05 April 2023
As per the Companies Act 2013, the new amendment released by the MCA will be applicable to the following companies, including the companies that are managed by State and Central Government, NGOs who are receiving funds from various stakeholders:
All Public and Private Limited Companies One Person Companies (OPCs) Companies owned by Government of India State Government Companies Not-for-Profit Companies/Organization Nidhi Companies
The following businesses don’t fall under the purview of the audit trail rule: Individuals Proprietorship concerns Partnership firms LLP-Limited Liability Partnership
05 April 2023
The system requirements for an audit trail will vary depending on the specific software or system being used to implement the audit trail. In general, however, the following system requirements should be considered when implementing an audit trail:
Sufficient storage space: An audit trail typically generates a lot of data over time, so the system should have enough storage capacity to store all the audit log data.
Robust logging capabilities: The system should be capable of logging all relevant activities, such as user logins, file accesses, and database modifications.
Secure data storage: The audit trail data must be stored in a secure manner to prevent unauthorized access, tampering, or deletion.
Strong data encryption: Audit trail data should be encrypted to ensure confidentiality and integrity of the data.
Regular backups: Regular backups of audit trail data are essential to ensure that the data can be recovered in case of system failure or data loss.
Scalability: The system should be able to handle increasing volumes of audit trail data as the organization grows or as more systems are added.
Real-time monitoring: Real-time monitoring of the audit trail can help detect and prevent security breaches and unauthorized access.
These are some of the key system requirements for an audit trail, but the specific requirements will depend on the nature and complexity of the system being audited, as well as the regulatory and compliance requirements that apply to the organization.
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