GOA: The Institute of Chartered Accountants of India (ICAI) is currently working in collaboration with law enforcement agencies to detect financial fraud and raise public awareness about such crimes.
In addition, ICAI is also providing training to Chartered Accountants using AI-enabled methods to enhance their ability to identify fraudulent activity and well as prevent it for the stakeholders.
According to an expert of ICAI, financial frauds amounting to approximately Rs 28,000 to Rs 30,000 crore are reported annually in India.
This information was shared during a media meet held in Goa on Saturday.
To begin the session, Prasanna Kumar D, Vice President of ICAI, delivered a welcome address to members of the media after opening remarks by Jai Kumar Batra, followed by a technical session conducted by Umesh R Sharma.
Sharma delved into the intricacies of the chartered accountancy profession and elaborated on how Artificial Intelligence (AI) is being positively utilised to improve financial services and prevent financial frauds, which cause losses ranging between Rs 28,000 to Rs 30,000 crore annually.
He stated that ICAI is also providing training to Chartered Accountants in AI-driven methods to detect financial fraud in collaboration with relevant government agencies.
He added that ICAI is extending AI support across every sector of finance.
Outlining the institute’s initiatives, he further mentioned that ICAI is organising hackathons and annually holds an AI summit, which has so far taken place in Hyderabad, Pune, and Jaipur.
Importantly, he informed the media that "the ICAI is the first in the world that has published books on ethics in AI and privacy in AI", and that a book on "AI’s impact on the Indian economy" would be released soon.
He also stated that by 2026, ICAI is likely to introduce AI in its curriculum through a revised syllabus. Although opting for AI studies would not be mandatory, those enrolled in ICAI courses may choose to study AI based on their interest in gaining deeper knowledge of the subject.
On the first day of the two-day media meet, the objectives and key initiatives of ICAI were presented and discussed, including how the organisation is working to strengthen trust in AI-enabled auditing and scale up AI-learning across both India and overseas.
It was also shared that ICAI plans to leverage technology and infrastructure and partner with stakeholders to develop an independent and transparent regulatory mechanism that keeps pace with changing times.
It was also claimed that India's CA curriculum is aligned with global best practices.
Among other prominent speakers was CA Dr Jai Kumar Batra, Secretary, ICAI, who highlighted the pivotal role played by ICAI, describing it as a pillar of a strong and resilient economy.
He noted that ICAI is the world’s largest accountancy body, with over 14.5 lakh members and students. CA Chhajed Abhay also addressed the gathering and presented relevant topics through a PowerPoint presentation.
On Sunday, ICAI President Charanjot Singh Nanda is expected to join the session with the media virtually.
