In this particular blog we would be learning about the Latest Compliance of the Ministry of Corporate Affairs which is going to come into effect from April 01, 2022 wherein all companies governed by the Companies Act, 2013 would have to mandatorily update to an accounting software providing an uneditable feature of Edit Log or as the MCA like to say it an “Audit Log”.
An unalterable Audit Log will record date-by-date, hour-by-hour log of Accounting Transactions posted and edited in the Accounting Software with a timestamp. This will be mandatory compliance to be followed by all companies in a tamper-proof manner.
The Company Auditor will have to comment on the existence and effectiveness of such Audit Trail/Edit Log while examining the Books of Accounts. Realtime Updation of Books of Accounts would be the need of the hour with this mandatory MCA Compliance.
Team DBC strongly believes that – Gone are the days of back-dated recording of transactions and back-dated adjustments of Books of Accounts.