AI empowering auditors in informed decision-making & creating value

New Delhi: CAG institution and IIT Delhi signed an MoU for a partnership in four key areas for use of AI in audit, audit of AI systems, capacity building and knowledge sharing.

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

Speaking at the signing ceremony, Murmu said, “Whether it be detecting fraudulent activities, or optimising compliance processes, AI-driven solutions empower auditors to adapt to an ever-changing environment and deliver actionable insights that drive informed decision-making.” “By harnessing AI-driven algorithms and predictive analytics, auditors can analyse vast volumes of data with unparalleled speed and precision, enabling them to uncover patterns, anomalies, and potential risks with greater accuracy,” he explained.

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 Government of India 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 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.”

Murmu also 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.”