Is AI the Death of Professional Judgment or its Reincarnation Only with careful oversight and the application of seasoned professional judgment can AI deliver results that are not only accurate but also defensible and unimpeachably neutral. This article in the Unimpeachable Neutrality Series explores the indispensable role of professional judgment, particularly as it intertwines with the capabilities of AI. ...

AI Insights Not to Be Ignored In 1997, I was invited to be a guest speaker at a local heavy equipment dealers association dinner at Tuscany in Salt Lake City. The dinner was amazing, but then it was my turn to speak about the changing landscape of this new thing called the “Internet.” I explained that e-commerce would disrupt everything. I told them the day would come when anyone would be able to buy heavy ...

Strategies to Limit Digital Risk and Liability In this article, the author looks back at predictions made in the 2014 Pew Research. Reflecting on this study, it becomes self-evident that we understand what the problems are, and, perhaps, we even have good ideas of how to tackle these problems. Therefore, the issue is not necessarily “finding a solution” but rather, having the will and desire to implement a ...

Recognize Ethical and Professional Standards of Using AI AI is pervasive and promises to fundamentally transform business operations, education, and daily life. However, functional insights bridging the gap between AI and our industry have been lacking. The authors share their views on the ethical and professional standards implicated from the use of AI in forensics and valuation engagements. This article e ...

How Forensic Accountants and Business Valuation Professionals Can Give AI a “Run for its Money” As AI proliferates, business valuation and forensic accountants will need to distinguish between human-authored and AI assisted/generated content. Significantly, AI generated content, as of the date of writing, is not accurate. In this article, the author examines what the above will mean to forensic accountants ...

A New Method of Doing Research The introduction of AI tools has empowered companies to streamline complex tasks, enhance accuracy, and offer real-time insights. One such company, IBISWorld, a leader in industry research, has taken a significant step forward with the introduction of its AI tool, "Phil." This article explores the impact it will have on professionals working in business valuation, forensic acc ...

A Series on Managing Uncertainty and Fear (Part II) Clients may feel isolated or overwhelmed by financial decisions. Create an environment where clients feel safe asking questions and expressing concerns. Make sure to include attorneys, financial planners, etc. to provide comprehensive support. The author, in this second part of the series, shares his strategies to address uncertainty and fear. Read Part I ...

Why AI may Undermine Your Credibility as an Expert Witness In a recent New York Surrogate’s Court decision (Matter of Weber, 2024 NY Slip Op 24258), an expert witness’s reliance on Microsoft Copilot for financial calculations led to a notable exclusion of their testimony. The court highlighted the risks of using generative AI for evidence-based tasks, marking a significant moment for experts in accounting a ...

Unimpeachable Neutrality in the Age of Artificial Intelligence The world of economic damage and business valuation is evolving rapidly, with artificial intelligence (AI) poised to become an indispensable tool for financial expert witnesses. As with any technological advancement, its use and implementation with regards to expert opinions, conclusions, and testimony must be handled with unimpeachable neutrali ...

My First Use of AI for a Work Assignment Recently, the author received an assignment which called for him to make a calculation that he had not performed in the past. With great hesitance, he decided to ask AI for help. In making the leap to enter the AI pool, he found the answer he needed and confidence to “try it again.” He has found a new tool to put in his litigation support tool kit. In this article, h ...

A Meandering in the Mind(s) of ChatGPT (Part II of III) This is the second article of a three-part series. In the first article, the author introduced a brief history of her own word processing software use and preferences then used several models within an AI Tool, ChatGPT, to generate an article with a single prompt, “The article must be between 4750 and 5250 words, not including subtitles. The article mu ...

A Meandering in the Mind(s) of ChatGPT (Part I of III) This series chronicles the use of an AI generation tool to generate content. Most of the uses the author has heard of from colleagues rely on an AI tool to generate content in response to various questions. Through the series the author shares iterations of an article that relied on AI and provides examples to show how a story can change using AI. Some ...

A Call to Opportunity (and Survival) As the use of artificial intelligence (AI) tools continues to become mainstream, it is no wonder that so many professional services are becoming even more commoditized than they were pre-AI. Many professional service providers, including valuation practitioners, are feeling the combined impact of price compression from clients and higher expectations of service quality a ...

How AI is Transforming the Industry Artificial Intelligence (AI) represents a paradigm shift in the realm of computational capabilities, transcending traditional boundaries of machine functionality to emulate human-like intelligence. AI has made remarkable advances in recent years due to the availability of massive amounts of data, powerful computing resources, and innovations in methods and architectures. ...

Refreshing Our Vision for Our Work Appraisal is one of the oldest and most universal human habits. Humans have been appraising since the beginning of time. Appraisal is also a uniquely human habit requiring a spectrum of skills and thought processes that are not found in nature or machines. While often impugned for being faulty and having a variety of biases, our ability to “appraise,” assess, form judgment ...

Part III in a Series Addressing Advances in Forensic Accounting and Financial Forensics Those working to manage valuations and investigate fraud are seeing the impact of two trends that emerged in 2023: an increasingly tight labor market and the advancement and adoption of new technologies. The reality is as we enter 2024 and the workforce continues to shrink, the implications of these new technology innova ...

Do Not Be Afraid to Innovate This article focuses on how advances in AI and machine learning can aid forensic investigations procedures and further bring the detection of fraud and other financial crimes into the digital age. Introduction In today’s rapidly evolving digital landscape, fraud and financial crime have become an increasingly complex and pervasive issue for organizations, big and small, global, ...

NACVA Evaluates Impact of ChatGPT on the Membership Imagine having a quirky little virtual assistant that can draft professional articles, generate narratives, and assist with academic writing. With the recent buzz around ChatGPT, an artificial intelligence chatbot developed by OpenAI, the possibilities of utilizing this technology in the forensics and valuation services world has created mixed viewpoints. ...

ChatGPT for Accountants: The Accountant’s Guide to AI and ChatGPT In this article, the authors review ChatGPT for Accountants: The Accountant's Guide to AI and ChatGPT. They discuss thought-provoking exploration of the relationship between artificial intelligence (AI)—primarily ChatGPT—and the accounting, auditing, and tax professions, and offer their views on the benefits and perils of integrating AI into ...

in Business Valuations The advent of ChatGPT and its other AI apps has come to the forefront. This is potentially disruptive technology that will raise uncomfortable issues, but also open the door to innovation and new industries. AI will impact how business valuations are performed and the role of accredited professionals. This article discusses how AI and machine learning could impact the business valuati ...