The Importance of Chat GPT in Accounting

Accounting Today said ChatGPT failed the CPA Exam — here's why that's misleading; a WSJ reporter clones herself with AI and tricks her bank and family; TurboTax tops the TV ads for tax year 2022; Audit firms remove partners who fault clients' internal controls; 80 percent of BDO Alliance partners vote to eliminate or modify the 150-hour rule

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• (00:00) - ChatGPT Was Set Up To Fail The CPA Exam
• (00:30) - Does the accounting profession give your life meaning?
• (01:00) - Welcome to the show, David is on the road this week
• (04:49) - Accounting Today says ChatGPT completely failed CPA exam
• (07:48) - Blake ran some of his own tests with GPT-4 and takeaways people should get from this article
• (13:23) - WSJ article on the potential of AI and fraud
• (15:09) - Blake plays clips of Joanna's voice cloned compared to her actual voice
• (18:28) - TechCrunch article on Intuit's AI journey
• (23:35) - Accounting Today article on firms removing audit partners from engagements where they found internal control problems
• (28:41) - Accounting Today: PCAOB turns up the heat on auditing firms
• (32:20) - Three failed banks all had KPMG in common
• (38:26) - Which brands spent the most money on ads around tax day 2023?
• (41:30) - TurboTax starts sending out checks as part of "free free free" settlement
• (42:58) - Listener email about the 150 hour rule and underpaid CPAs
• (46:57) - BDO Alliance poll results on the 150 hour requirement
• (50:29) - Blake buys MedEvac insurance for the first time
• (53:09) - Some quick app news roundup
• (58:33) - Wrap up and where to reach us

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Show Notes

KPMG pens deal with MindBridge to apply AI to digital audits | Accounting Today

https://www.accountingtoday.com/news/kpmg-pens-deal-with-mindbridge-to-apply-ai-to-digital-audits

We ran the CPA exam through ChatGPT and it failed miserably | Accounting Today

https://www.accountingtoday.com/news/we-ran-the-cpa-exam-through-chatgpt-and-it-failed-miserably

I Cloned Myself With AI. She Fooled My Bank and My Family.        

https://www.wsj.com/articles/i-cloned-myself-with-ai-she-fooled-my-bank-and-my-family-356bd1a3

Audit firms remove partners who fault clients' internal controls | Accounting Today

https://www.accountingtoday.com/news/audit-firms-remove-partners-who-fault-clients-internal-controls

BDO Alliance poll of managing partners on 150-hour rule

https://twitter.com/BlakeTOliver/status/1654553693830914048

TurboTax customers to receive checks for $141M settlement        

https://apnews.com/article/turbotax-inuit-settlement-checks-mail-0c01cf25aa34693163886d135f7a6560

Accounting automation developer Gappify scores $10m

https://fintech.global/2023/05/02/accounting-automation-developer-gappify-scores-10m/            

Intuit’s shift

https://techcrunch.com/2023/04/27/intuit-ai-shift/

Hundreds Of Tax Prep Services Hit The Airwaves Before April https://www.insideradio.com/free/hundreds-of-tax-prep-services-hit-the-airwaves-before-april-18/article_b59beb46-e5a2-11ed-a08f-d7b730e240b8.html

We had ChatGPT take the CPA exam — and it failed           

https://www.accountingtoday.com/news/we-ran-the-cpa-exam-through-chatgpt-and-it-failed-miserably

ChatGPT Just Failed This Accounting Exam

https://www.digitalinformationworld.com/2023/04/chatgpt-just-failed-this-accounting-exam.html

Accounting clerk created original art on billing statements to help a patient heal

https://www.cbsnews.com/video/accounting-clerk-created-original-art-on-billing-statements-to-help-a-patient-heal/

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