CAG and IIT Delhi Signs MoU on Artificial Intelligence

New Delhi, March 20 (IANS) The CAG institution and IIT Delhi inked a memorandum of understanding on Wednesday to collaborate in four critical areas: AI audit, AI system audit, capacity building, and information sharing.

Anand Mohan Bajaj, Chief Technology Officer and Additional Deputy CAG, and Prof. Rangan Banerjee, Director, IIT Delhi, signed the MoU in the presence of India's CAG, Girish Chandra Murmu.

In his remarks at the ceremony, Murmu stated, "Whether it be detecting fraudulent activities, or optimising compliance processes, AI-driven solutions empower auditors to adapt to an ever-changing environment and deliver actionable insights that drive informed decision-making."

“By harnessing AI-driven algorithms and predictive analytics, auditors can analyse vast volumes of data with unparalleled speed and precision, enabling them to uncover patterns, anomalies, and potential risks with greater accuracy,” he explained.

Murmu stated that AI-powered solutions have the ability to automate routine processes, allowing auditors to focus on strategic analysis and value-added activities, hence improving the quality and relevance of audit results.

Murmu stated that the Government of India has made significant progress in adopting AI for governance and is on track to become the Global Hub for AI Innovation as chair of the Global Partnership on Artificial Intelligence (GPAI) in 2024. He added, "AI has emerged as a catalyst for change in the field of audit, offering a plethora of opportunities to enhance efficiency, effectiveness, and insight."

Murmu also said, “As signatories to this MoU, we are well-positioned to contribute to the objectives of the India AI Mission, leveraging our collective expertise and resources to advance the frontiers of AI research, education, and application in the domain of audit.”