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Sunday, April 14, 2024

AI empowering auditors to adapt to changing environment: CAG

Date:

 Comptroller and Auditor General of India, Girish Chandra Murmu, said on Wednesday that whether detecting fraudulent activities or optimizing compliance processes, AI-driven solutions empower auditors to adapt to an ever-changing environment and deliver actionable insights that drive informed decision-making.

“Together, we have the opportunity to shape a future where AI serves as a catalyst for positive change, empowering auditors and organizations to unlock new insights, drive informed decision-making, and create value for the nation,” Murmu said during the signing of the MoU between CAG institutions and IIT, Delhi.

The MoU was signed by Anand Mohan Bajaj, Chief Technology Officer and Additional Deputy CAG, and Prof. Rangan Banerjee, Director, IIT Delhi, in the presence of the CAG of India.

Murmu said that AI-powered tools have the potential to automate routine tasks, liberating auditors to focus on strategic analysis and value-added activities, thereby elevating the quality and relevance of audit outcomes.

Stating that the government has made huge strides in adopting AI for governance and is on track to become the global hub for AI innovation as the chair of the Global Partnership on Artificial Intelligence (GPAI) in 2024, Murmu said, “AI has emerged as a catalyst for change in the field of audit, offering a plethora of opportunities to enhance efficiency, effectiveness, and insight. By harnessing AI-driven algorithms and predictive analytics, auditors can analyze vast volumes of data with unparalleled speed and precision, enabling them to uncover patterns, anomalies, and potential risks with greater accuracy.”

The CAG said, “As we stand on the threshold of a technological revolution, the landscape of audit is undergoing a profound transformation. With the rapid advancement of AI, machine learning, and data analytics, traditional methodologies are being redefined, offering unprecedented opportunities for innovation and efficiency.’

Murmu said, “As signatories to this MoU, we are well-positioned to contribute to the objectives of the India AI Mission, leveraging our collective expertise and resources to advance the frontiers of AI research, education, and application in the domain of audit. Today, we embark on a collaborative endeavor that recognizes the transformative potential of these technologies and the importance of partnership in harnessing their full capabilities.’

Through this MoU, the two institutions would partner in four key areas: use of AI in audit, audit of AI systems, capacity building, and knowledge sharing. Meanwhile, Bajaj said, “Through this partnership, we look forward to excellence and innovation in audit using emerging technologies. The AI-equipped audit processes will not only enhance our efficiency but would also provide greater assurance to the public vis-à-vis the performance of the government.”

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