Authored by: Will O’Donnell
Artificial intelligence is changing how accounting, business valuation, and financial advisory professionals approach their work. From analyzing financial data and reviewing documents to streamlining research and reporting, AI tools such as Microsoft Copilot, ChatGPT, and Claude are creating new opportunities to improve efficiency across valuation and advisory practices.
But adopting AI in a professional services environment comes with important considerations. How can firms take advantage of these tools while protecting confidential client information, maintaining quality, and meeting professional standards?
The American Institute of Certified Public Accountants (AICPA) recently released its Checklist for AI Implementation in Financial Valuation and Forensic Services (FVS) Practices to help firms navigate that process. The checklist provides a practical framework for evaluating, adopting, and managing AI technology while maintaining the professional judgment and oversight that business valuation and forensic engagements require.
For valuation professionals, the guidance is particularly relevant as AI becomes more integrated into financial analysis, valuation research, and other aspects of the valuation process.
7 Steps for Implementing AI in Business Valuation and Advisory Practices
The AICPA checklist outlines seven key steps to help financial valuation and forensic services practices approach AI adoption in a thoughtful and responsible way.
1. Establish Governance and Guardrails
Before introducing AI tools across an organization, firms should establish clear policies outlining approved uses, data privacy, client confidentiality, and professional responsibilities. For business valuation practices, protecting sensitive financial and client information is particularly important. Establishing governance policies creates a foundation for responsible AI adoption while helping firms manage potential risks.
2. Assess Current Workflows
AI should not be implemented simply because the technology is available. Firms should first evaluate their existing workflows and identify areas where repetitive, time-consuming tasks could benefit from automation or AI-assisted processes. For valuation professionals, this may include document review, financial data organization, research, and report preparation. Understanding where AI can add value helps firms focus on practical improvements rather than adopting technology without a clear purpose.
Technology can also create opportunities to spend more time on the analysis that drives valuation conclusions. As discussed in our previous article on AI’s impact on valuation practices, the industry continues to evaluate how emerging tools are influencing the way valuation professionals approach their work.
3. Build AI Literacy and Manage Change
Technology alone does not create value. Professionals need to understand both the capabilities and limitations of AI tools, including how to evaluate AI-generated information and recognize potential inaccuracies. Training helps teams use AI responsibly while maintaining the professional skepticism, experience, and judgment required in business valuation and forensic engagements.
4. Identify Use Cases and Prepare Data
Not all processes are equally suited for AI. Firms should prioritize use cases that offer meaningful efficiency gains while minimizing potential risks. Data quality and accessibility are also important considerations, as AI tools rely on accurate, organized information to produce useful results. Identifying the right applications and preparing data appropriately can help valuation and advisory firms get more value from their AI investments.
5. Evaluate and Select AI Tools
With an increasing number of AI platforms available, firms should evaluate potential solutions based on security, functionality, integration capabilities, and compliance considerations. This includes understanding how each platform handles confidential client information and whether it aligns with the firm’s existing systems and workflows. Selecting the right AI tools requires balancing new capabilities with data protection, risk management, and professional responsibilities.
6. Pilot, Test, and Validate
Rather than implementing AI across an entire organization at once, firms should start with smaller pilot programs. Testing AI applications in controlled environments allows teams to evaluate performance, verify accuracy, and identify potential issues before expanding their use. For valuation professionals, reviewing and validating AI-generated research, financial information, and analysis is especially important to ensure accuracy and maintain the quality of their work.
7. Implement Quality Control, Oversight, and Periodic Reassessment
AI implementation is not a one-time project. Firms should establish ongoing quality control procedures, monitor AI-generated outputs, and periodically reassess how technology is being used. Maintaining human oversight is essential to ensuring that AI-assisted work remains reliable, protects client information, and aligns with applicable professional standards. As AI capabilities continue to evolve, firms should regularly review their processes and make adjustments as needed.
What AI Adoption Means for the Future of Business Valuation
For business valuation and financial advisory firms, AI adoption is becoming an increasingly important part of how work gets done. The technology offers opportunities to streamline processes, improve access to information, and reduce time spent on certain administrative and research-related tasks.
However, efficiency alone should not be the measure of successful AI implementation.
Business valuation requires more than processing financial information. It involves understanding a company’s operations, evaluating financial performance, assessing market conditions, considering industry-specific risks, and applying professional judgment to determine value. These are areas where experience and expertise remain essential.
The firms that benefit most from AI will likely be those that take a thoughtful approach to implementation. Establishing clear governance, training professionals, identifying practical use cases, and maintaining strong quality control will be just as important as the technology itself.
How Evergreen Advisors Is Approaching AI
At Evergreen Advisors, we continue to evaluate how AI can improve internal workflows, increase efficiency, and give our professionals more time to focus on delivering meaningful analysis and insights to clients. We believe successful AI adoption starts with the right balance of technology, professional judgment, and quality control.