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Chronicles

The story behind the story

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Professional services firm EY has withdrawn a study on loyalty rewards programs after researchers at GPTZero found apparent AI hallucinations and fake footnotes

Financial Times Stephen Foley

Context & Ripple Effects

EY’s withdrawal follows a related case in which Deloitte partially refunded a government client after acknowledging that AI had partly produced an error-filled report. The common issue is not AI use alone, but whether professional-services firms can substantiate work delivered under their brands.

Related coverage then shows KPMG retracting a report after apparently hallucinated case studies were identified, making EY’s action part of a cross-firm pattern of public corrections rather than an isolated research failure.

First-order effects

  • EY removes the loyalty-rewards study from circulation, limiting clients’ and readers’ ability to rely on its findings while it addresses the reported false citations and unsupported material.
  • GPTZero’s findings put EY’s research-production and review controls under scrutiny, particularly for work that may have incorporated generative-AI output.

Second-order effects

  • Other consulting and accounting firms face stronger incentives to audit published research, citations and case studies before release, especially where AI-assisted drafting is involved.
  • Clients and public-sector buyers may demand clearer disclosure, provenance checks and remediation terms in engagements, raising the cost of unchecked AI-assisted delivery even where automation lowers production costs.

Third-order effects

  • If repeated retractions persist, professional-services firms will need to treat source verification and human sign-off as core product controls, not editorial back-office tasks; firms that cannot demonstrate this may face reputational and pricing pressure.
  • The pattern could slow the shift from AI-assisted internal work to externally attributable reports until governance practices catch up, separating credible AI-enabled efficiency claims from unverified output.

The trend: Generative AI is moving from an internal productivity tool to a professional-liability and quality-control issue for firms whose value rests on trusted analysis.

Discussion

  • @stokel Chris Stokel-Walker on x
    EY appear to have removed the report in question from their website (while not providing a comment for my story)
  • r/technology r on reddit
    EY retracts study after researchers discover AI hallucinations
  • r/Accounting r on reddit
    EY retracts study after researchers discover AI hallucinations
  • r/BetterOffline r on reddit
    EY retracts study after researchers discover AI hallucinations
  • @jessefelder.com Jesse Felder on bluesky
    ‘The study, which was used by EY consultants in Canada to market their cyber security business, used made-up data, mis-attributed citations and referenced a McKinsey report that does not exist, online researchers discovered.’ www.ft.com/content/a61c...