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 explores the need for, or lack thereof, to disclose the use of artificial intelligence (AI) technology in the fields of business valuation and financial forensics. AI is pervasive and promises to fundamentally transform business operations, education, and daily life. However,…
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Rosenthal v. Erber illustrates the pressure and perils of dueling experts. The expert is charged with assisting the court ascertain the facts, rather than furthering the client’s ambition. The case is a reminder to business valuation professionals that ethical considerations are paramount and that doing the contrary leads to courts’ suspecting the role of experts in the process. In the main, valuation experts pride themselves on reasoned analysis and well supported use of professional judgement. As a profession, valuators are confident that most reports uphold the demanding standards of the profession. Judges, on the other hand, do not always view…