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ANNOUNCEMENT Sub: MCA has made amendments in the provision related to Audit Trail and made them effective for FY commencing on or after 01st April, 2022, on request made by the Institute of Chartered Accountants of India In view of applicability of the amendments made vide notification dated 2
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FAQ :
The provisions related to audit trail will be effective for financial years commencing on or after 1st April 2022.
The ICAI requested the Ministry of Corporate Affairs (MCA) for a clarification on the audit trail provisions, which has now been issued.
Companies must use accounting software that has a feature for recording an audit trail of every transaction and creating an edit log of changes, ensuring the audit trail cannot be disabled.
Auditors must report on whether the company has used accounting software with an audit trail feature, if it was operated throughout the year, if it has been tampered with, and if it has been preserved according to statutory requirements.
Amendments have been made to Rule 3(1) of the Companies (Accounts) Rules, 2014, and Rule 11 of the Companies (Audit and Auditors) Rules, 2014.
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