Ministry of Company Affairs, Govt of India, has extended the Due Date of Audit Trail Applicability
Order passed in evening of 31-3-2022, made public in night of 31-3-2022
Old Decision was applicable from 1-4-2022
Each accounting transaction was mandated to have its editing history. And history that you cannot disable, edit, and remove.
And not merely this, each auditor was mandated to report whether the above was being followed
Thankfully, Govt has realised that these things are not ease of doing business. And Business cannot always work on a Razor’s Edge.
Anyway, The Ministry of Corporate Affairs (MCA) has extended the due date of Audit Trail Applicability till April 1st 2023 under the provisions of the Companies Act, 2013 by amending by notifying the rules, i.e., Companies (Accounts) Second Amendment Rules, 2022.
A notification issued by the Board in accordance with the powers conferred by sub-sections (1) and (3) of section 128, sub section (3) of section 129, section 133, section 134, sub-section (4) of section 135, sub-section (1) of section 136, section 137 and section 138 read with section 469 of the Companies Act, 2013 (18 of 2013), amended the Companies (Accounts) Rules, 2014.
The relevant notification stated that “They shall come into force on the date of their publication in the Official Gazette. 2. In the Companies (Accounts) Rules, 2014,- (i) in the proviso to sub-rule (1) of rule 3, for the figures, letters and words “1. day of April, 2022”, the figures, letters and words “1st day of April, 2023” shall be substituted; (ii) in the proviso to sub-rule (1B) of rule 12, for the figures, letters and word “31. March, 2022”, the figures, letters and word “31. May, 2022” shall be substituted.”
Old Notification of 2021 was
Later postponed to 2022
Again, now postponed to 2023
Thank God for Small mercies…
Still, get used to making your systems better and better