Authored By: Will O’Donnell
At the Spring 2026 ASA Fair Value Conference, the opening panel session brought together managing directors from industry leaders at Deloitte, EY, PwC, KPMG, and Kroll to discuss how artificial intelligence (“AI”) is reshaping valuation practices. The conversation offered a candid look at both the opportunities and challenges as firms integrate AI into their workflows.
AI in the Valuation Workflow
Across firms, AI is no longer experimental. It is becoming embedded in day-to-day processes. Panelists described using tools such as Microsoft Copilot, Claude, Google-based models, and internally developed large language models to support a wide range of tasks.
A common theme was the development of specialized AI agents or personas designed for targeted functions, including:
- Providing technical valuation guidance using sources such as AICPA and ASA standards
- Screening and identifying guideline public company comparables using highly specific search criteria
- Drafting industry outlooks and summarizing market data
- Capturing and organizing meeting notes through call transcription tools
Even with these advances, panelists emphasized that AI is best viewed as an accelerator rather than a replacement. One participant noted that “the AI tools we have today are the worst they will ever be,” highlighting both rapid improvement and the fact that these tools are only expected to improve going forward.
Trust, Verification, and Auditability
Despite clear efficiency gains, valuation leaders stressed that AI-generated outputs must meet the same standards as traditionally prepared work. Auditability remains critical, particularly in areas such as comparable company selection, where conclusions must be well supported and defensible.
The review process itself has not fundamentally changed, but expectations have increased:
- AI outputs require the same level of scrutiny as analyst-prepared work
- Professionals must validate assumptions, trace source data, and ensure outputs align with economic reality
- Reviewing underlying source materials is essential to avoid “AI slop,” where outputs may appear polished but contain inaccuracies or unsupported conclusions
Some firms are also using multiple AI tools in parallel to cross-check outputs. In certain cases, models are prompted to challenge each other’s conclusions to improve reliability and surface inconsistencies.
Governance, Ethics, and Data Security
Governance and ethical considerations remain an evolving area. Panelists highlighted several unresolved challenges, including:
- The use of copyrighted materials, such as AICPA or ASA guidance, when training internal models
- Ensuring proper handling of confidential client information
- Maintaining appropriate access controls within AI-enabled environments
Current approaches vary. Many firms rely on secure enterprise systems such as controlled Copilot environments to manage access to sensitive data. Others use redacted information when interacting with AI tools. There is not yet a consistent industry standard, particularly with respect to intellectual property.
Firmwide Adoption and Evolving Roles
AI adoption is being encouraged across all levels of valuation teams. However, responsibility for quality remains firmly with valuation professionals. Panelists consistently emphasized that AI does not provide professional skepticism or judgment.
This shift is influencing how roles are evolving:
- Junior professionals are spending less time building models from scratch and more time reviewing and validating AI-generated outputs
- Training programs are becoming more review-focused, with greater emphasis on critical thinking and judgment
- There is concern that reduced exposure to foundational work could impact long-term development of technical skills and professional judgment
At the senior level, the managing director review process remains largely unchanged.
Talent Model Shifts
One of the more candid aspects of the discussion was the impact on hiring. Several firms acknowledged changes in their talent strategies:
- Hiring fewer junior professionals and reducing campus recruiting efforts
- Maintaining a need for entry-level talent, but at lower volumes
- Adjusting expectations for offshore teams, with anticipated contraction and increased reliance on AI tools
Panelists noted that fee levels have remained relatively stable, with labor savings from AI largely offset by the cost of these tools.
Looking Ahead
Looking forward, panelists expect valuation work to become more specialized over the next five to ten years. As AI takes on more routine tasks, the importance of deep technical expertise and sound professional judgment will continue to grow.
Firms are working to balance the benefits of AI with the need to maintain rigor and accountability. The message from the panel was clear. AI is transforming how valuations are performed, but human judgment remains at the core of credible valuation work.
Bottom Line
Evergreen Advisors continues to actively evaluate emerging best practices in valuation processes, including the evolving use of AI and related technologies. Our team is focused on thoughtfully integrating these tools in a manner that enhances efficiency while maintaining the rigor, judgment, and auditability our clients expect.
By staying current with industry developments and continuously refining our approach, we aim to leverage the most effective tools available to deliver high-quality, well-supported valuation analyses. If you have any questions or would like to connect, please connect with our team.
