India is set to launch its first sovereign artificial intelligence (AI) model by early 2026, with the Institute of Chartered Accountants of India (ICAI) aiming to leverage this technology for improved financial reporting. ICAI is currently discussing partnerships with firms to utilize financial data from 5,000 listed companies, facilitating accessible economic insights for Chartered Accountants and specialists. Electronics and IT Secretary S. Krishnan announced that foundational AI models from eight organizations, including IIT Bombay and Tech Mahindra, will be integral to this initiative under the IndiaAI Mission. The ICAI is actively enhancing its members’ familiarity with AI through training, certification, and the integration of AI tools in auditing processes. These innovations are designed to streamline tasks, boost transparency, and aid in fraud detection while emphasizing that assurance tasks should still be performed by human CAs. By post-2027, all CAs will possess AI knowledge, fostering a tech-oriented future in auditing.
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