Adrian JohnsonTLDR:
- Engine B plans to introduce AI agents to transform audit and accounting processes.
- CEO Shamus Rae aims to reduce labor hours by 20% within three years.
Engine B is set to introduce AI agents to revolutionize audit and accounting processes. The upcoming AI agents are designed to streamline tasks while retaining the human element of professional judgment. CEO Shamus Rae will discuss how these technologies can help accountants harness the power of AI without losing their essential human touch at the ICAEW Annual Conference in October 2024.
Rae aims to reduce labor hours by 20% within three years, allowing accountants to focus on higher-value tasks such as reviewing work and making judgments. Engine B plans to introduce ten to 15 AI agents in the next two years to overhaul tasks like substantive testing, accounts receivables, accounts payable, inventory lease accounting, employee benefits, and risk planning.
These AI agents are said to have distinct personalities, such as an auditor, audit partner, or trainer, and can operate independently within a solution. A specific type of agent, the copilot, enhances interaction and decision-making processes by working in tandem with a user. By creating a team of mini agents specialized in certain tasks, users can improve efficiency and accuracy in their work.
In May 2024, ICAEW announced CLA’s acquisition of Engine B, selling its stake in the company as part of the deal, indicating a significant move in the audit and accounting technology landscape.
