AICPA unveils new GenAI tool

Nowadays, seemingly everyone is introducing a shiny new generative AI tool that promises to revolutionize life itself. (We’re only exaggerating slightly.) The latest one targeted at accounting pros comes from none other than the American Institute of CPAs.

This week, the AICPA introduced Josi to the wider accounting world (someone on staff must be a fan of Steely Dan). Josi only draws from AICPA’s online library of 40,000-plus materials for use as a learning tool, workflow automator, and research assistant, according to a news release. The online library includes such materials as AICPA’s various professional standards, its code of professional conduct, accounting and audit guides, and FASB and PCAOB accounting standards.

More than 400 accounting firms have purchased or tried out Josi since its launch, according to the release.

“AI has changed the rules on how businesses operate,” Tom Hood, EVP of business engagement and growth at AICPA and CIMA, said in the release. “CPAs need a fast, modern way to find answers to their most pressing accounting and auditing questions, and Josi is tailor-made to fill that need.”

According to AICPA, Josi can help accounting pros “generate engagement letters, research complex accounting questions, prepare for the upcoming quality management standards changes,” and simplify FASB codifications, among other things.

Josi is priced with small to mid-size accounting firms in mind, the AICPA also noted. This may be good news to firms that lack the resources that the “big guys” have to adopt new AI technologies. A McKinsey survey published in March found that larger organizations ($500 million-plus in annual revenue) were adapting to GenAI “more quickly than smaller organizations.”