The Institute of Chartered Accountants of India (ICAI) has begun discussions with the Ministry of Electronics and Information Technology (MeitY) to build an AI Audit Tool for monitoring corporate India and detecting fraud. The ICAI President, Ranjeet Kumar Agarwal, has acknowledged that a proposal has been made to MeitY Secretary Krishnan.
The planned AI Audit Tool will use artificial intelligence to monitor company performance, report fraud, and help companies remain viable. ICAI has given Rupees 25 crore to create AI technologies, with intentions to boost the budget to Rupees 100 crore. Over 9 lakh CA students will have access to a new AI-based GPT tool to help them prepare for exams.
The planned AI Audit Tool will use artificial intelligence to monitor company performance, report fraud, and help companies remain viable. ICAI has given Rupees 25 crore to create AI technologies, with intentions to boost the budget to Rupees 100 crore. Over 9 lakh CA students will have access to a new AI-based GPT tool to help them prepare for exams.
An artificial intelligence platform is being created for the ICAI's 4 lakh members to access financial statements from 17.06 lakh companies. This tool will assist members in analyzing the qualifications of other auditors as well as the audit fees paid by various companies, allowing them to make more informed decisions.
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