Current Affairs 04 October 2023
Today’s News
Using AI for audit techniques
(Current Affairs 04 October 2023 | Relevant for GS paper-2)
- The Comptroller and Auditor General of India (CAG), Girish Chandra Murmur, who is the chair for the Supreme Audit Institutions (SAIs) of the G20, warned that absolute dependence on Artificial Intelligence (AI) for auditing purposes may lead to inaccurate findings, and emphasised ethics as the cornerstone of responsible AI.
- Responsible AI must be ethical and inclusive. Only ethical AI can add credibility, trust, and scalability to the CAG audit. Data sets must be complete, gathered on time, accurate, available, and relevant.
- The AI auditor must be extra vigilant about the risk of inherent AI data bias if data are taken from unauthorized sources like social media, where data manipulation and fabrication are common.
- In June, the European Parliament approved the EU AI Act, the first of its kind in the world. The Act ensures that generative AI tools such as Chat GPT will be placed under greater restrictions and scrutiny.
- Ensuring the accuracy of vast Internet data mines is a challenge. The content generated by AI systems may lead to potential copyright infringement issues, violating intellectual property rights.
- Addressing legal implications relating to content ownership is a formidable task. AI bias is an inherent risk originating from the human bias that is added to the data sets of machine learning. Elon Musk wants to address these concerns by developing ‘Truth GPT’, a “maximum truth seeking AI”.
- A multifaceted approach may be required to mitigate bias and ensure the safety and accuracy of AI models. U.K. Prime Minister Rishi Sunak said that he wants to make the U.K. the “geographical home” of AI safety regulation.
- The CAG faces many challenges in auditing AI systems. AI regulation and data standardization are critical. Since the data for various government entities are taken from different sources and stored in multiple divergent platforms, the AI auditor will face enormous risks and challenges.
- The data platforms of all entities must be synchronised through the government’s IT policies.
- The SAI G20 conference emphasized the need for a common international audit framework relating to AI.
- At present, auditors can only adopt and adapt existing frameworks and regulations relating to IT. As there are limited precedents for AI use, the national audit institution needs to communicate with all the stakeholders.
- Since there is wide variance among AI systems and solutions, the auditor must adopt an appropriate AI design and architecture while defining the audit’s objective, scope, approach, criteria, and methodology.
- There needs to be capacity building of auditors in varied aspects of the AI technology landscape so that they are familiar with AI frameworks, tools, and software. In the absence of explicit AI auditing guidance, auditors must focus on ethics, use authentic data sources to ensure transparency, address legal concerns, and look at deficiencies in IT controls and governance.
- Global organizations have developed many AI auditing frameworks. These include the COBIT framework for AI audit, the US Government Accountability Office framework, and the COSO ERM Framework.
- With few frameworks available for auditing AI, auditors can only focus on the risks, controls and governance structures that are in place to determine whether they are operating effectively.
Fixing the rot in the cooperative sector
(Current Affairs 04 October 2023 | Relevant for GS paper-1, Cooperative Sectors)
- The financial irregularities in the Karuvannur Service Cooperative Bank in Thrissur and the allegations of money laundering, now under investigation by the Enforcement Directorate, have blown the lid off a scandal that has struck at the very roots of the cooperative sector in Kerala.
- The scale of the problem became apparent when reports trickled in that several cooperative institutions had failed to return deposits on maturity, and depositors had begun queueing up for their hard earned money.
- The loan scam at the Karuvannur Bank that triggered the mess came to light when customers began complaining that they were lured into a debt trap by middlemen.
- The CPI(M) found itself on the defensive when the ED arrested a local party strongman in connection with the money laundering case.
- The rot in the cooperative sector became apparent last year when the government informed the Assembly that financial irregularities had been detected in 399 cooperative institutions over a period of six years.
- The cooperative sector in the State has a two tier structure. At the apex level is the Kerala Bank, which was formed with the merger of 14 district cooperative banks.
- With the parliamentary elections fast approaching, the government has repeatedly sought to allay the fears of depositors and promised that their investments would be protected.
- All the societies and urban banks are controlled by local politicians with no professional expertise, and backdoor appointments are common. The lack of a proper auditing mechanism and the absence of transparency in the functioning of cooperatives are other major failures responsible for the current crisis that has severely eroded the credibility of the sector.
- The government and the CPI(M) have launched a damage control exercise focused on finding the resources to return money to depositors.
- The government has to fix responsibility for the scam and ensure that the culprits are brought to book regardless of their political affiliation. The system needs to be thoroughly overhauled.
World Bank keeps India FY24 growth forecast at 6.3% on waning demand
(Current Affairs 04 October 2023 |Relevant for GS paper-2)
- The World Bank on Tuesday retained India’s growth forecast at 6.3% for the year 2023-24 saying the expected moderation was due to challenging external conditions and waning pent up demand.
- The World Bank had in April too projected 6.3% GDP growth for 2023-24.
- India recorded 7.2% growth in 2022-23. According to the RBI’s latest forecast, the economy would grow at 6.5% in 2023-24
- In its latest India Development Update, the Bank noted that service sector activity was expected to remain strong with a growth of 7.4% and investment growth was also projected to remain robust at 8.9%.
- The Bank said despite significant global challenges, India was one of the fastest growing major economies in 2022-23 at 7.2%.
- According to the World Bank’s Country Director in India Auguste Tano Kouame, for India to become a high income country, one of the critical aspects required would be a higher female labour force participation rate.
Pink Bollworm
(Current Affairs 04 October 2023 | Relevant for Prelims)
- The Pink Bollworm (Pectinophora gossypiella) infestation in cotton fields across northern India has become a severe crisis for farmers, causing widespread damage and financial losses.
- The infestation of the Pink Bollworm (PBW) has hit cotton fields in northern Rajasthan, Haryana, and south western Punjab since 2021.
- The PBW is a destructive pest that primarily affects cotton crops. It is native to Asia and was first reported in India in 1842.
- PBW larvae burrow into the developing cotton bolls, affecting both the weight and quality of the harvested cotton lint.
- Genetically modified Bt cotton seeds, initially effective against certain pests, have lost their efficacy in combating PBW due to the insect’s resistance.
IAF Boosts Indigenous Missile Arsenal with Astra-MK1
(Current Affairs 04 October 2023 |Relevant for Prelims)
- The Indian Air Force (IAF) has placed two contracts with Bharat Dynamics Limited (BDL) for the indigenous Astra Beyond Visual Range (BVR) Air to Air Missile and the first batch is expected to be inducted by the end of 2023.
- Astra is fully integrated on the SU-30MKI and in August, 2023 it was successfully test-fired from the Light Combat Aircraft (LCA) Tejas off the coast of Goa.
- Development is also underway for the more advanced Astra-MK2, which boasts longer-range capabilities
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