- March 24, 2023
- Posted by: Pravinjana Consultants
- Category: What's New
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The Ministry of Company Affairs (MCA) had issued a notification, dated March 24, 2021. According to this notification, all companies that use accounting software to maintain their books of account must use software that can
- Record an audit trail for every transaction,
- Create an edit log for each change made in the books of account (including the date of such changes), and
- Ensure that the audit trail cannot be disabled.
The MCA has announced that these amendments will come into effect on April 1, 2023. This implies that businesses must comply with the Accounts Rules beginning in the financial year 2023-24.
MCA Site – https://mca.gov.in/