The danger of CHATGPT for accountants

Summary

The speaker discusses the power and potential dangers of ChatGPT, emphasizing its usefulness and flexibility but warning of risks like misinformation. The example of a lawyer, Steven Schwarz, highlights how ChatGPT can generate fictional case references, leading to legal issues. The speaker shares their own experience with ChatGPT, pointing out how it provided hypothetical data instead of real financial figures when requested. They stress the importance of being cautious and skeptical when using AI tools like ChatGPT, especially in professional settings, and suggest that while these tools are powerful, users must be diligent in verifying information.

Takeaways

• 😀 Many people have already used ChatGPT, but it's important to approach it with caution.
• 😀 While ChatGPT is powerful, other large language models are available, but ChatGPT is often the go-to.
• 😀 ChatGPT can be highly useful, but it can also be dangerous if not handled properly.
• 😀 ChatGPT is like fresh bread out of the toaster – useful, but needs to be managed carefully.
• 😀 A lawyer named Steven Schwarz used ChatGPT to prepare trial documents, only to find that the AI had fabricated fictional legal cases.
• 😀 This situation highlights the risks of using ChatGPT, as the AI 'hallucinates' information, creating false or non-existent data.
• 😀 Schwarz's case is a real-life example of why it's important to understand how ChatGPT works and the potential pitfalls of relying on it blindly.
• 😀 ChatGPT can be very good at writing reports, but users need to verify the data it provides, as it may not always be accurate.
• 😀 The speaker demonstrates this with an example: ChatGPT initially created a solid financial report, but when asked for real data, it provided fictional numbers.
• 😀 ChatGPT’s ability to produce content is impressive, but users must be vigilant and skeptical about the accuracy and source of the data it presents.
• 😀 The main takeaway is that ChatGPT and similar tools can be very helpful, but they require careful oversight and verification to avoid errors or misleading information.

Q & A

What is the main message of the video script?

The main message of the video script is that while ChatGPT and similar AI tools are powerful and useful, users must be very cautious when using them due to the risk of generating inaccurate or fictional information.

What happened to Steven Schwarz, the lawyer mentioned in the script?

Steven Schwarz, a lawyer in New York City, used ChatGPT to prepare a legal document for trial. Unfortunately, ChatGPT generated fictional case names, leading to the lawyer's prosecution as he quoted these fabricated cases in his legal submission.

What does the term 'hallucination' refer to in the context of AI like ChatGPT?

In the context of AI, 'hallucination' refers to the generation of information that is false or fabricated, which might appear to be real but does not actually exist, as seen when ChatGPT produces fictional case names or data.

Why does the speaker caution against using ChatGPT for generating legal or financial documents?

The speaker cautions against using ChatGPT for legal or financial documents because the model might produce fabricated data, such as fictional case names or incorrect financial figures, which could lead to significant mistakes or even legal consequences.

How did the speaker test ChatGPT’s accuracy with financial data?

The speaker tested ChatGPT by asking it to generate a financial report using 2023-2024 data. However, when the speaker compared the numbers provided by ChatGPT with the real data, they found discrepancies, revealing that the model had used hypothetical data instead of actual figures.

What is the key takeaway from the speaker's experience with ChatGPT and financial reports?

The key takeaway is that while ChatGPT can generate seemingly realistic and insightful reports, users must be vigilant and verify that the data it provides is accurate and sourced correctly to avoid errors.

What specific actions does the speaker recommend for those using ChatGPT in professional settings?

The speaker recommends that users remain skeptical about the data provided by ChatGPT, verify the information, and avoid relying on it blindly, especially for tasks that require precise and accurate data such as legal and financial analysis.

How does ChatGPT’s ability to provide ‘realistic’ reports pose a risk in professional environments?

ChatGPT’s ability to produce 'realistic' reports can pose a risk in professional environments because it might provide plausible-sounding information that is actually inaccurate or fabricated, potentially leading to poor decision-making or reputational damage if not thoroughly checked.

What does the speaker mean by the statement, 'chat GPT is super smart, like Pitter bread straight out of the toaster, it's dangerous unless properly handled'?

The speaker uses this metaphor to emphasize that ChatGPT is a very powerful tool, but like something as hot as freshly toasted bread, it can be dangerous if not handled carefully, meaning that users must be cautious and aware of the risks involved in using it.

What does the speaker suggest about the availability of large language models besides ChatGPT?

The speaker acknowledges that there are other large language models available besides ChatGPT, but emphasizes that ChatGPT is one of the most prominent and widely used models.