An advanced AI-powered GPT tool has been launched by the Institute of Chartered Accountants of India (ICAI) to support the Chartered Accountants in preparing and comprehending financial statements for non-corporate entities, LLPs, and NLP-based reports. The tool, comprehended as ICAI GPT, is developed to propose instant, simplified guidance utilizing Generative AI, assisting users in interpreting the “Guidance Note on Financial Statements of Non-Corporate Entities”.
The same effort comes under @AIinICAI, the devoted drive to promote the adoption of artificial intelligence in the accounting and auditing profession. ICAI GPT serves as a virtual assistant that makes the complicated norms simpler to navigate and decreases the time consumption on interpreting the technical documentation.
ICAI GPT Proposes
- Guidance on preparing financial statements for non-corporate entities.
- Services with LLP accounting and compliance matters.
- Support in creating Natural Language Processing (NLP) reports.
- Interactive responses based on ICAI’s authoritative guidance.
The same AI tool can now be accessed by professionals, and they can also take advantage of faster decision-making, effective precision, and improved compliance.
Access ICAI GPT Pre-requisites
Only the registered Chartered Accountants or members/students of ICAI can access the ICAI GPT to ensure secure and personalized access. Below is your requirement-
- A valid Self-Service Portal (SSP) login at ICAI.
- Your 6-digit Membership Number or Student Registration Number.
- Date of Birth as registered in ICAI records.
- Once verified, you will be redirected to the ICAI GPT interface for instant access.
- This is available for Foreign Members also.
The platform can operate on desktop and mobile and is available 24/7.
ICAI celebrates its innovation spirit via ICAI AI Hackathon as it successively leads the profession into the future. The Champion of ICAI AI Hackathon Season 2, CA. Prabhaw Agarwalla, who secured the 1st Position for his outstanding AI-driven solution, has been officially declared by @AIinICAI.
Read Also: AI Tools Are Changing the CA Accounting Profession, But How
ICAI with Open AI
With the launch of the CA GPT, a cutting-edge tool, ICAI is celebrating its 75th anniversary. This AI tool is made in partnership with OpenAI and provides human-like answers and support tailored for chartered accountants and CA students. CA GPT is been trained on 75 years of ICAI’s comprehensive data, which can address distinct queries from simple to complex with precision.
Empowering Students and Professionals
A member of ICAI’s Central Council and Chairman of the AI in ICAI committee, Dayaniwas Sharma, shows the CA GPT’s potential in the AI innovation summit. He expressed about the tools’ capabilities and specified that more than 30,000 members have been using it for a long time. The members of the institute have been motivated to see the prospect of Generative AI to enhance their professional practices.
Training and Upskilling Initiatives
Certificate Course on AI Tools
ICAI, to ensure the ability of the members in using AI tools, has created a three-day certified course. This preliminary course, of 18 hours, delivers foundational knowledge and practical skills. To make the members more skilled in AI, along with its applications in accounting, two advanced courses are also planned.
Use Cases and Hackathon
Vice-Chairman of AI in ICAI, Umesh Sharma, declared plans to post distinct use cases illustrating the way the members can benefit in their practices with the use of Generative AI. The institute is launching Season 2 of the hackathon, inviting innovators to address content-generation issues encountered by ICAI members.
Future Plans and Global Outreach
Upcoming Conference in San Francisco
In October, ICAI President Ranjeet Kumar Agarwal cited plans to host an identical AI-focused conference in San Francisco. He outlines the significance of having AI expertise, saying that while AI will not substitute chartered accountants, those who understand how to use artificial intelligence will have an advantage over others. The institute is currently talking with the Ministry of Electronics and Information Technology (MeitY) about creating a tool that uses artificial intelligence (AI) to improve the auditing process of companies and find any instances of fraud.
Focus on AI in Accounting
Conference Highlights
Topics covered in the two-day AI Innovation Summit include the challenges of AI adoption, the future of technology in accounting, upskilling chartered accountants in the AI era, cybersecurity issues, compelling prompt engineering, and AI applications in forensic audits. Complete information on the integration of AI in accounting practices has been furnished in the Summit.
Closure
The devotion of the ICAI in integrating AI and Generative AI into its operations is a big achievement in its journey. The institute, by launching CA GPT and commencing distinct training and development programs, is ensuring that its members are ready to tackle the AI power. The same approach set ICAI members to advance in the accounting profession and make them capable of handling issues and opportunities of the digital age.
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