The Ministry of Corporate Affairs (MCA) issued a notification directing mandatory for companies using accounting software for maintaining their books to use software that allows to record audit trail of each and every transaction. Companies need to ensure that their accounting software comprises an audit trail feature creating an edit log of all transactional changes along with date from 1st April 2022 to remain compliant to the latest amendment, at least from 1st April 2022. 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: 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 new rule has been introduced to bring transparency and restrict or reduce data manipulation of companies and must comprise of the following enhancements: Track and create an edit log of all transactional changes made in the books of account Capture all timeline details like date whenever any changes are done Accounting software must ensure that the edit log cannot be disabled . Consult Accovet to get complied with the latest updates Call +91 9567781143 Email [email protected] Visit www.accovet.com | www.accovet.in https://www.instagram.com/p/CbjJBIqqkkD/?utm_medium=tumblr
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