mistakes are formally recorded. The widespread use of telephone, fax and e-mail means information can be transferred and shared quickly.
             These sources of valuable information are considered 'valuable' by McKinnon and Bruns (1992) as they have several characteristics which they consider necessary. These types of information are able to be relayed in real time due to information technology improvements. This means there is a much smaller lag between the information being observed and the management receiving it and being able to act on it. This is a stark contrast to accounting data which often referred to as 'old news'
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