ICAI revised Implementation Guide on reporting Audit Trail
ICAI has issued an Implementation Guide on reporting Audit Trail under Rule 11(g) of the Companies (Audit & Auditors) Rules 2014 Revised Edition 2024
The Ministry of Corporate Affairs vide notification dated March 24, 2021 issued the Companies (Audit and Auditors) Amendment Rules, 2021 which made various changes in Rule 11 of the Companies (Audit and Auditors) Rules, 2014.
The Rule 11(g) requires auditors to report on the use of accounting software by company for maintaining its books of account which has a feature of recording audit trail. The said requirement was postponed subsequently. However MCA vide notification dated 31st March 2022, postponed the requirement of compulsory audit trail in company accounting software to financial year commencing on or after 01.04.2023.
ICAI in March 2023 has issued an Implementation Guide for providing guidance to the member chartered accountants on this new reporting requirement.
ICAI has issued a revised edition of publication, “Implementation Guide on Reporting on Audit Trail under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014”. This revised edition has a separate section of Frequently Asked Questions (FAQs) that covers various practical situations which may be faced by the members while reporting under Rule 11(g). This revised Implementation Guide aims to held chartered accountants to comply with the reporting requirement of Rule 11(g) more
effectively.
The Implementation guide consists of Scope and applicability of the provision, responsibility of the management and the auditor. The guide also include guidance in audit approach examining the audit trail.
The Guide gives Illustrative reporting and points of special Consideration in case of Fraud Scenarios.
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