You must be taking about the Audit trail.

An audit trail is a chronological record of all transactions that occur within an accounting system, including changes made to any transaction or entry. Maintaining an audit trail can help companies ensure the accuracy and integrity of their financial records, as well as provide a detailed record of all financial transactions that can be used for auditing and regulatory compliance purposes.

The Institute of Chartered Accountants of India (ICAI) has issued guidelines for the use of audit trail in computerized accounting systems. The guidelines require companies to maintain an audit trail of all financial transactions, including changes made to any transaction or entry, in order to ensure the accuracy and integrity of their financial records.

The ICAI guidelines also specify that the audit trail should include the date and time of each transaction, the identity of the user who performed the transaction, and a description of the transaction or change made. In addition, the audit trail should be secured and protected from unauthorized access or alteration.

The use of audit trail is an important aspect of accounting and financial reporting, as it provides a detailed record of all financial transactions that can be used for auditing, regulatory compliance, and internal control purposes. Companies should ensure that they have adequate systems and processes in place to maintain an effective audit trail of all financial transactions, in compliance with the guidelines issued by the ICAI and other relevant regulatory bodies.

As per the Companies Act, 2013, and the accounting standards issued by the Institute of Chartered Accountants of India (ICAI), every company is required to maintain proper books of account in a manner that gives a true and fair view of the company's financial position. The books of account should be kept on accrual basis and should comply with the accounting standards issued by the ICAI.

In order to comply with these requirements, companies may use accounting software to maintain their books of account. However, there is no specific requirement for companies to use updated accounting software. The software used by a company should be capable of generating accurate and complete financial statements in accordance with the accounting standards issued by the ICAI.

It is important to note that the use of accounting software is not mandatory, and companies may maintain their books of account manually. However, using accounting software can streamline the accounting process and reduce the likelihood of errors.

In conclusion, while there is no specific requirement for companies to use updated accounting software, they must maintain their books of account in accordance with the accounting standards issued by the ICAI and ensure that their financial statements provide a true and fair view of the company's financial position. The use of accounting software can be a helpful tool in meeting these requirements.