ICAI and MeitY Collaborate on AI Audit Tool for Corporate India
The Institute of Chartered Accountants of India (ICAI) has initiated talks with the Ministry of Electronics and Information Technology (MeitY) to develop an AI Audit Tool aimed at overseeing corporate India and detecting frauds. ICAI President Ranjeet Kumar Agarwal has confirmed that a proposal has been sent to MeitY Secretary Krishnan.
The proposed AI Audit Tool will utilize artificial intelligence to monitor company performance, report fraud, and assist in maintaining companies as going concerns. ICAI has already allocated ₹25 crore for the development of AI tools, with plans to increase the budget to ₹100 crore.
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For ICAI’s 4 lakh members, an AI tool is being developed 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.
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