UDIN means Unique document identification number.
Why UDIN Needed:
t has been noticed by the Institute of Chartered Accountants of India that Financial Documents / Reports / Certificates are being signed by Non-CAs misrepresenting themselves as CA Members thereby misleading the Regulators, Authorities and Stakeholders.
To curb this menace and malpractices, ICAI has conceptualised and implemented an innovative concept called Unique Document Identification Number (UDIN). ICAI at its 379th Council Meeting held on 17th – 18th December, 2018 made generation of UDIN mandatory for every signature of Full time Practising Chartered Accountants in phased manner for the following services:
- All Certificates with effect from 1st February, 2019
- GST and Income Tax Audit with effect from 1st April, 2019
- All Audit and Assurance Functions with effect from 1st July, 2019
Therefore, UDIN is being made mandatory for all Audit and Assurance Functions like Documents and Reports certified / issued by full time Practising Chartered Accountants from 1st July, 2019
Website to generate UDIN: https://udin.icai.org/
Time limit to generate UDIN:
Members are being advised to plan the Audits and Assurance functions accordingly as UDIN has to be generated on the date of signature dates of Certificates / Report / Audit Reports although a 15 days window is there for exceptional circumstances.
Further, non-compliance of UDIN directive may attract Disciplinary Proceedings as per Clause 1 of Part II of Second Schedule of The Chartered Accountants Act, 1949.
Revocation of UDIN facility enabled:
The Council, in its 420th meeting held on 23rd-24th March, 2023, decided that revocation of UDINs would now be possible within 48 hours from the time of its generation. This means that now onwards, the members will be able to revoke the UDINs, if they so desire, only within 48 hours from the time they have been generated.
As a result, the authorities/regulators/banks/others, who verify the authenticity of the UDINs would be provided with information that the UDIN, which is being verified, could only be revoked within 48 hours from the time it has been generated.
This is for your kind information. For queries, please write to us at udin@icai.in.
Access this news from here: https://www.icai.org/post/restricting-revocation-of-the-udins-within-48-hours
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