scholarly journals Historical Evolution of Audit Theory and Practice

2020 ◽  
Vol 16 (1) ◽  
pp. 2252-2259
Author(s):  
A. O Olagunju ◽  
S. A. Owolabi
Keyword(s):  
Decision Making ◽  
Industrial Revolution ◽  
New Technology ◽  
Theory And Practice ◽  
Historical Evolution ◽  
Business World ◽  
Adoption And Implementation ◽  
Technology Age ◽  
Effective Decision Making ◽  
The Way

The separation of ownership and control due to industrial revolution and expansionary system of businesses has brought the need for checks and balances by the owners of the businesses. Decision making requires information that is exhaustive, consistent, reliable, and credible and such there is need for cross-examination of records for effective decision making. Starting from fraud detection to attesting to credibility of financial statements are auditing practices. As every field of study has its root, thus this paper examined the historical evolution of audit theory and practice from ancient civilization till present age and focusing on the way forward as regards the future of audit. A desk research was conducted and from the review, it was discovered that lots of transitions have occurred in audit theories and practices over time as business world turns digitalized, thus leading to past audit practices becoming outdated and auditing evolution has reached a critical juncture whereby auditors may not have choice than to adjust to the new technology age system. It is imperative that accountants and auditors ultimately lead the way in adoption and implementation of technology-enhanced auditing.

scholarly journals Challenges in the Fourth Industrial Revolution

2019 ◽  
Vol 24 (4) ◽  
pp. 303-307 ◽  
Author(s):  
Gabriela-Maria Man ◽  
Mihaela Man
Keyword(s):  
Artificial Intelligence ◽  
Virtual World ◽  
Industrial Revolution ◽  
New Technology ◽  
First Century ◽  
Work Time ◽  
Fourth Industrial Revolution ◽  
Twenty First Century ◽  
The Way

Abstract The beginning of the twenty-first century represents the beginning of the Fourth Industrial Revolution, which, unlike its predecessors, is characterized by great digitalization, higher connections between physical things and the virtual world, the development of genetics, artificial intelligence, hyper connectivity. These characteristics have generated many changes in the way work is performed. In order to meet these challenges, employees must increase their flexibility in the way they perceive work time, wages, tasks, workspace and so on. And, in an era of technology and digitalization, employees must keep their skills and knowledge, related to new technology, up to date. Several other aspects related to employability will be discussed in this article.

Innovation Challenges and Opportunities in Biopharma, MedTech, Digital Medicine, and Their Emerging Convergence: User & Patient Centric Applications in the “Pharma 3.0 Business Model Paradigm”

2018 ◽  
Vol 24 (1) ◽  
Author(s):  
Arthur A Boni
Keyword(s):  
Decision Making ◽  
Business Model ◽  
Theory And Practice ◽  
Business World ◽  
Digital Medicine ◽  
The World ◽  
Challenges And Opportunities ◽  
Industry Applications ◽  
Patient Centric

In the first section of this monograph, titled “Bridging Theory and Practice for Commercialization and Innovation – a market-centered perspective for cross-industry applications”, we outlined a number of overlapping theories or models dealing with innovation. Theories, when well stated and proven, are basically statements of causality. Scientists and technologists use them all the time to predict physical or chemical phenomenon for example. However, whether or not we explicitly recognize them as such, theories also exist in the business world and can be useful as guides to behavior and decision making. These models serve as lenses through which “the world” is viewed and that enable predictions, or forecasts to be made. However, they may also act as “blinders”, limiting our ability to see that which may not fit into our existing models. As the famous statistician, George Box said in an often-repeated quote, “essentially, all models (theories) are wrong, but some are useful.”

