CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The Institute of Chartered Accountants of India (ICAI) has begun discussions with the Ministry of Electronics and Information Technology (MeitY) to build an AI Audit Tool for monitoring corporate India and detecting fraud. The ICAI President, Ranjeet Kumar Agarwal, has acknowledged that a proposal has been made to MeitY Secretary Krishnan.
Leveraging AI For Corporate Oversight
The planned AI Audit Tool will use artificial intelligence to monitor company performance, report fraud, and help companies remain viable. ICAI has given Rupees 25 crore to create AI technologies, with intentions to boost the budget to Rupees 100 crore.
AI Assistance For Students
Over 9 lakh CA students will have access to a new AI-based GPT tool to help them prepare for exams. This application will cover questions from the last 75 years, allowing for extensive research and quick responses to questions about specific accounting rules.
Support For ICAI Members
An artificial intelligence platform is being created for the ICAI's 4 lakh members to access financial statements from 17.06 lakh companies. This tool will assist members in analyzing the qualifications of other auditors as well as the audit fees paid by various companies, allowing them to make more informed decisions.
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