CPA.com announces launch of generative AI initiative

CPA.com, the AICPA's business and technology subsidiary, plans to deliver a series of initiatives to build awareness and understanding of generative AI and its potential impact on the accounting profession.

The announcement came Wednesday during a keynote session at AICPA & CIMA ENGAGE 2023.

"Generative AI is going to have a profound impact on the accounting profession," CPA.com President and CEO Erik Asgeirsson said in a news release. "While other technologies like cloud computing have transformed how firms deliver services, we believe generative AI's impact could be much more dramatic and evolve much more rapidly."

CPA.com has initiated a series of thought leadership activities, the release said. Those activities are designed to accelerate the profession's understanding of generative AI, including how it works with specific use cases within tax, audit, client advisory services (CAS), finance, practice management, and marketing.

With that insight, CPA.com is also developing practical tools and resources, including:

• An ecosystem scan of software providers experimenting with AI and large language models (LLMs) in their products to deliver new features and functionality for accounting professionals.
• An AI Symposium that will bring together subject matter experts, firm practice leaders, and others to exchange strategies and information on the real and potential impacts on the profession.
• An AI-specific cohort within the 2024 AICPA and CPA.com Startup Accelerator to support the growth of early-stage companies using this technology to benefit accounting.
• AI-focused training: a toolkit that firms can use to inform their AI strategy across multiple practice areas; special webinars, including "Generative AI, The Great Equalizer" on Oct. 24; dedicated sessions at Digital CPA 2023 in December in Las Vegas; and thought leadership resources to support awareness and education.

"Many firms are already leveraging AI through their existing solution providers who are incorporating the technology into their platforms," the news release said. "Various solutions have enabled practitioners to generate client email responses, review documents, and automate processes and workflows within practice management."

Source: www.journalofaccountancy.com