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ICAI and MeitY join forces to develop AI audit tool. #audittech

ICAI and MeitY Collaborate on AI Audit Tool for Corporate India

The Institute of Chartered Accountants of India (ICAI) is collaborating with the Ministry of Electronics and Information Technology (MeitY) to develop an AI Audit Tool to oversee corporate India and detect frauds. The proposed tool will utilize artificial intelligence to monitor company performance, report fraud, and assist in maintaining companies as going concerns. ICAI has allocated ₹25 crore for the development of AI tools, with plans to increase the budget to ₹100 crore. Additionally, a new AI-based GPT tool will be provided to over 9 lakh CA students to enhance their exam preparation, and an AI tool is being developed for ICAI’s 4 lakh members to access financial statements of 17.06 lakh companies. This tool will help members analyze qualifications made by other auditors and audit fees paid by various companies, aiding in reasoned judgments. The collaboration between ICAI and MeitY aims to leverage AI technology to improve oversight, support students, and assist members in making informed decisions in the field of accounting and auditing.

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