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REPORT Survey on AI in CA Firms

The AI Committee at the Institute of Chartered Accountants of India (ICAI) has successfully conducted a
survey to understand the adoption and usage of AI in Chartered Accountant offices across the country. We
extend our heartfelt thanks to all the Chartered Accountants who have participated and shared their
insights.
The result of this survey, which is based on the responses from about 1100 members, is published for
reference of CA’s . The AI Committee in ICAI will use these results to further analyze the current landscape
of AI usage. This analysis will help in increasing awareness about AI tools and assist in the development
and adoption of the ICAI Custom GPT for Chartered Accountants. Our goal is to ensure that our
community is at the forefront of technological advancements, benefiting from tailored AI solutions that
enhance professional growth and efficiency.
We look forward to your active engagement with us as we continue to explore the realm of Artificial
Intelligence and build an ecosystem to realise the potential of these exciting developments for
professional development.

Frequency of AI Use for Routine Tasks - Nearly half Integration into Audit Processes - As indicated in the
of the respondents have rarely or never used AI. It earlier question, the AI adoption is in its early stages.
indicates that AI is still in the early stages of Consecutively, members have started to explore AI
adoption stage amongst the members and shows for Auditing (indicated by minimal to moderate
substantial potential for growth in AI adoption. usage). It suggests that the integration of AI in Audit
processes has long way ahead due to varying levels of
How often does your office use AI-based AI adoption. These differences may reflect varying
1. levels of technological engagement and capability
ttools for routine accounting tasks?
across firms.
Rarely
T what extent has AI been integrated into
To
31.1% 3.
your audit processes?
y
Monthly
6.6% Extensively
Routine
Accounting Moderately
Tasks
Weekly
11.5% Minimallyy
38.8% 40%
Daily
21%
Not at all
Never 16.3%
29.8%
4.9%

AI Applications Currently Used - The response
indicates that AI is gaining traction with
automation(A) showing promise, as members are
exploring various types of AI applications. However
the overall response indicates a large untapped
potential for AI applications.
Effectiveness of AI in Tax Preparation - The responses
indicate wide-ranging effectiveness of AI in Tax
preparation. It also indicates diverse experiences with
AI in tax processes, which is possibly due to variability
in tool implementation and the specific technologies
employed.

2. W
Which of the following AI applications does How would you rate the effectiveness of
y
your office currently use? (Choose all that 4.
AI tools in improving the efficiency of tax
apply) preparation and filing in your office?
Automated data
entry and
reconcilliation 320 (28.8%)
Very effective 10.9%
Predictive analytics 9.8%
for financial 104 (9.4%) Somewhat effective 38.4%
forecasting
Chatbots for client 184 (16.5%) Not very effective
e
inquiries 40.9%
Document and
Not effective at all
ll
ll
209 (18.8%)
contract analysis

None of the 588 (52.9%)

above
0 100 200 300 400 500 600
 1381

Investment in AI Technologies - As the AI is still in early Impact on Client Satisfaction - A substantial

adoption stage, firms are predominantly cautious number of respondents indicated
about making investments in AI, primarily due to lack positive/improved impact (”Somewhat” and
of compelling success cases or budgetary constraints. “Significantly”), suggesting AI’s potential to
What level of investment has your office enhance client relations with proper utilization.
5.
made in AI technologies in the past year?
8. How has the use of AI in your office
impacted client satisfaction?
High
33.9% Significantly
Moderate
47% improved
Low Somewhat
No investment
improved 37.2% 41.6%
16.2% No impact
Somewhat
2.9% worsened 19.7%
Preparedness for Future AI Adoption - More than half ly
Significantly 0.7%
worsened
of the respondents feel prepared to some extent to 0.8%
adopt more AI solutions in the next 5 years, indicating
an encouraging openness to further AI integration.
Training on AI Tools - About 19.6% respondents
6. H
How prepared do your office is to adopt
have indicated of providing comprehensive training
more AI solutions in the next 5 years?
m
to staff on AI tools and 23.6% getting basic training
Very prepared which shows rising awareness amongst the firms on
AI and its potential. However, the overall response
Somewhat 24.5% indicates a pervasive need for enhanced and more
prepared 34.9% comprehensive AI training across the sector to
10.2% realise the true potential of AI.
Not very
prepared 30.4%
9. Which of the following best describes the
Not prepared at all training provided to your staff on AI tools
and applications?
Barriers to AI Adoption - Lack of Knowledge or Skills is Comprehensive
emerging as most significant barrier, indicating a crucial training covering
need for educational initiatives. The other barriers like multiple AI tools
22.9%
cost constraints and benefit uncertainties could be Basic training on 33.9%
addressed by demonstrating AI’s practical value specific AI tools
through various initiatives like workshops, seminars etc.
Informal, self- 23.6%
7. What
W is the primary barrier to further ing
directed learningng 19.6%
AI
A adoption in your office?
No training provided
rovid
rovided
d
Cost
14%
Lack of knowledge
or skills 10.3%
57%
Uncertainty 18.7%
about benefits Future Role of AI in the CA Profession - A strong
majority (Transformative and Essential-82.8%)
No significant barriers
arr
ar
arr
rrier
rie
ierss believes AI will play a crucial and revolutionary
role, reflecting high expectations for AI in
reshaping the profession.
Conclusion
10. How do you perceive the future role of
The survey depicts a scenario where optimism about AI’s AI in the CA profession?
transformative potential is mixed with inclination to
adopt AI, which faces significant adoption barriers. 3.9%
Transformative
Based on the learnings from the survey, the ICAI will be and essential 12.5%
moving towards building a cohesive ecosystem to 0.8%
improve adoption of AI to fully realise its transformation Beneficial but
potential for finance and accounting, Through targeted not essential
training efforts, facilitating access to AI tools in
collaboration with the industry, and demonstrating Limited use
se 82.8%
effective AI use cases, we aim to encourage members to
explore and utilize AI, paving the way for more Not useful
ull
widespread and effective AI integration.