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April 01, 2023
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Audit Trail Mandated by Ministry of Corporate Affairs

In compliance with the Companies (Audit and Auditors) Amendment Rules, 2021 issued by the Ministry of Corporate Affairs (MCA), it is now imperative for all companies, whether Private or Public, utilizing accounting software for their bookkeeping, to employ accounting software with an AUDIT TRAIL feature. This feature is crucial for the following reasons:

  1. Documenting a comprehensive audit trail for each transaction recorded in the company's books of accounts.
  2. Maintaining an edit log that records all changes made to the books of account, along with the respective dates of modification.
  3. Ensuring that the audit trail remains enabled throughout the entire fiscal year, with no possibility of disabling it.

This requirement is mandatory for the financial year starting from April 1, 2023, and applies to all companies utilizing accounting software in accordance with the Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014.

Please reach out to your accounting software provider (e.g., Tally, Busy, or others) to activate the Audit Trail feature in your accounting software

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