'Let’s Have a Chat': Principles for the Effective Application of ChatGPT and Large Language Models in the Practice of Forensic Accounting

Abstract

ChatGPT has captured the popular imagination because of its conversational voice, its wide scope of ‘knowledge’, and far-ranging abilities. In this paper, we use an innovative interview method to introduce CPAs to ChatGPT, its development, and the current state of its capabilities. We then draw upon our own expertise to discuss the evolution of large language models, suggest applications of large language models (LLMs) in the field of accounting, critically evaluate LLMs’ current strengths and weaknesses, and propose five principles to effectively and safely leverage LLMs in the accounting domain.

Keywords: ChatGPT, Large Language Models, Chatbots, AI