Hyderabad: The Institute of Chartered Accountants of India (ICAI) organised the first edition of AI Innovation Summit 2024, in the city on Tuesday. During the Summit, ICAI launched CA Student GPT for the 9.75 lakh students preparing for CA exams, and officially launched CA GPT for its four lakh CA practicing members. The professional accounting body also announced its collaboration with the Ministry of Electronics and IT (MeitY) for developing an Audit Software tool, likely to be launched by next year-end.

ICAI has created an internal committee called as AI (artificial intelligence) in ICAI, to formulate methods and develop tools for upgrading their students and members in the emerging technologies. Last year ICAI had upgraded its CA course syllabus to include core subjects related to technology.

Ranjeet Kumar Agarwal, president, ICAI, said, “In the beginning of this month we rolled out CA GPT for practicing CA members. Here annual reports of all the listed and unlisted companies has been downloaded for their reference. Till now already 30,000 members have downloaded CA GPT. Today, during the Summit, we have launched CA Student GPT wherein all the question banks and other study material is available free of cost. Today, ICAI also launched an Artificial Intelligence related certificate course for members.

The three-day course is designed to benefit the members from the development taking place around AI.” Both the GPT tools have been developed on OpenAI’s API platform. Dayaniwas Sharma, Chairman, AI in ICAI Committee, further added that ICAI is working with the Ministry of Electronics and Information Technology to come up with an Audit Software, the discussions for which are in the advance stage. The Software, likely to be launched by next year-end, will be developed for ICAI members and the companies, to help address compliance issues, detect fraud, and facilitate informed decision-making.

ICAI also informed that it will be launching an international curriculum for CA course in the US, where the body will be organising a Summit, for the first time.