NEW DELHI, Feb 2: India’s supreme auditor is developing the essential infrastructure and protocols to leverage artificial intelligence (AI) and machine learning for auditing processes, as well as to audit AI applications, with the goal of transforming the country into a USD 30-trillion economy by 2047, stated CAG K Sanjay Murthy.
During his address at the World Forum of Accountants, organized by ICAI on Saturday, Comptroller and Auditor General (CAG) Murthy emphasized that a USD 30-trillion economy will inevitably be digital, as organizations venture into new frontiers and establish global leaders.
He noted the necessity for accounting and auditing professionals to provide essential support.
“Embracing new technologies will enhance efficiency in accounting and auditing processes. Taking a proactive stance in developing and adopting innovative technological practices will empower Indian firms to emerge as global leaders,” he remarked at the ICAI program on Saturday.
Emphasizing the significant role of digital technology, which serves both as an enabler and a disruptor, the CAG pointed out how the array of technological solutions available today has revolutionized the scope and potential for organizations to yield superior performance outcomes.
“This presents an exciting challenge as India transitions towards becoming a Viksit Bharat by 2047, aspiring for a USD 30-trillion economy. The growing number of companies and larger government budgets cannot be managed by merely replicating current structures and processes. We must leverage technology to keep pace and deliver results,” he stated.
The CAG’s address spanned various aspects of technology and innovation in auditing and accounting, highlighting how AI, machine learning, robotic automation, and blockchain technology have transformed the industry.
“The evolution of technology and its adoption will necessitate a shift in intellectual and infrastructural capacities,” he remarked.
Citing the recent ‘The Future of Jobs Report 2025’ published by the World Economic Forum, Murthy pointed out it outlines the driving forces of transformation and the skill sets required in the years ahead.
“We have embarked on a comprehensive digitization journey. We are dedicated to further integrating advanced technologies to enhance our auditing capabilities. Acknowledging the transformative potential of AI and ML, we have already initiated the process of building the necessary infrastructure and protocols to utilize these technologies within our auditing processes, including auditing AI applications,” he elaborated.
Discussing the CAG’s digitization journey, he highlighted the significant advancement of implementing the One IAAD One System (OIOS), which is a complete Audit Information Management System (AIMS) and a web-enabled IT application that supports multiple languages, includes offline functionality, and features a mobile application for audits in a fully digital environment.
Additionally, digital initiatives in areas of internal administration, such as eHRMS and eOffice, have been fully integrated.
He mentioned that the CAG has also adopted cutting-edge data analytics capabilities through its dedicated center to facilitate analysis-driven audits.
Techniques like remote sensing and image analytics have been extensively employed. Murthy added that efforts will continue to explore additional applications to streamline the auditing process for greater transparency.
The World Forum of Accountants is held annually, with ICAI serving as the host this year.
This forum assembles some of the most brilliant minds from the fields of accounting, auditing, finance, and business leadership, along with regulators of the accounting and auditing profession. (PTI)
