We have opportunity to shape future with AI serving as catalyst for positive change: CAG

New Delhi [India], March 20 : Girish Chandra Murmu, the Comptroller and Auditor General (CAG) of India, emphasized the transformative power of Artificial Intelligence (AI) in revolutionizing audit practices and driving informed decision-making at the MoU signing ceremony between the CAG institution and the Indian Institute of Technology, Delhi (IIT Delhi), held today in New Delhi.

Addressing the gathering, Murmu highlighted how AI-driven solutions empower auditors to adapt to dynamic environments, detect fraudulent activities, optimize compliance processes, and deliver actionable insights that drive informed decision-making.

He emphasized the opportunity to shape a future where AI serves as a catalyst for positive change, unlocking new insights and creating value for the nation.

Murmu said, "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."

The MoU, signed by Anand Mohan Bajaj, Chief Technology Officer and Additional Deputy CAG, and Professor Rangan Banerjee, Director, IIT Delhi, in the presence of Murmu, signifies a collaborative effort between the two institutions to leverage AI in audit practices.

Murmu emphasized that AI-powered tools have the potential to automate routine tasks, allowing auditors to focus on strategic analysis and value-added activities.

Murmu said, "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."

He underscored the significant strides made by the Government of India in adopting AI for governance, positioning the country as a global hub for AI innovation.

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."

He added, "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."

Furthermore, Murmu highlighted the pivotal role of AI in enhancing efficiency, effectiveness, and insight in the field of audit. By harnessing AI-driven algorithms and predictive analytics, auditors can analyze vast volumes of data with unparalleled speed and precision, uncovering 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."

The CAG emphasized that as the landscape of audit undergoes 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 reiterated the importance of the MoU in contributing to the objectives of the India AI Mission, leveraging collective expertise and resources to advance the frontiers of AI research, education, and application in the domain of audit.

Through this collaborative endeavor, both institutions aim to harness the transformative potential of AI and enhance audit processes.

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 endeavour that recognizes the transformative potential of these technologies and the importance of partnership in harnessing their full capabilities."

The partnership between the CAG institution and IIT Delhi will focus on four key areas, including the use of AI in audit, audit of AI systems, capacity building, and knowledge sharing.

Anand 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 a vis the performance of the government."

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor