What you ought to know about Audit Trail
ICAI has issued revised edition in January 2024 of its implementation guide on Audit Trail Requirements for Companies Using Accounting Software. We’ve distilled the guide including FAQs in an intelligible simplified synopsis, aiming to make it easily comprehensible and to save you valuable time.We further wish to provide insights on steps to prepare yourselves for audit of such audit trails by the statutory auditors for their reporting. This information is vital for ensuring compliance and transparency in financial reporting. Who needs to maintain audit trail and from when?
- Every Company in India using accounting software
- No exception for SMCs, banks or NBFCs, foreign or section 8 companies
- Excludes where books are entirely maintained manually
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- Applicable from April 1, 2023