Ministry of Electronics and Information Technology checks the internet services, IT-enabled services, e-commerce, e-medicine, e-governance, and e-infrastructure. MEITy is a standalone agency. The ministerial agency works for the functioning of strategies and policies in the IT and electronics industry. The ministry sponsor for the information on the Northeast Heritage website. In 2012, the Department of Information Technology was renamed and functions in the name of the Department of Electronics and Information Technology. ICAI is joining hands with government-owned MEITy to manage the impact of technology in the auditing profession. AI tools are helpful in detecting fraud and oversee the growth in the corporate India. A proposal was sent to the Secretary Krishnan of MeitY to develop an AI audit tool relevant to the current challenges. The blog throws light on the value of AI tools to the students, members and corporate world.
AI tools for students:
The chat GPT is designed with AI technology. Chat GPT provide the record of the previous year’s question papers. It provides questions from the past 75 years. The technology helps to understand the question paper pattern and promotes deep research skills in the students. Chat GPT provides answers quickly to the specific AS.
AI tools for members:
ICAI president Ranjeet Kumar Agarwal confirmed the plan of ICAI to use Audit tools with artificial intelligence. ICAI has sent a proposal to MeitY. The proposal for development towards technology is sent to the secretary Krishnan of MeitY from ICAI. The audit tool is expected to monitor the company’s performance, assist in the concerns of the company and report fraud activities. ICAI has plans to increase the overall budget of technology to a hundred crore. In the budget, the cost allocation for the development of AI tools is twenty-five crore.
AI tool provides information on four lakh numbers of ICAI members. It provides access to around 17.06 lakh financial statements from companies. Members compare the qualifications and growth of other members in ICAI. The audit tool provides the details of audit fees collected by various audit companies. Members are interested in financial statements, audit tools, qualification of other members and the growth of companies and auditors. The AI tool promotes the judgemental actions of the members by providing relevant information.
Impact of AI in the auditing profession:
AI improves the focus of the auditors. Auditors focus on quality with the help of AI technology. The following points explain the use of AI in the core functions of the auditors.
- Cyber threats require quick response from the auditors. AI helps the auditors to detect problems and improves quality.
- AI tools are used to identify patterns in a large set of data. The patterns help in assessing risks and improving the scope of the project.
- Artificial intelligence enhances data accuracy and detects irregularities in the operations.
- Artificial intelligence identifies the issues in the early stage.
- Increase the size of sample data and improve the process analysis.
- Reduce time taken for audit by 50 per cent.
- Artificial intelligence provides insights into the decisions, strategy, and financial performance of the company.
- Artificial intelligence helps the auditors in quantitative and qualitative terms. Artificial intelligence promotes innovation in the auditing profession.
Impact of AI in the software industry:
In the software industry, artificial intelligence helps for identifying errors and improving the quality of programming. AI makes the process of coding faster and reduces the time taken for software development. AI improves the user experience. AI also reduce the complexity of the learning curve. AI processes vast amounts of data and provides access to the information we need in less time. Natural language processing, audio recognition, image recognition and computer vision are the technologies powered by AI.
Final Words:
Technology provides an understanding of the environment and data. Technology improves the security and internal controls. Auditors work for the accuracy and quality of the business processes. By using technology, auditors bring more quality to the auditing system. ICAI update the syllabus and is required periodically. The collaboration of ICAI improves the quality and value of the auditing profession. Quality is the identity that improves demand in any profession. The syllabus, examination system, technology, tools and compliances change to enhance quality. The difficulty level in the examination makes the general public value the profession with respect. The quality and ethics in the profession spread the value of the profession. RR Academy provides training with industry experts. The faculties understand the challenges in the profession and train the students with updated knowledge.
