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Ensuring a compliant financial reporting framework
With effect from 1 April 2023, the Ministry of Corporate Affairs (MCA) has made it mandatory for companies to maintain an audit trail throughout the year for transactions impacting books of accounts. While the circular dated 24 March 2021 laid out the requirement for management to enable the “audit trail feature”, this was deferred twice, with the requirement now finally being applicable with effect from 1 April 2023.
The rules require for each company to use accounting software that can record the “audit trail” to capture change history, including the “who”, “what”, and “when” for relevant transactions impacting the books of accounts.
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Anthony Crasto
President, Risk Advisory, Deloitte India
Anthony Crasto is the President of Risk Advisory practice, Deloitte India. He has over 27+ years of experience across India and Global markets leading large transformational engagements in Industrial ... More
Shuchi Sangal
Partner, Risk Advisory
Shuchi Sangal is a Partner in the Technology and Transformation practice at Deloitte India, with over 18 years of experience in SAP advisory and technology risk assessment domain. She is a Chartered A... More
Sriram Balasubramanian
Partner, Risk Advisory, Deloitte India
Sriram is a Partner with Deloitte’s Risk Advisory practice and has more than 16 years of post-qualification experience. His focus has been into leading large audit engagements across multiple industri... More
