CAG urges for greater use of data analytics, Artificial Intelligence

NEW DELHI: Comptroller and Auditor General of India G.C. Murmu on Thursday urged the auditors to make far greater use of data analytics, Artificial Intelligence and Machine Learning for optimizing efficient use of their own scarce resources.

Speaking at the e-seminar "IT Audit in the Era of Industrial Revolution 4.0: Opportunities and Challenges" of International Organisation of Supreme Audit Institutions (INTOSAI) and Working Group on IT Audit (WGITA) here, he emphasized that in the fourth industrial revolution, audit professionals, especially Information Technology auditors, must prepare themselves to face multi-faceted changes and challenges.

"This Revolution has created an excellent opportunity for the INTOSAIA with WGITAA to equip its members with practical knowledge and work procedures for addressing the emerging IT risks," Murmu said and thanked the colleagues in WGITA who have been engaged in researching and developing standards and other audit guidance material in a variety of IT-related topics.

The CAG also highlighted that India has been witnessing massive digital transformation in the spheres of infrastructure, public policymaking and governance.

As of March 2021, India has currently more than 750 million broadband subscribers, mainly mobile users. Today, the trinity of mobile telephony, unique biometric identity and electronic banking, is being used for the world's largest direct benefit transfer to millions of people, he further said.

These developments have helped protect the people from poverty during the risks and uncertainties of the Covid-19 pandemic. Such initiatives are now fundamental in making the public service delivery efficient and transparent, as well as ensuring trust in public entities and their governance, Murmu added.

The term 'Fourth Industrial Revolution' was first introduced by a team of scientists developing a high-tech strategy for the German government, and popularised by Klaus Schwab, Executive Chairman of the World Economic Forum (WEF). (IANS)

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