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Balancing innovation and oversight: Practical steps for AI integration in tax and accounting firms

ThomsonReuters

One accountant cited in the report said: “I would like to be able to utilize [GenAI] to complete tasks that are boring or mundane, and I also think it has the capability to enhance my ability to offer more analytical tools to my clients, for example cash flow forecasting or financial statement interpretation.”

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How to Use ChatGPT to Create Forms and Templates for Accounting Firms

CPA Practice

I asked ChatGPT what forms it recommended for a CPA firm. Here is the answer I got (since ChatGPT is nondeterministic, you won’t get the exact same answer I got.): For a CPA (Certified Public Accountant) firm, creating and utilizing various forms and templates can significantly streamline practice management tasks.

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Embracing AI: 7 Keys for a Modern Accounting Firm

CPA Practice

In an era where AI, particularly generative AI, is reshaping industries, small accounting firms stand at a crossroads. As we approach 2024, the integration of AI into accounting practices is not just an opportunity for an advantage, but a necessity. Stay abreast of regulatory changes and guidelines specific to AI in accounting.

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Statutory reporting: An overview

ThomsonReuters

Statutory reporting is a critical process for multinational corporations, involving the preparation and submission of financial statements to comply with legal obligations across various jurisdictions. ← Blog home In the industries of business and finance, statutory reporting is a cornerstone of transparency and compliance.

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Friday Footnotes: Big 4 Nixes Legal Practices; EY Looks the Other Way; Auditors Get Lectured Again | 10.14.22

Going Concern

Big Four Audit Giants Shut Down Legal Operations in China Following ‘Regulatory Raids’ [ Law.com ]. The Big Four auditing giants have quietly shut down their legal affiliations in China following intense regulatory scrutiny, according to an investigation by Law.com International, in a major development for Asia’s legal industry.

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Friday Footnotes: PwC Completes Its Punishment; Hybrid Work Should Stay in 2025; Deloitte Clutters Up the Dark Web | 1.3.25

Going Concern

PR Newswire ] Aprio, the 25th largest business advisory and accounting firm in the U.S., announces the strategic acquisitions of two leading accounting firms, KRD, Ltd. Two anonymous accountants and an unnamed accounting firm have challenged the Public Company Accounting Oversight Boards enforcement authority.

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Monday Morning Accounting News Brief: Firms Fight Back on Public Metrics; A Rejection or a Blessing? | 1.6.25

Going Concern

KPMG is up to something : Accounting giant KPMG is moving to launch a new legal services business in the United States, taking advantage of relaxed law firm ownership rules in Arizona. CohnReznick wrote: No two firms are identical as are no two issuer audits. Restatement History (firm-level only). updoots lol.

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