The Indian Cost Accounts Service (ICoAS) Day was celebrated by the Office of Chief Adviser Cost, Department of Expenditure, Ministry of Finance.

Dr. T. V. Somanathan, Finance Secretary & Secretary (Expenditure) presided over the function. Shri Tuhin Kanta Pandey, Secretary, DIPAM, chaired the Technical Session on the topic “Artificial Intelligence and Role of Finance Professionals - Challenges & Opportunities”. The Senior Officers from various Ministries/Departments in addition to the presidents of the Institute of Cost Accountants of India and the Institute of Chartered Accountants of India also graced the occasion.

In his Key-note address, Finance Secretary & Secretary (Expenditure) appreciated the advice rendered by the ICoAS officers in the course of evaluation of various financial proposals appraised/approved by the PIB/EFC/SFC etc. He also appreciated the findings under various study reports submitted by the O/o CAC which resulted in significant savings for the Government. He complimented the officers on the service day and expected that the officers will continue to support the Government in bringing efficiency and cost reduction.

Secretary, DIPAM, on the occasion, said that in the ongoing global scenario, automation and technological changes particularly ‘Artificial Intelligence’ will change the process and procedures adopted by the Government. He also urged ICoAS officers that the foundational model for artificial intelligence is best suited for their functioning considering the vast diversity of the country.

Earlier on the occasion Shri Ashu Mathur, Head of Service, welcomed the dignitaries on behalf of the Indian Cost Accounts Service. Observing that over the years, the focus of the Department has been on enhancing services and leveraging technology for efficient service delivery. He also gave an overview of some of the remarkable achievements of the service officers.

Later, president, ICAI and president, ICMAI also shared their views on the importance and contribution of the ICoAS officers in the nation building.

The function ended with a vote of thanks proposed by Shri Pawan Kumar, Additional Chief Adviser Cost. He thanked the Finance Secretary & Secretary (Expenditure), Secretary DIPAM and all other dignitaries for gracing the occasion and inspiring with his words of wisdom.

Artificial intelligence in finance professionals urged to modernise procedures and improve efficiency and cost reduction by ICoAS leadership. The celebration recognised ICoAS officers' advisory role in appraisal and approval of government financial proposals and noted study reports that achieved significant savings and efficiency in public expenditure; it also emphasised integrating automation and artificial intelligence into finance functions to modernise procedures and improve service delivery.