The comptroller and auditor general of India (CAG), G C Murmu, reportedly said on Tuesday that AI would revolutionise the field of public audit since it would allow for quicker and more thorough analysis during both the planning and execution phases.
In a speech delivered to the Shanghai Cooperation Organisation (SCO) and Supreme Audit Institutions (SAI) Leaders meeting, which was attended by eight high-ranking SCO delegates, CAG stated that applying AI techniques to audit processes has significant potential benefits that have been demonstrated through numerous use cases. The meeting included SCO auditors, AI, and cyber security.
Our goal, he added in a statement, is to create an AI model that would enable faster and more detailed analysis during both the planning and execution stages through risk assessment covering several factors and a significantly more thorough examination than sampling.
Murmu reportedly stressed that it is crucial for SAIs to build the abilities necessary to examine information system controls given the change to electronic processing and computerised systems in public sector enterprises.
The report quotes him as saying, “As explained by SAI India in this discussion, our cybersecurity audit teams focus on multiple crucial areas, including third-party management, governance issues, documentation, user access limitations, and legal compliance.”
