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Dear All,

According to the Indian Ministry of Company Affairs (MCA) notification dated March 24, 2021 (Companies (Accounts) Amendment Rules, 2021), for the financial year beginning on or after April 1, 2021, every company that uses accounting software to maintain its books of account shall use only Accounting Software that has a feature of recording an -

  • Audit Trail of each and every transaction, 

  • Creating an edit log of each change made in books of account along with the date when such changes were made. 

  • Ensuring that the audit trail cannot be disabled.

The MCA has later announced that the above amendments will take effect on April 1, 2023, which suggests that accounting software used by businesses will have to comply with the Accounts Rules beginning in the financial year 2023-24.

 

What is the solution in IFS Application regarding Audit Trail features as per MCA Mandate?
Which transactions are considered for Audit Trail features?

Hi, 

I believe IFS already provides an audit trail on the system generated transactions. 

For manually created transaction - such as a manual voucher, you can / should use the document attachment functionality. The concept is for every manual entry you provide the back up / audit support for that entry.  You can enable document attachments in any (nearly any) IFS screen, then you can also make sure the document then flows with the transaction. For example the same document on voucher entry should flow to GL.  The two screens of interest is the object connections (this enables the attachments for a given screen) and the object transformations where we identify how a document flows from scree to screen.  For your version, it may already be set up. 

As for the account changes, this can easily be done via history tracking. We track changes to things in IFS - date / before / after type changes. But it needs to be first set up before the history is tracked. 

You could track any changes via history tracking to see if anyone changes the settings. Furthermore, these are settings that would be managed by the IT staff - not a common user. In other words, very few people should be able to make those setting changes. 

In US, another common need is to block the same user from approving a manual voucher that they entered. For example person A entered, we must have person B approve.   

See your voucher type (M for example), and see if this option is available. I’m not 100% certain it was available in apps 9. If it was not, you can still enforce the different user must approve. At approval, you would only approve if the entry has valid back up / attached document. 

Best regards, 

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