23 October 2020: With artificial intelligence poised to transform the world of accountancy, ICAEW has increased its investment in AI and digitisation data platform Engine B and taken a seat on its board.

The investment takes the total stake held by ICAEW in open source data firm Engine B to 10% and by taking a board position, ICAEW aims to ensure the needs of the accountancy profession, particularly smaller audit firms, are represented.

Engine B was founded by Shamus Rae, the former head of digital disruption at KPMG, in 2019. It is a single-source data platform, providing a standard-access methodology to client data with three guiding principles: open source wherever possible, client data remains with the client, and industry intellectual property is used to create intelligent data. The organisation has made a set of data models available to all, with professional services and legal firms in mind.

The Engine B consortium is comprised of 10 professional services firms, four academic institutions and one technology house. Critical intellectual property is fed into the Engine B platform to accelerate current and next-generation services, and to support firms and companies in advancing their own digital growth.

“Engine B is an exciting cross-industry initiative which will transform corporate transactions and access to data, and we are pleased to be playing an integral role,” says Sharron Gunn, Executive Director for Members and Shared Services at ICAEW. “Our members work in the public interest to build resilient businesses, economies and societies while ensuring our planet’s resources are managed sustainably. Engine B will support and enable our 154,000 members around the world to thrive in a digital economy.”

Shamus Rae, Founder and CEO, Engine B, added: “We are hugely excited about deepening our involvement with ICAEW. Its involvement to date has been invaluable and we look forward to forging ahead and co-creating solutions that will positively disrupt and transform financial services.”