Canada-headquartered Thomson Reuters has launched the “next generation” of its CoCounsel Tax, Audit & Accounting platform for US accounting professionals.
The upgraded system uses an agentic AI model tailored for professionals in the financial sector, the content and technology company said in a statement.
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The company added that the system guides users from “source documents and client data to finished, defensible work product” in a single workflow, with “professional judgment guiding every step”.
Thomson Reuters chief product officer David Wong said: “The next generation of CoCounsel Tax, Audit & Accounting changes what professionals should expect from AI.
“Building that took decades of authoritative content, credentialed expertise, and real-world integrations, the kind of foundation that turns AI that answers questions into AI that does the work.”
The CoCounsel Tax, Audit & Accounting platform operates on a multi-model architecture that selects different underlying models, depending on the task.
The system links directly to the Thomson Reuters Checkpoint research database, which indexes more than 12 million primary sources and proprietary analytical texts maintained by certified public accountants and tax attorneys.
Functionally, the tool runs code to execute computations, including amortisation, depreciation, multi-scenario comparisons, qualified business income, required minimum distributions, and threshold checks.
The platform compiles completed analysis into multi-tab Excel workbooks with live formulas and a documented assumptions tab, drafts memos in Word and PDF, and follows the structure of a firm’s own workpaper templates.
For system integration, the software natively supports Model Context Protocol (MCP) connectivity, enabling it to operate within a range of other applications.
The application also connects into the Thomson Reuters ecosystem, linking directly with UltraTax, Engagement Manager, and Guided Assurance, as well as the Ready to Review and Ready to Advise applications.
The updated CoCounsel Tax, Audit & Accounting platform is currently available to customers in the US market. Additional functionality is scheduled for deployment in subsequent software updates.
