New Self Study Course

Outstanding 8-Hour Self-Study Course

BY Steven C. Fustolo CPA

This 8-hour CPE course was written by a CPA for CPAs who use or are starting to use AI in their accounting and tax practices.

Artificial intelligence ("AI") has moved from being an experiment to use as an everyday tool in CPA firms since the public release of ChatGPT in late 2022. It is used in accounting, auditing, and tax engagements to improve efficiency, enhance analytical capabilities, and help practitioners process large amounts of financial and operational information. But, by its use, the CPA is subject to complying with AICPA and IRC requirements dealing with disclosure of confidential client information.

Learn the critical issues that relate to all CPAs using AI for their clients. The risks and opportunities of using AI are real and each CPA must understand them.

The objective of this course is to address the use of artificial intelligence (AI) by CPAs in accounting (preparation, compilation, review, audit and bookkeeping) and tax engagements.

Topics include:

• Identify the advantages and disadvantages of a CPA using AI in SSARS, SAS and tax engagements
• Recognize the AICPA and IRC rules for CPAs uploading confidentiality client information (accounting and tax information) to an AI program – VITAL INFORMATION
• Recall the AICA Code and IRC 7216 client consent and inform requirements when entering confidential client information into an AI program - CRITICAL KNOWLEDGE
• Identify the important requirements when a CPA uploads redacted, hypothetical and disguised information to an AI program-
• Recognize the differences between free, paid consumer, and professional versions of AI and their impact on the requirements for CPAs
• Identify the types of AI-related incidents involving accounting firms, including the impact of financial statement fraud involving AI
• Recognize how to prevent AI programs from inadvertently storing client information
• Identify the engagement letter requirements of using AI for confidential accounting and tax client information (sample engagement letter language included)- BIG ISSUE
• Review appropriate uses of AI in tax, compilation, review and audit engagements, including use of agentic AI in an audit
• Identify the significant risks of AI hallucinations
• Learn the special exception when AI is embedded in tax software
• Review the recent AI-related incidents involving accounting firms
• Identify the types of AI bias, model validation, and explainability of AI tools, auditing a client's AI models and AI-developed estimates
• Recognize the copyright rules for AI-generated intellectual property, trade secrets, and data licensing issues, including who owns AI-generated work
• This course has numerous examples, questions and answers and discussion of case studies dealing with the implications and opportunities for CPAs to use AI in their accounting and tax engagements.