[ChatGPT and accountancy: know its limits]

While generative Artificial Intelligence (AI), such as ChatGPT, has the potential to automate certain tasks for accountants, it is critical to understand the technology's limitations before implementing it. ChatGPT was tested by an analyst at The Analytical Accountant, who discovered that it struggled with specific accounting terminology, was prone to making things up, and had difficulty understanding the structure of multiple-choice questions. Although subsequent updates improved its accuracy, the threat of incorrect and misleading data being generated still exists. When using AI, accountants must exercise professional scepticism and proceed with caution. They should also be concerned about data privacy, security, and intellectual property (IP). However, the potential benefits of generative AI in assisting with research and navigating methodology and standards make it an area worth exploring.

Click on the link below to know about ChatGPT and accountancy:

https://www.icaew.com/insights/viewpoints-on-the-news/2023/mar-2023/ChatGPT-and-accountancy-know-its-limits

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