Advisory Firm Cuts ASC Research From 30+ Minutes to Under 10 Seconds

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A regulated retrieval-augmented generation system indexed the full FASB codification with citation checking.

30+ min to <10 sec

< 4 weeks

Implementation Time

Brian Benedict

Co-Founder & CCO

Eliza

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The Challenge

The firm navigated FASB's Accounting Standards Codification for complex PE-backed transactions, revenue recognition, and lease modifications, taking 30+ minutes per lookup. Junior staff repeatedly escalated identical standards questions to seniors, and missed sections risked incomplete positions.

What They Built

Eliza built a regulated RAG system purpose-built for FASB/ASC guidance, combining a hybrid semantic and keyword retrieval engine, comprehensive standards ingestion, cross-reference awareness, and an evaluation framework measuring retrieval precision and citation accuracy.

A cross-functional pod (Forward Deployed Engineer, AI Engineer, and a Change & Enablement Lead) integrated the tool into existing analyst workflows and delivered V1 in under four weeks.

AI Role

AI retrieves ASC guidance, manages cross-references between related sections, and generates cited responses that support analysts on complex accounting positions.

Infrastructure

The full body of FASB and ASC guidance, codification sections, FASB updates, interpretive guidance, and regulatory materials, as the indexed knowledge base

Integration Points

Integrated directly into the analyst workflow with no separate application; natural language queries return structured, cited responses; memos auto-drafted with explicit source citations

Impact

<10 seconds

Per lookup, down from 30+ minutes

8-20 hrs/mo

Saved per analyst

100% citations

All responses include explicit ASC links for auditability

Technology Utilized

Implementation Complexity

Time Savings

Risk & Compliance

Best Fit For

Accounting and advisory teams needing fast, citation-backed answers on regulated standards without escalating routine questions to senior staff.

Brian Benedict

Co-Founder & CCO

Eliza

Co-founder of Eliza, a boutique AI transformation firm and OpenAI Advanced Tier Partner. A two-time founder and former Hugging Face, he helps enterprises put AI to work through agentic engineering.

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Industry:

Professional Services

Business Function:

Finance & Accounting

Legal & Compliance

Project Cost:

Cost not disclosed

AI Pattern:

Knowledge Management & Search (RAG)

Document Processing & Extraction

Value Type:

Time Savings

Risk & Compliance

Frequently Asked Questions

How did an advisory firm cut accounting standards research from 30 minutes to under 10 seconds?

The experts built a regulated retrieval augmented generation system for FASB and ASC guidance, combining hybrid semantic and keyword search, full standards ingestion, and citation checking. Analysts now surface guidance in under ten seconds with full citation coverage.

What AI approach and tools were used for the guidance system?

The solution uses a regulated retrieval augmented generation (RAG) approach with a hybrid semantic and keyword retrieval engine, comprehensive standards ingestion, cross reference awareness, and an evaluation framework for retrieval precision and citation accuracy.

What results did the advisory firm achieve?

Research time per lookup fell from more than 30 minutes to under ten seconds with full citation coverage, saving an estimated 8 to 20 hours per analyst each month.

How long did the guidance system take to build?

A cross functional pod delivered V1 in under four weeks.

Who is this regulated RAG approach best for?

Accounting, advisory, and other regulated professional services teams that need fast, citation backed answers from large bodies of standards or guidance.

Originally published by

Eliza