Thomson Reuters has launched three new AI-powered solutions and expanded the authoritative content in its CoCounsel platform. These additions expand the company’s agentic AI capabilities to automate routine tasks, increase efficiency, and free professionals to focus on higher-value advisory work – reimagining how accounting professionals handle tax preparation, and audit engagements.
“The accounting profession is at an inflection point, where AI is no longer just a productivity tool but a fundamental transformation in how work gets done,” said Elizabeth Beastrom, President of Tax and Accounting Professionals at Thomson Reuters. “Our agentic AI solutions are designed to cut down time-consuming tasks that have traditionally consumed so much of professionals’ time, freeing them to provide the strategic advisory their clients need. Agentic AI reduces repetitive work so professionals can advise with speed and confidence. With CoCounsel now in use at over 1,300 firms, we’re building on that momentum to help the profession modernize and grow.”
Transforming Tax Preparation with Agentic AI:
Continuing its innovation in agentic AI, Thomson Reuters unveils Ready to Review, a cloud-based, advanced agentic AI tax workflow application. Built on the CoCounsel Tax, Audit and Accounting platform, this solution modernizes 1040 tax return preparation by using AI agents to process source documents and prior-year returns, extract and categorize data, and generate returns that are ready for professional review. Firms can handle higher volumes during peak season while maintaining accuracy and quality.
Indiana-based CLH CPAs & Consultants had the opportunity to try Ready to Review and it offered transformative time savings for the firm. “Reducing return preparation time by approximately an hour on each simple 1040 is significant in terms of efficiency gains. For firms like ours, these time savings will be a game changer,” says Bob Lange, Partner at CLH.
In CoCounsel Tax, Audit and Accounting, Thomson Reuters today announced the expansion of the platform’s knowledge base to include rights to authoritative content from AICPA, FASB, GASB, and IFRS (including sustainability standards), integrating directly into CoCounsel’s single AI guided workflow. The update builds on the Spring 2025 launch of the platform, which connected firm knowledge, Checkpoint, IRS code, and internal documents.
Carson Chen, Senior Audit Manager at Sensiba, is a user of CoCounsel Audit and Accounting. “One of the most meaningful impacts of CoCounsel on our firm is to give us the real opportunity to embrace AI in a software responsible way,” he says. “The mindset around AI is just as important as the tool itself, and CoCounsel helps us to shift that mindset.”
Introducing New AI-powered Audit Solutions that Increase Efficiency and Accuracy:
CoCounsel Document Analysis is the new AI-powered grid solution from Thomson Reuters. Deeply integrated with CoCounsel Audit, the solution combines agentic AI with a dynamic, spreadsheet-native grid, automating complex audit workflows at scale. The solution supports professionals to iterate, customize, and collaborate in real time – auditors will also be able to delegate client document review to this solution. Thomson Reuters customers taking part in the early adopter program saw up to 70% faster preparation and workpaper review thanks to AI automation – cutting down manual effort and complexity and achieving significant time savings across document setup.
Audit Intelligence Test is the newest addition to Thomson Reuters Audit Intelligence. Powered by AI, it automates the matching and documenting of samples to supporting evidence and quickly validates whether amounts were collected. By dynamically tracing accounting transactions to corresponding banking activity, firms can quickly confirm that recorded transactions have occurred, and document complex situations – such as matching a single customer payment to the multiple invoices it might cover.
Developed in partnership with Valid8 Financial, Audit Intelligence Test brings Thomson Reuters customers technology traditionally used in transaction advisory, litigation support, forensic investigations and financial crime work. Now, this capability is available to auditors within an integrated workflow, helping teams standardize procedures, streamline evidence gathering, and improve documentation quality.
“We built our technology to solve real problems auditors face every day – reducing the manual, time-consuming work of matching samples to evidence,” said Brett Suchor, CEO of Valid8 Financial. “Through our collaboration with Thomson Reuters, we’re delivering a faster, more reliable testing experience to audit professionals across the industry.”
Brad Oberlander, Owner of Kentucky-based firm Oberlander Financial Services PLLC, said: “With Audit Intelligence Test, what used to take me two full days—around 16 hours—now takes just five to six hours per engagement. Organizing client materials and running tests is dramatically faster, allowing me to complete work in a fraction of the time. Using Test alongside Audit Intelligence Analyze significantly enhances audit sample selections and testing which boosts our efficiency even more.”
Thanks for reading CPA Practice Advisor!
Subscribe Already registered? Log In
Need more information? Read the FAQs
