Billing
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PCAOB Staff Say Audit Committee Chairs Are Increasingly Seeking Insights From Their Auditors on AI's Potential Impacts on Financial Reporting
In a Spotlight of April 2026 on its conversations with more than 250 audit committee chairs, the PCAOB's staff report that chairs expressed concerns about "staff preparedness to detect fraud that might be facilitated with the use of artificial intelligence (AI)," and that several asked how AI implementation by audit firms would affect fees.
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The Texas Bar's Ethics Committee Says Lawyers May Not Bill Hourly for Time Generative AI Saved
In its Opinion 705 of February 2025, the Professional Ethics Committee for the State Bar of Texas says that in most typical hourly arrangements, depending on the agreement, a lawyer will likely be able to charge for the time spent using generative AI, including checking its work, but may not charge hourly fees for the time the tool saved.
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Rule 1.5 Does Not Equate Reduced Time With Proportionally Reduced Fees: Virginia's Opinion on Lawyers' Fees and Generative AI, November 2025
In November 2025, the Supreme Court of Virginia approved a legal ethics opinion on fees for work done with generative AI. Hourly fees can only be based on the actual time spent, it says; a non-hourly fee need not fall just because AI cut the hours.
