CAG Embraces AI and Blockchain for Future Auditing Excellence

India's apex auditor is enhancing infrastructure to utilize AI and machine learning in auditing processes, as India aspires to become a USD 30-trillion economy by 2047. The CAG is pushing for digital transformation and innovative practices within the accounting and auditing sectors to achieve these goals.

India's top auditing body, led by Comptroller and Auditor General (CAG) K Sanjay Murthy, is setting the stage to incorporate artificial intelligence (AI) and machine learning in its auditing processes. With the ambition for a USD 30-trillion economy by 2047, Murthy emphasizes the need for a digitally robust economy.

Addressing the World Forum of Accountants, CAG Murthy highlighted the necessity for accounting and auditing professionals to adapt to technological changes. He advocated for leadership in developing innovative technological practices, essential for Indian firms aspiring to global stature.

Murthy underlined the transformative role of digital technology, noting the implementation of systems like the One IAAD One System. Remote sensing and image analytics have also gained traction, aligning with the vision for advanced and transparent audit capabilities.

(With inputs from agencies.)