Large Language Models Acing Chartered Accountancy

Advanced intelligent systems, particularly Large Language Models (LLMs), are significantly reshaping financial practices through advancements in Natural Language Processing (NLP). However, the extent to which these models effectively capture and apply domain-specific financial knowledge remains uncertain. Addressing a critical gap in the expansive Indian financial context, this paper introduces CA-Ben, a Chartered Accountancy benchmark specifically designed to evaluate the financial, legal, and quantitative reasoning capabilities of LLMs. CA-Ben comprises structured question-answer datasets derived from the rigorous examinations conducted by the Institute of Chartered Accountants of India (ICAI), spanning foundational, intermediate, and advanced CA curriculum stages. Six prominent LLMs i.e. GPT 4o, LLAMA 3.3 70B, LLAMA 3.1 405B, MISTRAL Large, Claude 3.5 Sonnet, and Microsoft Phi 4 were evaluated using standardized protocols. Results indicate variations in performance, with Claude 3.5 Sonnet and GPT-4o outperforming others, especially in conceptual and legal reasoning. Notable challenges emerged in numerical computations and legal interpretations. The findings emphasize the strengths and limitations of current LLMs, suggesting future improvements through hybrid reasoning and retrieval-augmented generation methods, particularly for quantitative analysis and accurate legal interpretation.

Legal Assist AI: Leveraging Transformer-Based Model for Effective Legal Assistance

Pursuit of accessible legal assistance in India faces a critical gap, as many citizens struggle to leverage their legal rights due to limited awareness and access to relevant legal information. This paper introduces Legal Assist AI, a transformer-based model designed to bridge this gap by offering effective legal assistance through large language models (LLMs). The system retrieves relevant legal information from a curated database and generates accurate responses, enabling effective assistance for diverse users, including legal professionals, scholars, and the general public. The model was fine-tuned on extensive datasets from the Indian legal domain, including Indian Constitution, Bharatiya Nyaya Sanhita (BNS), Bharatiya Nagarik Suraksha Sanhita (BNSS) and so forth, providing a robust understanding of the complexities of Indian law. By incorporating domain-specific legal datasets, the proposed model demonstrated remarkable efficiency and specialization in legal Question-Answering. The model was evaluated against state-of-the-art models such as GPT-3.5 Turbo and Mistral 7B, achieving a 60.08% score on the AIBE, outperforming its competitors in legal reasoning and accuracy. Unlike other models, Legal Assist AI avoided common issues such as hallucinations, making it highly reliable for practical legal applications. It showcases the model's applicability in real-world legal scenarios, with future iterations aiming to enhance performance and expand its dataset to cover a broader range of multilingual and case-specific queries as well.