With India striving to become a $30-trillion economy by 2047, technology will have to be leveraged on the audit and accounting front, said Comptroller and Auditor General K Sanjay Murthy, adding that the institution is building a tech-driven ecosystem for public financial oversight.
“The path to Viksit Bharat asks us to look at the nation as a technology-driven and knowledge-based economy with robust public finances and a resilient financial sector,” said the CAG whil speaking at the World Forum of Accountants hosted by the Institute of Chartered Accountants of India (ICAI). He stressed that the accounting and auditing professions should become important enablers in this process.
Shri K. Sanjay Murthy, Comptroller and Auditor General of India, reminds us that the future belongs to those who embrace technology with open minds. To unlock its full potential, we must Revolve, Stay Alert, and Evolve. pic.twitter.com/o2wWgM3jjy
— World Forum of Accountants (WOFA) 2025 (@ICAIWOFA) February 1, 2025
Pointing out how technological solutions have helped organisations achieve high performance outcomes, the CAG said more companies and larger government budgets cannot be handled by physically replicating existing structures and processes. “Technology will have to be leveraged to keep up and deliver,” said Murthy.
The CAG asserted that a $30 trillion economy would also be a digital economy, adding that as organisations expand into new sectors, they would require the support of accounting and auditing professionals. “Taking a leadership role in developing and adapting innovative technological practices would also help Indian firms to become global champions,” he said.
Explaining how AI, machine learning, robotic automation and blockchain technology have revolutionised the field, Murthy said, “The evolution of technology and adaptation will require a transformation in intellectual and infrastructural capacities.”
Citing the ‘The Future of Jobs Report 2025’ by the World Economic Forum, the CAG said 20 per cent of existing skill sets will either be transformed or outdated by 2030. With this in mind, he said the apex audit institution is working on integrating advanced technologies to bolster audit capabilities. “We have already taken the leap of faith and started building necessary infrastructure and processes to harness these technologies to use them in auditing processes and to audit AI applications themselves,” he added.
ICAI President Ranjeet K Agarwal, and CA Charanjot Singh Nanda were also present at the annual conference.
