Artificial Intelligence Is Going To Be a Game Changer In Audit Space, Says Government Auditor G C Murmu

G C Murmu, comptroller and auditor general of India (CAG), on Tuesday, said that artificial intelligence (AI) is going to be a game changer in the public audit space as it will help in quicker and more detailed analysis during both planning and execution stages, according to a PTI report.

While addressing the Shanghai Cooperation Organisation (SCO) and Supreme Audit Institutions (SAI) Leaders meeting, where eight high-level SCO delegates participated, CAG said that the potential benefits of applying AI techniques to the audit processes are substantial and have already been identified through several use cases. The meeting was conducted to deliberate on issues related to cyber security and artificial intelligence, and the role of auditors of the SCO nations.

"Our intent is to use AI not as a one-time solution for a specific audit, but to build an evolving AI model that will allow for quicker and more detailed analysis during both the planning and execution stages through risk assessment straddling multiple parameters and a far more comprehensive evaluation than afforded through sampling," he said in a statement.

Murmu reportedly highlighted that it's again crucial for SAIs to build the necessary skills to examine information system controls, given the shift to electronic processing and computerized systems in public sector entities.

"As shared by SAI India in this meeting, our cybersecurity audit teams focus on various key areas/including third-party management, governance aspects, documentation, user access controls, and legal compliance," he said as per the report