PwC Offers Advice From Bots in Deal With ChatGPT Firm OpenAI

PricewaterhouseCoopers has teamed up with ChatGPT owner OpenAI to offer clients advice generated by AI as the Big Four audit firms look to cut costs and boost productivity. From a report: The accounting firm will use AI to consult on complex matters in tax, legal and human resources, such as carrying out due diligence on companies, identifying compliance issues and even recommending whether to authorize business deals. The tie-up makes PwC the first of the Big Four to partner with OpenAI, which is regarded as one of the companies at the forefront of generative AI technology with its ChatGPT chatbot. The major audit firms have been cutting costs to cope with a slowdown in professional services. PwC is freezing pay increases and bonuses for some of its 25,000 UK staff, Deloitte LLP is set to cut more than 800 jobs in the UK, Ernst & Young LLP is to cull about 5% of staff from its UK financial services consulting division, while KPMG LLP is planning to cut 125 consulting jobs. The OpenAI partnership, which is not based on ChatGPT, won't result in jobs cuts in the near-term, PwC said.

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