Mandatory Accounting Software with Recording Audit Trail for Companies from 1st April 2023

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Mandatory Accounting Software with Recording Audit Trail for Companies and Auditor's Responsibility, Reporting Requirements from 01st April 2023 discussed by CA. Vivek Khurana

FURTHER EXTENSION BY MCA...
Mandatory Accounting Software with Recording Audit Trail for Companies and Auditor's Responsibility, Reporting Requirements extended to 1st April 2023. - MCA

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The Corporate Affairs Ministry (MCA) has mandated every company that uses accounting software to maintain its books of accounts to only use software that has the feature to record audit trail of each and every transaction put through after April 1, 2021

1. Company (Accounts) amendment Rules, 2021- MCA,
- The MCA vide Notification No. G.S.R. 205(E), dated March 24, 2021 has issued ‘Companies (Accounts) Amendment Rules, 2021’ to further amend to amend the Companies (Accounts) Rules, 2014,
- Provided that for the financial year commencing on or after the 1st day of April, 2021, every company which uses accounting software for maintaining its books of account, shall use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled.”
The above Notification will come into force with effect from April 1, 2021.

2. Companies (Audit and Auditors) Amendment Rules, 2021 - MCA,
- MCA has vide its Notification Dated 24th March 2021 notified Companies (Audit and Auditors) Amendment Rules, 2021 and omitted clause (d) of Rule 11 of Companies (Audit and Auditors) Rules, 2014 which is as follows –
- (g) Whether the company has used such accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has been operated throughout the year for all transactions recorded in the software and the audit trail feature has not been tampered with and the audit trail has been preserved by the company as per the statutory requirements for record retention.”.
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#CASansaar #MCA #Accounting #Audit #Accounts #AccountingSoftware #AuditTrail, #ICAI, #CA #Auditors, #AuditReport

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