From SiliconANGLE · Paul Gillin · · 1m 30s
Thomson Reuters Adds AI to Tax and Audit Tools
Thomson Reuters launches AI-powered tax and audit software for professionals.
In brief
Thomson Reuters launches AI-powered tax and audit software for professionals. Thomson Reuters released an AI-enhanced platform for tax and audit work that helps professionals plan assignments, perform calculations and draft documents while maintaining accuracy. Originally reported by SiliconANGLE.
Thomson Reuters Launches AI Platform
Thomson Reuters Corp. today launched a rebuilt CoCounsel Tax, Audit & Accounting platform to move beyond answering questions to planning assignments and producing documents.
AI Handles Complex Tasks
The enhanced platform combines AI agents with client information, tax research and code execution to build amortization schedules, prepare spreadsheets and draft memos.
Accuracy Focus
The system provides citations, assumptions and calculations to help professionals assess conclusions before approving work, addressing the risk of wrong tax rules or overlooked client circumstances.
Real-World Demo
In a demo, CoCounsel used a commercial loan agreement and spreadsheet template to produce an amortization schedule for a $5 million loan with changing interest rates and balloon payments.
Security and Integration
Security controls limit agents to user-permitted files and approved government websites, with integrations including UltraTax, Engagement Manager and Guided Assurance.
AI Verification Process
The system recalculates spreadsheet results using Python routines as a check on accuracy, with Lucas Adams noting that showing the work is actually doing the work.
Professional Review Required
Professionals must still review and verify AI output, with David Wong stating that they expect close to perfection from any tool they use.
At a glance
Thomson Reuters released an AI-enhanced platform for tax and audit work that helps professionals plan assignments, perform calculations and draft documents while maintaining accuracy.
