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MCA asks Cost Auditors to tap AI to better detect inefficiency
The corporate affairs ministry has directed cost auditors to focus on potential risk areas, assess cost inefficiencies' impact on financial health, and utilize AI to identify unnoticed patterns or anomalies. Cost records are essential for tax calculations, funding for government projects, and official subsidies and incentives.
The Ministry of Corporate Affairs (MCA) has asked cost auditors to focus on potential risk areas, evaluate the impact of cost inefficiencies on companies’ financial health and take advantage of artificial intelligence (AI) to plug loopholes.
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