AIS Chapter 14

Data Warehouse

collection of information gathered from an assortment of external and operational (that is, internal) databases to facilitate reporting for decision making and business analysis

Model of Data Warehouse

Business Intelligence

computer-based technique for accumulating and analyzing data from databases and data warehouses to support managerial decision making

Process of Business Intelligence

Gather information (either internal information, external information or both) from a variety of sources.

Analyze the data to discern patterns and trends from that information to gain understanding and meaning.

Make decisions, hopefully better-informed ones, based on the information gained

Data Mining

process using sophisticated statistical techniques to extract and analyze data from large databases to discern patterns and trends that were not previously known

will only find statistical relationships and some of them represent spurious correlations

Digital Dashboards

designed to track the firm process or performance indicators or metrics to monitor critical performance

Extensible Business Reporting Language (XBRL)

XML language, a standard for Internet communication between businesses

XRBL Database

available for various uses, including reporting on the firm’s web site, filing to regulators (SEC, IRS, etc.) and providing information to other interested parties such as financial analysts, loan officers and investors

XBRL taxonomy

defines and describes each key data element (for example, total assets, accounts, payable, net income, etc.

XRBL instance documents

Contain the actual dollar amounts or the details of each of the elements within the firm’s X B R L database

XBRL style sheets

take the instance documents and add presentation elements to make them readable by humans

What to include in XBRL audit?

The most current, standardized XBRL taxonomy is used,

The underlying financial and nonfinancial data that is used in XBRL tagging is reliable,

The XBRL tagging is accurate and complete, and,

The reports generated using XBRL are complete and received on a timely basis.

XBRL Global Ledger Taxonomy

allows the representation of anything that is found in a chart of accounts, journal entries or historical transactions, financial and non-financial