ICAI Takes Leadership Role in AI in the Accounting System of the World – Organizes AI Innovation Summit – AIS 2024

Bengaluru, July 17, 2024: The Institute of Chartered Accountants of India (ICAI) is hosting AI Innovation Summit – AIS 2024 at Shilpakala Vedika in Hyderabad on July 16-17. 

The two- day event will feature panel discussions and thought-provoking sessions by global AI experts, tech industry leaders, policymakers, and academicians. These discussions will delve into crucial aspects of exploring the transformative potential of artificial intelligence (AI) in the fields of accounting, audit, tax, and governance, under the theme "Transforming Accounting, Audit, Tax, and Governance." AIS 2024 underscores ICAI’s commitment to harnessing AI’s power to drive innovation, empowering professionals, and reshaping the work paradigms.

The summit was inaugurated by CA. Ranjeet Kumar Agarwal, President of ICAI; CA. Charanjot Singh Nanda, Vice-President of ICAI along with CA. Dayaniwas Sharma, Chairman, AI in ICAI; CA. Umesh Sharma, Vice Chairman, AI in ICAI. Also present were Central  and Regional Council Members of ICAI.

ICAI introduced CA GPT on July 1st for the benefit of the members in practice, in industry and business. Building on this initiative, an exclusive Certificate Course on AI for Members was launched today. To further enhance and upskill members' learning experiences, a publication featuring 100 AI tools for financial and accounting functions specifically for CAs was also released.

Additionally, 'ICAI CA GPT' for students was also launched today that will help to prepare students for exams by providing comprehensive study materials on a single platform. This GPT will be given free to all 9.85 lakh students free of cost.

In his inaugural address, CA. Ranjeet Kumar Agarwal, President of ICAI, highlighted, "AIS 2024 reflects ICAI's commitment to embracing innovation and advancing the accounting profession through AI. On July 1st, we launched CA GPT for our members, and today we are launching 'ICAI CA GPT' for our 9.85 lakh students. This tool will be given to students for free and will help them to prepare for their exams by providing comprehensive study materials and relevant questions on a single platform. The integration of AI in areas like finance, education and healthcare represents a significant advancement, positioning India to emerge as a global leader in this crucial technology. With the world's largest tech-savvy population, our youth must acquire AI proficiency. AI's capability to translate audit reports into local languages exemplifies its transformative potential in enhancing accessibility and understanding.”
 
He further added, “ICAI is working closely with the Ministry of Electronics and Information Technology (MeitY) to develop an audit tool for members and company which will help to address compliance issues, detect fraud, and facilitate informed decision-making to improve professional practices. As stewards of accounting standards and ethical practices prescribed by ICAI, Chartered Accountants shoulder a profound responsibility in this technologically driven landscape. ICAI takes pride in being the first accounting body that is leading the accounting profession globally through pioneering AI integration, setting benchmarks for excellence."

Further, ICAI also launched a Certificate Course on AI for Members. The course aims to develop a foundational understanding of AI concepts, enhance proficiency in using AI tools relevant to both practitioners and industry professionals and build AI skills to effectively leverage AI technologies in professional practices.

CA. Charanjot Singh Nanda, Vice President of ICAI, added, "The Institute of Chartered Accountants of India is at the forefront of technology integration, focusing particularly on adopting and implementing artificial intelligence (AI). India is now recognized as a global leader in AI, with 60% of Indian companies having already embraced this transformative technology. Notably, 68% of ongoing projects in the country incorporate AI, demonstrating our commitment to leveraging advanced technologies. At ICAI, we believe that technology plays a crucial role in refining our thought processes and enhancing our capabilities. The use of digital forensics in accounting and auditing opens up immense possibilities for improving accuracy and efficiency in our work. Our vision is to become pioneers in the new technological initiatives that the world will undertake. Chartered Accountants are partners in nation-building, and through the adoption of technology, we aim to lead by example and drive innovation in our field."

Participants can gain hands-on knowledge at the interactive exhibition showcasing cutting-edge AI technologies, solutions, and services from top vendors and innovative startups. The event will also host the grand finale of the AI Hackathon with winners being recognized and awarded. Ample networking opportunities will allow participants to connect with peers, colleagues, and solution providers worldwide, fostering the exchange of ideas and collaboration in AI-driven finance.

On this occasion, CA. Dayaniwas Sharma, Chairman, AI in ICAI, said, "We are excited to showcase AI's role in enhancing efficiency and accuracy across finance functions. Today, on Artificial Intelligence Appreciation Day, we highlight AI's transformative impact on our profession. Over the past 22 years, 38,000 Chartered Accountants have qualified for the DISA examination, and more than 16,000 have qualified for forensic examination. This reflects ICAI's longstanding vision of integrating technology into our work, a vision that has now come to fruition. Talking about audit as a profession, it involves making informed decisions based on high-quality accounting, auditing, compliance, reporting, transparency, and governance. This conference will demonstrate how AI tools can support all these aspects."

AIS 2024 is dedicated to exploring the realm of Artificial Intelligence and its revolutionary impact on the accounting and financial industry. The event aims to empower professionals, students, workplaces, and society at large by showcasing how advanced AI technologies are transforming business operations and improving regulatory compliance with greater precision. This summit highlights ICAI's dedication to promote forward-thinking strategies and leverage technology for innovation in accounting, auditing, taxation, and governance. AIS 2024 promises to be a catalyst for shaping the future of accounting and financial sectors, contributing significantly to the growth of the Indian economy.