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.
A new AI-based GPT tool will be provided to over 9 lakh CA students to enhance their exam preparation. This tool will include questions from the last 75 years, enabling deep research and quick answers to queries about specific accounting standards.
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.
For the sustainable water management and agricultural development, India's first Rock Check Dam has been…
In a significant political development in a state of Karnataka, as D.K. Shivakumar set to…
Central Government has give the additional charge of Secretary, Department of Defense Research and Development,…
Indian Railways has unveiled the redesigned 18 star logo mark the creation of the South…
The Kempegowda International Airport of Bengaluru has overtaken the Mumbai’s Chhatrapati Shivaji Maharaj International Airport…
The Ministry of Health and Family Welfare has released the National Family Health Survey-6 (NFHS-6)…