The AICPA has created an artificial intelligence-enabled tool called Josi. The new Generative AI tool offers secure and direct access to the the organization’s online professional library, the AICPA stated.
Aside from all its functionalities, Josi also simplifies and provides direct access to Financial Accounting Standards Board codifications. These can be reached directly within the tool.
“AI has changed the rules on how businesses operate,” noted Tom Hood, the AICPA and CIMA’s executive vice president of business engagement and growth. “CPAs need a fast, modern way to find answers to their most pressing accounting and auditing questions, and Josi is tailormade to fill that need.”
The tool utilizes Generative AI in a Large Language Model that, aside from offering accelerated research and summaries, works as a learning tool as well as key aspect of workflow automation.
Given the tool only draws from the organization's online professional library—which is a selected stockpile of over 40,000 accounting and auditing materials—it gives an increased degree of confidence the information is both correct and the latest.
CPAs, management accountants, as well as their staff can utilize the tool to assist in generating engagement letters, researching complicated accounting queries, as well as getting ready for the upcoming quality management standards changes.
According to the AICPA, small to mid-size accounting firms will benefit specifically from Josi, which is priced to offer an easy entry point for accounting professionals seeking to make the most out of modern technology and reliable information. More than 400 accounting firms of different sizes have either bought, trialed, or had a demo of Josi since its launch.
The following are among the materials the tool provides access to:
• AICPA audit, attest, preparation, compilation, review and quality management standards
• AICPA Code of Professional Conduct
• AICPA accounting and audit guides
• FASB accounting standards
• Public Company Accounting Oversight Board (PCAOB) standards
Josi was named after Josiah Wedgwood, who is the 18th century potter and entrepreneur known as the father of cost accounting.