ICAI Collaborates with MeitY to Develop AI Audit Tool for Corporate Fraud Detection
| Key Aspect | Details |
|---|---|
| Initiative by ICAI | Development of an AI Audit Tool in collaboration with MeitY. |
| Objective | Oversee corporate India, detect frauds, and ensure companies remain going concerns. |
| Proposal | Sent to MeitY Secretary Krishnan by ICAI President Ranjeet Kumar Agarwal. |
| Budget Allocation | ₹25 crore initially allocated, with plans to increase to ₹100 crore. |
| AI Tool for CA Students | GPT-based tool for over 9 lakh CA students, includes 75 years of questions. |
| AI Tool for ICAI Members | Tool for 4 lakh members to access financial statements of 17.06 lakh companies. |
| Purpose for Members | Analyze qualifications by other auditors and audit fees for better judgments. |