PTI Candolim (Goa)

Chartered accountants' apex body ICAI is in discussions with the Ministry of Electronics and Information Technology (MeitY) to provide financial and economic data of listed companies for India's sovereign AI model.

  The ministry is working to develop the country's own large language models. A senior functionary at the Institute of Chartered Accountants of India (ICAI) said the institute plans to provide financial and economic data of listed companies to the LLMs (large language models) that will be developed in India.

 “We are in discussions with MeitY. ICAI has a proposal to connect with MeITY to provide financial and economic data to the India-grown LLMs," the functionary said. According to him, the institute has data on listed companies, such as their balance sheets and audit reports. "We can give authenticated financial data for the LLMs.”

   ICAI has started using AI in its activities to help its members in auditing work. Among others, AI can automate repetitive tasks, enable continuous auditing, and perform data analytics for fraud detection and risk. The ICAI functionary also said the institute is working on ways to tackle online and digital frauds and hoped that around 25% of such frauds can be reduced with its efforts.