GDPR, Something Stringent Building Sway
GDPR’s Precursor Beginning in the 70s, then through the 80s and 90s, given the increased use of information and communication technology (ICT) in private and official activities, growth in international trade, globalization, and resultant cross-border communications and information flows, and the growing concerns of data subjects (users) for privacy and the preservation of other rights legislation for data protection seemed […]
Recapitulation of Generative AI Use in Accounting
Recapitulation of Generative AI Use in Accounting Over the past seven-series articles, which began on January 5, 2024, we considered generative AI use in accounting: more precisely the promise and the practice of generative AI capabilities, the risks of generative AI use in the accounting practice, accountancy standards and regulatory bodies, the policies of those bodies regarding generative AI, […]
Private Database Implementation of Generative AI in Accounting
A private database is a data source that is not publicly accessible or shared with anyone else. It can help prevent data leakage, help maintain the accounting client confidentiality, and assure compliance with data protection laws and regulations, such as the General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA,) when using a large language model like […]
Custom API Script and Plugins for Generative AI in Accounting
Last time we looked at the manual use of generative AI in accounting. We noted the limitations of manual use in larger-scale accounting operations. As such we recommended using custom application programming interface (API) scripts and plugins where and when manual operations can become tedious. On the one hand, custom API scripts are pieces of […]
Implementation of Generative AI (LLM System) in The Accounting Practice
Last time, we recounted the policies regarding AI use in the accounting industry by regulatory bodies. This time, in our discussion of an accounting AI system, we will focus our attention on selected, technical LLM accounting solutions and less so on a project integration plan for the implementation of such. So, see the implementation tab […]
Accountancy Standards and Regulatory Bodies Policies on Generative AI
Last time we enumerated the standards and regulatory bodies that can have a say on the use of generative AI in accountancy, in the United States. Now, we look at the various policies and statements of these USA-based bodies with regard the use of generative AI. Some have not made any rule on generative AI […]
Accountancy Standards And Regulatory Bodies
Regulatory Bodies With Say Vis-à-vis Generative AI Previously we looked at risks to an accountancy practice associated with the use of generative AI and considered measures for their mitigation. Now, in anticipation of governmental policy and recommendations and guidelines of the accounting industry regulatory and standards bodies for generative AI use, we enumerate the relevant standards and […]
The Risks of Generative AI Use in Accounting Practice
Last time we looked at the general capabilities of generative AI and its potential use in the accounting industry. But beware, in general, generative-AI systems have several potential risks including sensitive data leakage to a large language model (LLM,) unreliable or improper prompt input, unreliable system output, including hallucination, knowledge obsolescence, bias, and unethical output, bottlenecks introduced to your […]
Generative-AI Use in Accounting
Generative-AI Capabilities, Promise, and Practice In this multi-part series, we examine the potential role of generative artificial intelligence (AI) in accountancy. First, we look at the capabilities of generative AI, the needs of the accounting industry, and how generative AI capabilities can help. We review the risks involved in the use of artificial intelligence in general and in accounting. Then we […]
Social Media Attribution For Artificially Generated Content, Part V/V
Addendum, Appropriate Prompt Engineering To repeat what was said in part I/V, in Generative AI users interact with the Large Language Model (LLM) through a chatbot, entering textual instructions in natural language or pseudocode in a process known as prompt engineering. The goal of prompt engineering is the design of optimal prompts given the LLM and […]