Engine B, which offers generative AI solutions for professional services, is set to unveil new technologies aimed at transforming audit and accounting processes.
The company noted that its upcoming AI agents are designed to streamline audit and accounting processes while maintaining the human element of professional judgement.
At the Institute of Chartered Accountants in England and Wales (ICAEW) Annual Conference in October 2024, Engine B CEO Shamus Rae will discuss how accountants can harness the power of AI without sacrificing their essential human touch and professional judgment.
In a preview of his speech, Rae outlined an ambitious productivity goal: reducing labour hours by 20% within three years.
Shamus Rae said: “Everybody who works in audit won’t have to do data entry or copy and paste numbers. They won’t have to go through large documents trying to find the right paragraph – all of that will go. Then they can focus on the value-add piece, which is reviewing the work, making the judgements.”
In the next two years, Engine B plans to introduce ten to 15 AI agents to overhaul tasks such as substantive testing on accounts receivables, accounts payable, inventory lease accounting, employee benefits, and risk planning.
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By GlobalDataThese agents are claimed to be infused with distinct personalities, such as an auditor, audit partner, or trainer, to be summoned as needed.
The agents are designed to operate independently within a solution, identifying and executing the functions required by the user.
A copilot, a specific type of agent, works in tandem with a user, enhancing the interaction and decision-making process.
He further shared: “You’ll be able to create a team of mini agents all working on one task. And sometimes they can be competing with each other to get the right answer.
“You could have an agent that’s trying to prove it’s an operational lease, while another agent is looking to prove it’s a financial lease. You’ve created a whole series of junior team members who are focused and specialised in certain things.”
In May 2024, ICAEW announced CLA’s acquisition of Engine B, selling its stake in the company as part of the deal.
