COMPANY LAW Compulsory audit trail in company accounting postponed to FY on 01.04.2023.onwards

Compulsory audit trail in company accounting postponed to FY on 01.04.2023.onwards

Compulsory audit trail in company accounting postponed to FY on 01.04.2023.onwards
  • The requirement for a compulsory audit trail in company accounting software has been postponed to the financial year commencing April 1, 2023.
  • The requirement for a mandatory audit trail in corporate accounting system has been postponed until the fiscal year that begins on or after April 1, 2023. MCA Notifications should be read.
  • The implementation of a mandatory audit trail in accounting software has been delayed. The necessity of a mandatory audit trail in company accounting software was postponed by the MCA in a notification dated March 31, 2022.
  • An audit trail is a sequential, step-by-step record that proves the documented history of financial transactions back to their source. With the use of the audit trail, an auditor can track the financial data of a specific transaction from the general ledger to its source document.

  • An audit trail encourages users to be more accountable and compliant, protects against fraud, enhances security, and, most importantly, ensures that the correct information reaches the public domain.

  • The basic goal of requiring an audit trail feature in accounting software was to reduce the risk of fraudulent transactions or manipulation in the company's books of accounts while also increasing transparency.

Disclaimer: The content of this post isn't considered to be professional or legal advice, We aren't responsible for any damages arising from your access to the location content & must not be relied on or used as a substitute for legal advice from a lawyer professional in your jurisdiction. CARajput is among India's big digital compliance services platform which committed to helping people have started & developed their businesses. We had started with the goal of creating it easier for start-ups to start out their business. Our main aim is to assist the businessman with applicable laws & regulations compliance and providing support at each & every level to make sure the business stays compliant and growing continuously. For any query, help or feedback you may in touch on singh@carajput.com or Call or what’s-up on 9-555-555-480

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