The CA Institute, responsible for regulating the country’s Chartered Accountants, has released a revised implementation guide for MCAs’ mandatory audit trail norm. With the objective of providing clarity and guidance to companies and auditors, the guide addresses various aspects of the norm and answers frequently asked questions.
The mandatory audit trail norm, introduced by the Ministry of Corporate Affairs (MCA), aims to enhance transparency and accountability in financial reporting. It requires companies to maintain a detailed audit trail of all financial transactions.
The revised implementation guide by the CA Institute helps in understanding the practical implications of the norm. It explains the scope of the norm, the entities required to comply, and the timeline for implementation. Additionally, it provides guidance on the technology infrastructure required for maintaining the audit trail.
Companies and auditors can refer to the implementation guide to understand the documentation and processes needed for compliance. The guide also highlights the roles and responsibilities of auditors in auditing the audit trail and reporting any deviations or issues.
Through the release of this guide, the CA Institute aims to support the smooth implementation of the mandatory audit trail norm. Compliance with the norm is expected to enhance the reliability and credibility of financial statements. It will facilitate better analysis and decision-making for investors, regulators, and other stakeholders.
To access the revised implementation guide issued by the CA Institute, click on the link provided below.
