Analyst To AI

Last week, during our annual audit, our accounting firm presented an accounting rule that risked changing our financial statements. It was a difficult concept to understand because we hadn’t faced it from our previous audits and frankly they weren’t very clear on what the conditions were to make a change. I looked it up on ChatGPT to get some insight and when I needed more clarification I kept prompting it until I was better able to understand the rule and could see how applicable it was to our records.

We then took it one step further. We uploaded a contract and asked ChatGPT if it would be applicable to the specific audit standards. We were able to evaluate our own understanding and compare it to another source.

What I’ve said before and what I still believe is that AI needs validation to confirm the facts, it did however provide enough insight to have a conversation about the rules and have a meaningful conversation. How AI is better than a normal internet search is we can keep prompting for better understanding. Additionally we can upload our specific contract.

We now have implemented a new process for next year to evaluate the contracts and use AI to compare to our decision. We’ll be able to account for it correctly and use this model for future agreements as we prepare 2026 financial reporting.

A good use for AI

Please share your experiences