The Institute of Chartered Accountants of India (ICAI) hosted the inaugural AI Innovation Summit 2024 in Hyderabad on Tuesday. At the event, ICAI introduced two new AI tools: CA Student GPT for 9.75 lakh CA exam candidates and CA GPT for its four lakh practicing members. They also announced a collaboration with the Ministry of Electronics and IT (MeitY) to develop an Audit Software tool expected by late next year.
ICAI has formed an internal AI committee to advance technological skills among its members and students, following last year's update to include tech-related subjects in the CA syllabus. President Ranjeet Kumar Agarwal noted the successful rollout of CA GPT to members, with 30,000 downloads to date. They also launched a new AI certificate course aimed at keeping members abreast of AI developments.
Both GPT tools were developed using OpenAI’s API platform. Dayaniwas Sharma, Chairman of the AI in ICAI Committee, highlighted ongoing discussions with MeitY on the Audit Software, emphasizing its role in enhancing compliance, fraud detection, and decision-making for members and companies. Additionally, ICAI announced plans to introduce an international CA curriculum in the US, coinciding with its first summit there.
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