Big Data and Official Statistics

2019 ◽  
Vol 26 (12) ◽  
pp. 5-14
Author(s):  
S. Upadhyaya
Keyword(s):  
Decision Making ◽  
Big Data ◽  
Industrial Revolution ◽  
Data Transformation ◽  
Small Sample ◽  
Theory And Practice ◽  
Deep Penetration ◽  
Process Data ◽  
Official Statistics ◽  
The Government

Big data is a component of the Fourth Industrial Revolution. The deep penetration of digital technology has turned data into an essential component of the production process. Data are automatically generated by machines during the course of operation and during interactions with humans. This paper describes the concept and composition of big data. Most of the big data are unstructured and include text, audio-video files, images, emails, log files, etc. Statisticians are more interested in structured data presented in a pre-defined database model. Big data offer new sources and opportunities that cannot be discounted. However, the use of big data requires proper assessment in terms of quality dimensions such as accuracy, comparability and methodological soundness. Against the backdrop of arguments regarding big data, some users view big data as a replacement of official statistics. Such a conclusion is premature for at least two reasons: first, only a small part of big data can be used for decision-making. Second, theory and practice prove that a small sample based on scientific methods can yield much more reliable and accurate estimates than the results obtained from the processing of large amounts of unstructured data. The paper assesses the possibility of using big data for Sustainable Development Goals (SDG) monitoring, which is a nationally owned process, and NSOs are accountable for the SDG data they report. If the data are derived from a big data source, irrespective of the level of technical sophistication used in data transformation, the reliability of such data might be questioned by the national institutions. The paper concludes that the reliability of data obtained from big data sources hinges on the quality of tools and methods applied to data transformation. Statisticians can play an important role in alerting society, decision-making bodies of the government and businesses about the reliability of information derived from the different sources.

scholarly journals Developing Advanced Decision-Making Skills in International Leaders and Managers

2007 ◽  
Vol 32 (3) ◽  
pp. 1-8 ◽  
Author(s):  
Asila Safi ◽  
Darrell Norman Burrell
Keyword(s):  
Decision Making ◽  
Critical Thinking ◽  
Thinking Skills ◽  
Critical Thinking Skills ◽  
Managerial Decisions ◽  
Strategic Implementation ◽  
Effective Decision Making ◽  
The Right ◽  
Leadership Decisions ◽  
The Way

Socially, economically, politically, and technologically, our world is transforming in complex ways that are beyond what we could have fathomed even five years ago. Now, more than ever, managerial decisions have far-reaching consequences in the way that organizations fail or succeed in bridging commerce and compassion, sustainability and profitability, and move from vision to effective strategic implementation. Solving problems, making decisions, and picking the courses of action are the most critical aspects of being in charge because it is risky and very difficult. Bad decisions can damage a career, influence peoples' lives, and hurt an organization's performance. But, where do bad decisions come from? In many cases, they can be traced back to the way the decisions were made. Maybe the right questions were not asked. Maybe the right alternatives were not explored or may be the data collected was wrong. Sometimes, the fault of poor leadership decisions lies not in the decision-making process, but rather in the mind of the decision-maker. How does an organizational manager make the correct leadership decisions when the unexpected occurs or the existing plans are insufficient or important organizational core values and goals are threatened? Critical Thinking in decision-making helps the professionals ask relevant questions, gather opinions from various groups, interpret complex problems, and make wise decisions. The development of critical thinking skills in international executives has never been more vital than it is today. The engagement in managerial critical thinking is about learning to apply experience-based, team-based, and formal problemsolving methods to situations. It is essential to develop a keen ability to overcome and become self-aware of biases, false assumptions, myths, and faulty paradigms that can hamper effective decision-making.

scholarly journals Prosedur Pengambilan Keputusan Di Lembaga Pendidikan Tinggi Di Era Revolusi Industri 4.0

2020 ◽  
Vol 3 (2) ◽  
pp. 32-42
Author(s):  
Biqrotul Azizah ◽  
Imam Syafi’i
Keyword(s):  
Decision Making ◽  
Industrial Revolution ◽  
Relevant Literature ◽  
Decision Making Process ◽  
Traditional Model ◽  
Scientific Journals ◽  
Public Meetings ◽  
Library Research ◽  
Effective Decision ◽  
Effective Decision Making

 This article aims to describe the process of making and effective methods for the dissemination of decision results in the Industrial Revolution 4.0 era. This research uses library research taken from scientific journals and relevant literature. The results showed that the most effective decision making process was a combination of top-down and bottomup with formal decision-making mechanisms or decisions. Decision making formally involves leaders and subordinates and adjusted to the output of the meeting. The dominant dissemination mechanism is traditional dissemination through meetings and through social networks. The implications of the results of this study indicate that the formal process of decision making through public meetings or limited meetings is still the choice of the decision making process so that this traditional model provides space for all elements involved to participate and provide constructive advice for effective decision making.

scholarly journals How Do Teachers Make Sense of Data in the Context of High-Stakes Decision Making?

