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Audit Requirement for India

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edited Apr 9, 2024 2:21AM in Financials – General

Summary:

We have a statutory audit requirement that is applicable from 1st April 2023 onwards:

-- Back up of the books of account/other books & papers maintained in electronic mode, including at a place outside India, shall be kept in servers physically located in India on a daily basis.Books of Accounts should remain accessible in India at all times .

There is a similar requirement for China which was mandated many years back for which Oracle provides a localised data extract process meeting the regulatory needs (see link : How You Export Enterprise Financial Data for China (oracle.com). to my knowledge there is no such standard extracts from Oracle yet to meet the specific needs from India regulators hence looking for insights to this requirement

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