Understanding the Attributes of Data Analytics (The Four Vs of Big Data):
Volume: Refers to the massive amount of data generated.
Velocity: Refers to the speed at which data is created and processed.
Variety: Refers to the different types and sources of data.
Veracity: Refers to data accuracy and reliability.
Why Variety is the Correct Answer:
Variety represents the increasing number of data sources (e.g., social media, IoT devices, cloud storage, structured/unstructured data, etc.).
As data sources grow, internal auditors must evaluate data integrity, consistency, and reliability across multiple formats and systems.
Why Other Options Are Incorrect:
A. Volume: Refers to the size of data, not the number of sources.
B. Velocity: Refers to how fast data is generated and processed, not its diversity.
D. Veracity: Refers to data accuracy, not the number of sources.
IIA Standards and References:
IIA GTAG on Data Analytics (2017): Highlights the role of variety in managing data from multiple sources.
IIA Standard 1220 – Due Professional Care: Auditors must assess data variety when using analytics for decision-making.
COSO ERM Framework: Addresses the importance of integrating diverse data sources for risk management.
