The Institute of Chartered Accountants of India (ICAI) is in discussions with the Ministry of Electronics and Information Technology (MeitY) to create an AI Audit Tool designed to oversee corporate activities and identify fraudulent behavior. President Ranjeet Kumar Agarwal has confirmed the submission of a proposal to MeitY Secretary Krishnan.
Embracing AI for Corporate Oversight
The envisioned AI Audit Tool will harness artificial intelligence to supervise company performance, identify fraud, and support the continued operation of businesses. ICAI has already committed ₹25 crore for the development of AI tools and plans to raise this budget to ₹100 crore.
AI Support for Students
An innovative AI-powered GPT tool will be provided to over 9 lakh CA students to enhance their exam preparation. This tool will feature questions spanning the past 75 years, enabling in-depth research and prompt responses to inquiries related to specific accounting standards.
Assistance for ICAI Members
A dedicated AI tool is under development to provide the 4 lakh members of ICAI with access to financial statements of 17.06 lakh companies. This tool will aid members in evaluating qualifications issued by other auditors and in analyzing the audit fees paid by various companies, facilitating informed decision-making.
