EY Launches AI Agent Framework for Assurance Division

By Polly Thompson

EY has introduced a multi-agent AI framework integrated into its EY Canvas assurance platform, according to Marc Jeschonneck, the firm's global assurance transformation leader.

The framework is intended for use by EY's approximately 130,000 auditors worldwide. Jeschonneck told Business Insider that the firm aims for all audit activities to be supported by these AI agents by 2028.

Jeschonneck stated that the tool is designed to enhance efficiency in audit processes compared to chatbots. He said assurance teams would find their work easier, though entry-level staff may face initial challenges.

Auditors traditionally learn through repetition of tasks across multiple engagements, a method Jeschonneck noted is changing as AI handles repetitive work.

Jeschonneck indicated that junior staff would need prior experience to review outputs from AI reconciliation agents effectively. He described the entry point for new hires as potentially more difficult initially.

To address this, EY plans to train entry-level employees differently, using realistic audit scenarios, adaptive learning tools, and short videos within the platform, rather than on-the-job repetition.

Jeschonneck described the shift as positive for skilled university graduates, who would avoid spending time on administrative tasks or repeating tasks thousands of times.

Details of the AI Framework

The framework launched on Tuesday with a core assistant and three agents for searching, summarizing documentation, and automating administrative tasks. These include around 20 core modular capabilities, which can expand based on data inputs and combinations, according to Jeschonneck.

Two more agents are planned soon: one to review auditors' work papers and suggest improvements, and another for reconciliation documentation, such as matching invoices to audit samples.

Jeschonneck said the system consolidates AI capabilities, unlike tools like Microsoft Copilot that require users to upload files manually. He described it as a "one-stop shop."

The framework builds on a limited set of agents. Jeschonneck commented on McKinsey CEO Bob Sternfels' January statement that his firm employs 25,000 AI agents, saying the number of agents is not a key success metric. "If somebody builds thousands of agents, they probably have not understood how it works," Jeschonneck said.

Industry-Wide AI Adoption

Big Four firms are incorporating AI agents into audit, tax, and consulting services. KPMG informed Business Insider this month that it is piloting a program where tax professionals use "vibe coding" to automate tax and compliance processes.

These investments occur amid analyses listing business, finance, and consulting roles among those most exposed to AI disruption. Hiring for roles like management consultants has declined.

Business Insider reported in August that PwC plans to reduce entry-level recruitment in the US by one-third over the next three years.

Broader industry actions include KPMG's announcement of approximately 600 job cuts in the UK in March 2024, salary freezes for graduate hires since 2022, and slowed hiring across Big Four firms amid AI implementation and economic pressures, according to reports from Reuters, The Guardian, and Accounting Today.

Jeschonneck said EY does not plan to reduce hiring overall. He noted that the number of staff needed for traditional financial statement audits may decrease due to historical requirements being handled by AI.

However, EY aims to maintain the same headcount to address technology needs, complex client demands, and regulatory changes. "Nobody should be worried about an immediate career joining the accounting world," Jeschonneck said, adding that the firm requires personnel with institutional knowledge from over a century in accounting to apply technology effectively.

The EY framework is part of efforts by professional services firms to demonstrate enterprise-scale AI value, often tested internally first.

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