ICAI Seeks AI Solutions for Finance, Accounting and Tax Compliances, Invites Companies to Submit Proposals

Instititute urges all eligible AI companies to participate in this process, contributing to the advancement of the accounting profession and support the industry.
ICAI - AI Solutions for Finance - AI Solutions - Accounting and Tax Compliances - AI Solutions for Tax Compliances - Tax news - Taxscan

The AI committee of Institute of Chartered Accountants of India ( ICAI ) sought AI solutions for Finance, Accounting,  tax compliance, legal document drafting, and AI similar services. The committee has invited unconditional Expressions of Interest ( Technical Proposals ) from experienced AI companies

The institute having 4 lakh members and over 9 lakh students wanted to update themselves with the new emerging technologies.

The ICAI announcement states as follows:

“The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament, namely, The Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949). It is responsible for regulating and developing the profession of Chartered Accountants in the country. The Institute operates under the administrative control of the Ministry of Corporate Affairs, Government of India. As the largest professional body of Chartered Accountants in the world, the ICAI has a long-standing tradition of serving the Indian economy in the public interest. With approximately 4 lakh members and over 9 lakh students, the ICAI boasts 176 branches across India and 50 overseas chapters globally.

The AI Committee of The Institute of Chartered Accountants of India (ICAI) invites unconditional Expressions of Interest (Technical Proposals) from experienced AI companies that have developed AI tools for finance, accounting, tax compliance, legal document drafting, and AI similar services. These companies are invited to submit their unconditional EOIs online. These AI tools should be beneficial for members in industry, business, practice, students, and ICAI stakeholders in their daily work.”

Submission Details:

Interested companies are requested to submit their EOIs online, providing detailed proposals outlining the functionality, benefits, and integration capabilities of their AI solutions. The submission deadline for EOIs is Monday, June 20, 2024, at 5 PM, and all submissions must be made through the designated portal: https://ai.icai.org/eoi.php.

Process of Evaluation:

The AI Committee will evaluate the technical proposals and invite the shortlisted Companies to present their POCs/demonstrations. The selected Companies will then be asked to submit their financial proposals for the empanelment of AI tools service providers. AI in ICAI will sign agreements and list these providers in the AI Hub for the benefit of ICAI stakeholders.

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