ICAI, MeitY to develop audit tool for accounting companies
ICAI also launched a certificate course on AI for its members to develop a foundational understanding of AI concepts
Hyderabad: The Institute of Chartered Accountants of India (ICAI) is working with the ministry of electronics and information technology (MeitY) to develop an audit tool for auditors and companies. This will help in addressing compliance issues, detect fraud, and improve professional practices, said its president Ranjeet Kumar Agarwal.
The body is also working with the government in developing India-based artificial intelligence (AI) large language models on behalf of the CA industry, the ICAI president said on the sidelines of AI Innovation Summit ‘AIS 2024’, a two-event hosted by ICAI, in Hyderabad on Tuesday.
The organisation has launched student GPT system ‘ICAI CA GPT’, developed on OpenAI API, comprehensive study materials of chartered accounting available on a single platform for its 9.85 lakh CA students. It launched the GPT system for its members on July 1.
ICAI also launched a certificate course on AI for its members to develop a foundational understanding of AI concepts. To further enhance and up-skill members' learning experiences, a publication featuring 100 AI tools for financial and accounting functions specifically for CAs was also released, it said.
“AI's capability to translate audit reports into local languages exemplifies its transformative potential in enhancing accessibility and understanding. ICAI takes pride in being the first accounting body that is leading the accounting profession globally through pioneering AI integration, setting benchmarks for excellence," Agarwal added.