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  • Writer's pictureAK & Partners

Corporate Law Update: Audit Trails and Extension of Filing CSR Form

1. Background

1.1. On March 31, 2022, the Ministry of Corporate Affairs (MCA) issued a notification Ref. F. No.1/19/2013-CL-V-Part III. This amendment shall come into effect when it is published in the Gazette of India.

1.2. The rules shall be called the Companies (Accounts) Second Amendment Rules, 2022.

2. Applicability of Audit trials deferred by one year

2.1 MCA had introduced the concept of audit trails by inserting Rule 3(1) to Companies (Accounts) Rules, 2014. The applicability was deferred by 1 (one) year by amending the same vide Companies (Accounts) Second Amendment Rules, 2021, April 1, 2022. Yet again, MCA has amended the proviso vide Companies (Accounts) Second Amendment Rules, 2022 and has deferred the applicability by 1 (one) more year. Hence, the provision of audit trail is now applicable with effect from April 1, 2023.

3. Filing of Form CSR-2 extended by 2 months

3.1 Earlier it was provided that for the preceding Financial year (2020-2021), Form CSR-2 shall be filed on or before March 31, 2022, after filing form AOC-4. However, due to technical difficulties being faced by the shareholders, MCA has extended the due date by 2 months by notifying Companies (Accounts) Second Amendment Rules, 2022. The extended due date for filing form CSR-2 for Financial year 2020-21 is May 31, 2022.


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