New Delhi, Jan. 26 -- The National Financial Reporting Authority (NFRA) is exploring the use of artificial intelligence (AI) in overseeing statutory audits and plans to complete inspections of ten audit firms in the current financial year, the highest in its seven-year history, said chairperson Nitin Gupta in his first media interview since taking charge last July.

Gupta said NFRA is taking "baby steps" in testing AI, which could later be deployed on a larger scale. "The idea is to expedite the overall workflow and make it more efficient."

The move would enable the regulator to analyse more financial statements on critical accounting policies, questionable transactions, and auditors' professionalism in a fast-moving economy.

This finan...