Companies Accounts & Audit Amendment Rules

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Accounting Standards Rules

The amendment to the Companies Accounts Rules, requires that from the financial year commencing April, 2022, every company will have to use onl y such accounting softwares which have a feature of recording audit trail of each and every transaction, creating an edit log of each change made in books of account along with the date of change and ensuring that the audit trail cannot be disabled.

The companies will have to gear up their accounting software to enable audit trails, increasing the compliance burden and cos ts. The changes are expected to improve internal controls as each change would be logged as a fresh transaction, preventing manipulation of the original transaction at a later date.

This workshop will focus on the Recent Amendments in Companies Accounts and Audit Rules

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• Amendments to Companies Accounts Rules
• Amendments to Companies Audit Rules
• Companies Accounting Standards Rules
• Analysis and impact of the above changes for companies and auditors
• Amendments to the related party transaction rules
• Implementation of mandatory use of accounting software and its impact
• Implications of the Amendment & Mitigations,
• Amendments in Schedule III
• Other matters to be included in Auditor’s Report