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The Institute of Chartered Accountants of India mulls to use AI to identify the Non-compliances in Financial Statements as another milestone towards technological advancement. Read the official announcement below: Public Relations Committee The Institute of Chartered Accountants of India 15th January, 2021 ICAI mulls to use AI to identify the Non-compliances in Financial Statements The Institute of Chartered Accountants of India through its Financial Review Reporting Board (ICAI-FRRB)
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FAQ :
The ICAI plans to use AI to systematically identify non-compliances in financial statements, making the review process more robust.
The proposed system will use Artificial Intelligence and Analytics to flag common non-compliances based on XBRL financial statements of enterprises.
The system will enable automation of workflow between review levels, maintain a repository of non-compliances, and include monitoring of review work on a web portal.
The FRRB was constituted by the ICAI in July 2002 to improve financial reporting practices and the quality of audits by Chartered Accountants in India.
Over time, the AI system is expected to help scale up the number of cases reviewed and strengthen financial reporting practices, promoting stakeholder confidence in audited financial statements.
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