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In a quest to make financial processes more transparent, starting from 1st April 2023, the Ministry of Corporate Affairs (MCA) has made it mandatory for businesses using accounting software to have the audit trail (edit log) feature. This feature will track end-to-end transactions events such record, edit, delete etc. and enable a seamless business ecosystem.
Although the reason behind this move has primarily been to bring in compliance and transparency in the business ecosystem, it also aimed to eliminate any disarray within the system, thereby enabling companies to handle their finances better. With the new audit trail (edit log) feature integrated into accounting software, businesses would be able to keep track and aggregate logs that would further help them remain compliant with the regulations.
However, since it's a new mandate, we understand that you might have certain questions pertaining to the new audit trail rule as a business. How to quickly get accustomed to the new rule? How should you prepare for the upcoming days? To provide you with a better understanding of the process, here's a detailed insight into the brief of the MCA, what it implies, and how you can prep for the upcoming mandatory rule.
|Key Requirements of the Audit Trail (Edit Log) Rule Issued by MCA||How Audit Trail can Lead to Increased Compliance and Transparency|
As per the notification, businesses that fall under the purview of the MCA and are using accounting software to maintain all financial transactions will require the audit trail (edit log) feature to remain compliant with the latest regulation.
This would help companies identify any anomalies in data or unusual activities that might have happened in the system. It will also help businesses detect fraud identify problem areas, enabling seamless business processes.
The new audit trail rule in accounting software will now be implemented from 1st April,2023. This was originally planned for 2021 and but later the effective date was moved to 1st April,2023.
With the audit trial rule, you might have several questions about how to prepare your business to be compliant with the new rule. To answer that, here are some of the key aspects that you need to keep in mind as a company to prepare for the upcoming audit trail rule:
The latest release 'TallyPrime Edit Log Release 2.1', is enhanced with the edit log feature that caters to the amendment released by the Ministry of Corporate Affairs (MCA). Following are the features of TallyPrime edit log release:
Read more about audit trail
Audit Trail – Meaning & Examples, Why do We Need an Audit Trail (Edit Log) for Businesses, 5 Features to Look in Audit Trail (Edit Log) Accounting Software, Audit Trail – Edit Log the New Statutory Watch Guard for Businesses, How Audit Trail (Edit log) can Lead to Increased Compliance and Transparency
Audit trail rule
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