2018 ◽  
Vol 56 (3) ◽  
pp. 792-821 ◽  
Author(s):  
Kristin Vanlommel ◽  
Kim Schildkamp
Keyword(s):  
Decision Making ◽  
Theory And Practice ◽  
Limited Extent ◽  
Educational Decisions ◽  
High Stakes ◽  
Student Placement ◽  
Different Types ◽  
Sensemaking Process ◽  
Educational Tracks ◽  
The Way

This study examines the way teachers make sense of data in the context of high-stakes decision making, such as decisions related to student placement in educational tracks. Different types of data, data collected rationally and intuitively, may be used in this sensemaking process, and the same data may be interpreted in different ways by different teachers. Results show that teachers base their decisions on rational processes only to a limited extent. Teachers collect a great amount of data intuitively, and they sometimes interpret data collected rationally by personal criteria and triangulate data to a very limited extent. Since fair educational decisions are informed by a rational collection and a transparent interpretation of data, implications for theory and practice are provided.

scholarly journals Can mindfulness be helpful in team decision-making? A framework for understanding how to mitigate false consensus

2020 ◽  
Author(s):  
Marcus Selart ◽  
Vidar Schei ◽  
Rune Lines ◽  
Synnøve Nesse
Keyword(s):  
Decision Making ◽  
Theory And Practice ◽  
Team Processes ◽  
Team Decision Making ◽  
Individual Level ◽  
False Consensus ◽  
Team Decision ◽  
Effective Decision ◽  
Effective Decision Making ◽  
The Individual

Mindfulness has recently attracted a great deal of interest in the field of management. However, even though mindfulness – broadly viewed as a state of active awareness – has been described mainly at the individual level, it may also have important effects at aggregated levels. In this article, we adopt a team-based conceptualization of mindfulness, and develop a framework that represents the powerful effect of team mindfulness on facilitating effective decision-making. We further discuss how a conceptualization of team mindfulness may mitigate the process of false consensus by interacting positively with the following five central team processes: open-mindedness, participation, empowerment, conflict management, and value and ambiguity tolerance. A false consensus constitutes a cognitive bias, leading to the perception of a consensus that does not exist. In essence, we argue that, although a conceptualization of team mindfulness does not guarantee effective decision-making in itself, it may successfully reduce false consensus when coupled with these five team processes. Accordingly, this article contributes to the theory and practice of team decision-making by demonstrating how a conceptualization of team mindfulness can be helpful in the increasingly complex and ambiguous situations faced by contemporary teams.

scholarly journals Review of studies of blockchain technology effects on the shipping industry

2022 ◽  
Vol 7 (1) ◽  
Author(s):  
Kelly Gerakoudi-Ventouri
Keyword(s):  
Decision Making ◽  
Industrial Revolution ◽  
Research Area ◽  
Shipping Industry ◽  
Digital Evolution ◽  
Blockchain Technology ◽  
Study Results ◽  
Decision Making Processes ◽  
Effective Decision ◽  
Effective Decision Making

AbstractDecision-making is a prolific research area in the internet era, which has propelled globalization and the virtual elimination of many country border barriers. However, effective decision-making in the shipping industry is a time consuming and often complicated process. Digital evolution has provided new innovative organizational operation methods. Blockchain technology—a basic component of the Fourth Industrial Revolution—is one such innovation that promises to alter the process of decision-making. However, only a few academic studies have explored the decision-making aspect of blockchain technology. Moreover, there is a dearth of comprehensive research on how blockchain affects decisions in the shipping industry. This study explored how this novice technology can address issues, such as vast documentation and information asymmetry in the shipping industry. Specifically, grounded theory was used to qualitatively investigate extant practices and examine the potential impact of blockchain technology on decision-making in the shipping industry and the potential of using blockchain technology to emancipate decision-making. The study results indicate that the instant and reliable data-sharing capability of blockchain can significantly impact the shipping industry, while transforming its decision-making processes.

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