AI has arrived; harnessing it in a big way in public auditing space, says CAG Murmu
New Delhi, July 21, 2024
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 added.
Comptroller and Auditor General of India (CAG) Girish Chandra Murmu has said Artificial Intelligence (AI) has arrived and the Supreme Audit Institution (SAI) is taking advantage of new technologies in improving the quality of public expenditure.
"As it develops, we will develop ourselves accordingly. Whatever challenges are there we will try and overcome. We will follow global experiences and practices related to this and share our own to them," Murmu told PTI.
Recently, he said, "We have signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology, Delhi for leveraging AI and other emerging technologies for the advancement of audit practices." With the rapid advancement of AI, machine learning, and data analytics, traditional methodologies are being redefined, offering unprecedented opportunities for innovation and efficiency, he 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 said.
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 added.
Besides, he said, capacity building is another area that the organisation constantly put great emphasis on.
As part of a capacity building initiative, he said, the International Centre for Audit of Local Governance (iCAL) has been set up with the objective to train auditors of local bodies both rural and urban.
The Centre at Rajkot will help strengthen local governments and foster grassroot engagement, he said, adding, local governments are key allies in global development efforts, essential for crafting and executing policies effectively.
The iCAL is envisioned as a collaborative platform uniting policymakers, administrators, and auditors involved in local governments.
This centre is committed to engaging with elected representatives, executive officials and auditors of local governments across India and from Supreme Audit Institutions (SAIs) and subordinate audit formations from around the world to improve accountability and governance at grassroots, he added.
There are about 2.5 lakh panchayats and 7,000 municipal bodies in the country.
[Deccan Herald]
