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Generative AI: transforming Audit, Tax and Accounting in all industries

In a world where the speed of change seems to outpace our capacity to adapt, the digital era has arrived like an unstoppable tide. This new era is characterised not only by its rapid evolution but also by the depth and impact of its transformations. At the heart of this revolution lies Generative Artificial Intelligence (Generative AI), a disruptive, technological force that is redefining how we work as well as how we think about, and solve, problems in critical fields such as auditing, taxation, and accounting.

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Generative AI: transforming Audit, Tax and Accounting in all industries

Thanks to the advancement of Generative AI, we are witnessing changes at an astonishing speed. This technology, which seemed like science fiction until recently, is now the engine of an unparalleled transformation. Generative AI is a type of artificial intelligence that does not limit itself to analysing and processing data but creates and generates new content, from text and sound, to images and even videos. Its ability to learn from large amounts of data and produce results that previously required far more human interaction generates endless opportunities in multiple sectors.


Generative AI has today become a mandatory topic of debate for every company's Board of Directors. According to a recent study by NoventIQ among executives and senior executives of Latin American companies, 36.4% of the region’s companies are currently experimenting with Generative AI, and 19.4% are already integrating it into their offerings. Additionally, another 36.4% are exploring how to integrate this technology into their value proposition. All companies want to know what benefits Generative AI can bring them.


A technology that breaks the productivity paradigm


One of the most fascinating aspects of Generative AI is its wide range of applications, extending from automated text generation and the creation of near-photorealistic images to music composition and voice synthesis.


A recent example showing its impact in real life is the Hollywood screenwriters' strike, which lasted 148 days between May 2 and September 27, 2023. After intense negotiations, an agreement was reached to regulate the use of generative AI, ensuring that screenwriters receive proper compensation even when working with material generated by a Generative AI model. This agreement sets an important precedent in the entertainment industry, highlighting the growing influence and ethical issues related to Generative AI.


But in auditing and accounting specifically, this technology is revolutionising the analysis of financial data, facilitating detailed and accurate reports in much less time. In taxation, it can interpret and analyse complex legislation, offering efficient and effective solutions. Tax authorities around the world have started on an interesting path in the adoption of Generative AI. For example, according to Ricardo Lazarte, Tax and Legal Manager at RSM Peru, “The Peruvian authority has created a chatbot called Sofía. It answers general knowledge queries for taxpayers and can perform certain tasks through the analysis of data, indicators and compliance variables, all of which is information collected through taxpayers’ electronic declarations.”


Here, at RSM Chile, we are not only adapting to this change, but we are being an active part of it. We are developing and applying innovative solutions that use Generative AI to transform the way we address challenges in audit, tax and accounting. One of our current projects is the development of AI assistants specialising in tax advice, automated invoice processing and to improve efficiencies within human resources processes - and this is just the beginning. These tools increase our efficiency and accuracy in performing our tasks, and allow us to offer clients a level of service that was previously unthinkable.

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A technology that breaks the productivity paradigm

According to Lazarte, AI is a stimulus for improved productivity and enhancing the speed of response to clients: “We update our chatbot with current general knowledge on a regular basis. We also encourage collaborators to become familiar with new technologies and develop them internally with the aim of systematising our database, as well as automating and streamlining processes before submitting to the relevant authorities. These processes include automations for filling out forms and automating responses to mass notifications, among others. The benefits to customers are numerous.”


Understanding the Generative AI ecosystem is crucial to implementing these technologies safely and effectively. This involves understanding the technical aspects of these tools, as well as the legal and ethical challenges they entail. Risk management, careful selection of suppliers and constant monitoring are essential to ensure that its use is ethical, safe and in compliance with current regulations.


Felipe José, Head of IT at RSM Brazil, adds, “AI has an unmatched transformative power. Adopting the tools we are developing will benefit clients in the automatic generation of tax reports and analysis of tax data. In the case of accounting, the organisation and analysis of financial data will aid in fraud prevention. In consulting, Generative AI will enable more customisation of solutions, as well as generating data-driven reports, research, analysis, and surveys.”


Democratising access to knowledge and innovation


The relevance of Generative AI in our world today cannot be underestimated, and it will become increasingly integrated into our lives. This technology represents a significant advance in terms of efficiency and processing capacity but also democratises access to knowledge and innovation. With AI capable of performing complex and creative tasks, barriers to entry in many fields are lowering, opening new opportunities for individuals and businesses.

This technology has the capacity to transform all industries for three main reasons:

  • Universal access to knowledge - Generative AI makes knowledge accessible by enabling the ability to read unstructured information. Around 80% of the world's data is estimated to be unstructured by 2025, and this new technology has the unique ability to organise and synthesise this information in ways that were previously near-impossible, providing insights and knowledge in real time.

  • One model, infinite applications - Generative AI represents an era of unprecedented efficiency. A single model can perform multiple tasks that previously required multiple data sets and specialised training. This removes barriers, reduces costs and development times, and opens up new possibilities for innovation in a variety of industries, including accounting, auditing and tax.

  • Friendly and natural interface - The intuitive interface of Generative AI breaks the barriers of technological complexity, allowing users to interact with machines in ways as natural as conversing with another human being. This means that the AI’s capabilities can be used by professionals without specialised technical knowledge, increasing the accessibility and adoption of these technologies in daily work.


A decisive moment for all industries


Change has arrived and we must take charge of it. The arrival of Generative AI marks a significant shift in the business landscape and today, more than ever, it is crucial to recognise its potential and adapt to remain competitive.

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A decisive moment for all industries

This technological advancement is a turning point, fundamentally altering the way companies operate and provide services. Adopting Generative AI not only improves operational efficiency but also increases accuracy in various tasks and processes. The business world will have the task of carefully analysing how it will want to play its cards in this new game. The truth is that companies that integrate this technology will be better equipped to offer innovative solutions adapted to specific client needs.


This technology not only optimises existing services, but also opens avenues to redefine and expand what we offer. Its adoption is not only a step towards the future, but also an opportunity to actively shape it. This means having access to more innovative, effective and personalised solutions, tailored to the unique needs of each organisation.


At RSM, we are committed to leading this revolution and to pioneering the use of Generative AI to transform our industry. Together, we can be part of a change that will not only improve our profession, but also have a lasting positive impact on society. The future is now, and it is in our hands to shape it.


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