Analysis that explains what happened in the past using historical data summaries.

Diagnostic Analytics

Techniques that explore why something happened by drilling into data relationships and patterns.

Prescriptive Analytics

Advanced analytics that recommends actions to achieve desired outcomes based on predictive models.

XBRL (eXtensible Business Reporting Language)

An XML-based global standard that tags financial data for easier exchange, comparison, and automated processing.

Continuous Auditing

Ongoing automated examination of transactions, often 24/7, to provide near real-time assurance.

Voice-Activated AIS

Use of voice assistants (e.g., Alexa for Business) to query and retrieve financial information through speech.

Ethical AI

Principles and practices ensuring AI systems operate fairly, transparently, and without bias.

Enterprise Resource Planning (ERP)

Integrated software suite that manages core business processes, including accounting, across departments.

Robotic Process Automation (RPA)

Software ‘bots’ that mimic human actions to automate repetitive, rule-based accounting tasks like invoice processing.

Cloud Computing in Accounting

Internet-based delivery of accounting software and data storage, providing scalability and real-time access.

RegTech

Regulatory technology that automates compliance processes such as KYC checks and reporting.

ESG Reporting

Disclosure of Environmental, Social, and Governance metrics within financial statements or AIS dashboards.

Virtual CFO

Remote, outsourced chief financial officer service that leverages cloud AIS to advise businesses strategically.

Zero Trust Architecture

Cybersecurity model that verifies every user and device—inside or outside the network—before granting access.

SIEM (Security Information and Event Management)

Software that aggregates and analyzes security logs in real time to detect and respond to threats.

E-Invoicing

End-to-end digital generation, submission, and tracking of invoices, often using standards like Peppol.

E-Payment

Electronic transfer of funds via systems such as FPX, DuitNow, or PayPal integrated with AIS.

Cybersecurity & Data Controls

Protective measures (encryption, firewalls, access controls) that safeguard financial information systems.

Multi-Factor Authentication (MFA)

Login security requiring two or more verification factors, such as password plus smartphone code.

Anti-Money Laundering (AML)

Regulations and procedures aimed at preventing the use of financial systems to disguise illicit funds.

Know Your Customer (KYC)

Process of verifying client identities to meet regulatory and anti-fraud requirements.

Proof-of-Work

Blockchain consensus mechanism where miners solve computational puzzles, consuming significant energy.

Hadoop

Open-source framework for distributed storage and processing of large data sets across clusters.

Tableau

Data-visualization software that creates interactive dashboards for real-time financial reporting.

Decision Support System (DSS)

Information system that aids complex decision-making using data, models, and analytical tools.

Management Information System (MIS)

System that provides routine reports and summaries to help managers plan and control operations.

Transaction Processing System (TPS)

Information system that captures and processes detailed transactional data of daily business operations.

API (Application Programming Interface)

Set of protocols enabling different software systems to communicate and share data seamlessly.

Interoperability

Capability of diverse information systems and applications to work together and exchange data effectively.

Data Visualization Dashboard

Graphical interface (e.g., Power BI) that displays key financial metrics and KPIs in real time.

Audit Efficiency

The degree to which audits can be performed accurately and quickly, enhanced by technologies like AI and blockchain.