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What on this planet is ChatGPT? We requested a CPA to elucidate

What on this planet is ChatGPT? We requested a CPA to elucidate

What on this planet is ChatGPT? We requested a CPA to elucidateDatardina suggests accountants begin participating with ChatGPT to immediate and produce the appropriate sort of content material (Getty Pictures/Tom Werner)

There was a rising curiosity in ChatGPT as the subsequent huge factor in expertise innovation because it was launched in November 2022. The transfer has taken synthetic intelligence-based pure language processing (NLP) to a degree that makes it accessible to the lots.

However what does that imply for CPAs? To know the affect of ChatGPT on accounting practices, CPA Canada spoke with Malik Datardina, CPA, governance, threat and compliance strategist with Auvenir in Toronto and volunteer with CPA Canada’s Audit and Assurance Expertise Committee.

Listed below are some insights he shared.

MALIK DATARDINA (MD): ChatGPT is the newest launch from OpenAI, an AI analysis laboratory in San Francisco. The applying is an instance of generative AI that makes use of deep studying and NLP to interact in conversations. It may well write weblog posts, generate exercise regimes and even generate Python or Visible Fundamental for Purposes code if you happen to merely inform it what you need. It’s additionally earned the moniker “CheatGPT” due to its means for use by college students to bypass the normal essay writing course of.

CPA CANADA: How important of a expertise breakthrough is ChatGPT?
(MD): The final time we noticed one thing that attracted this a lot curiosity was when Watson gained on Jeopardy in 2011. After ChatGPT launched, UBS reported 57 million customers within the first month, reaching 100 million customers in January.

CPA CANADA: How can accountants use ChatGPT?
(MD): Proper now, it’s good for drafting any public content material akin to kind letters, public-facing emails, internet content material or weblog posts. Accountants can undoubtedly use it there. They’ll additionally generate programming code to jot down a web site. There are YouTube movies out already that designate how to do this.

CPA CANADA: What’s the greatest problem with accountants utilizing ChatGPT?
(MD): Individuals have a basic tendency to over depend on computer systems. However generally computer systems could be improper. When utilizing ChatGPT, it’s a must to be very cautious to vet the output your self. You even have to make sure you are asking the appropriate questions, or chances are you’ll get incorrect responses.

So, it needs to be clear that ChatGPT just isn’t suited to tackle skilled judgement. As an alternative, it’s for us as CPAs to grasp how we will outsource the drudgery to the instrument, whereas we do the crucial pondering and decision-making. In different phrases, it’s nonetheless as much as the CPA to tug the image collectively after which make sure that the employer, consumer or stakeholder’s wants are met. Generative AI, as it’s proper now, can’t try this.

CPA CANADA: Any phrases of warning to move on?
(MD): One other problem with utilizing ChatGPT inside workstreams is confidentiality. If you’re a advisor or auditor, you possibly can’t course of confidential data akin to employer or consumer knowledge on ChatGPT any greater than you possibly can on Twitter.

Plenty of documentation that CPAs work on is non-public so AI can’t contact that. AI can solely work on large knowledge units on the internet. It stays to be seen how algorithms get entry to data.

CPA CANADA: Are there different considerations about ChatGPT?
(MD): One huge concern that must be watched is legal responsibility. Usually, professionals take the duty for everybody working below them, whether or not human or robotic. The identical holds true with self-driving automobiles. If the automotive hits somebody, who’s accountable—Google or the automotive? Consequently, ChatGPT just isn’t set-up to be a alternative for what we do as CPAs. For routine duties, like knowledge entry, it’s a special story. That sort of labor is ripe for automation by means of robotic course of automation, machine studying or different applied sciences.

CPA CANADA: Will ChatGPT get rid of jobs?

There’s a large debate about whether or not AI will come for staff. In the course of the Luddite motion within the nineteenth century, staff had been being automated out of existence. They weren’t in opposition to the expertise, however in opposition to the thought of it taking jobs. We noticed that once more within the Nineteen Eighties with robotics changing some blue-collar staff. At a latest AI Discussion board a participant mentioned, “AI gained’t substitute accountants, however an accountant with AI expertise will substitute different accountants.” From what I’ve seen thus far, that’s a very good analogy.

At this level, I see ChatGPT taking part in a job with smaller accounting practices, as it could possibly assist them achieve an edge and punch above their weight. Those that might not have written a weblog put up or created their very own internet content material can try this with ChatGPT. All accounting practices can probably take a look at it as a strategy to cut back the period of time spent on sure content material writing and assist them work with a number of shoppers extra effectively.

Both method, you’ll need a sure degree of experience to overview the outputs of ChatGPT.

CPA CANADA: What ought to accountants be fascinated by at this level?
(MD): Entry to ChatGPT is free. I believe CPAs ought to get into it and attempt to determine it out. As a career, we have to discover ways to immediate and interact with it and produce the appropriate sort of content material. I might additionally extremely advocate that for anybody utilizing the applying, they achieve this in a method that permits knowledge confidentiality to be revered. As for me, I’m not going to battle with the machine. My plan is to run with it.


Dig deeper into CPA Canada’s sources on how automation and AI might change the CPA’s position. Take heed to the Foresight podcast exploring its affect on accounting. And be taught why it’s vital to develop a accountable and human-centred strategy to AI.