Timing of UDIN generation

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382 Points Joined June 2021

We are an unlisted public limited company-exclusively owned and run by a family in India. We have a wholly owned subsidiary in Mauritius.

Our standalone accounts for FY 2023-24 are signed by PCA in September 2023. However, foreign subsidiary accounts (based on calendar year ending on 31.12.2023) was consolidated with our accounts in January 2024.

PCS flags an objection- as to how UDIN is generated after 2023-beyond the timeline for adoption of consolidated Financial Accounts.

How to fix this? Kindly guide.

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On 06 December 2024 at 17:13 Report
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Master in Accounts & high court Advocate
8883 Points Joined December 2011

A technical issue with UDIN and consolidated financial accounts! Understanding the Issue The issue arises because the consolidated financial accounts were adopted in January 2024, which is beyond the timeline for the standalone accounts signed in September 2023.

 UDIN Generation UDIN (Unique Document Identification Number) is generated for each document certified by a Chartered Accountant (CA). In this case, the PCA (Practicing Chartered Accountant) generated the UDIN for the standalone accounts in September 2023. Resolution To resolve this issue, you can consider the following options: 1. _Re-issue the consolidated financial accounts_: Re-issue the consolidated financial accounts with the correct UDIN, ensuring that the PCA generates a new UDIN for the consolidated accounts. 2. _Obtain a clarification from the PCA_: Request the PCA to provide a clarification or a certificate stating that the UDIN was generated for the standalone accounts and not for the consolidated accounts. 3. _File a representation with the ICAI_: If the above options are not feasible, you can file a representation with the Institute of Chartered Accountants of India (ICAI), explaining the situation and seeking their guidance. Prevention is Better than Cure To avoid similar issues in the future: 1. _Ensure timely consolidation_: Consolidate the financial accounts within the stipulated timeline to avoid any discrepancies.

 2. _Verify UDIN generation_: Double-check that the UDIN is generated for the correct accounts (standalone or consolidated).

3. _Maintain clear documentation_: Keep accurate records of all financial accounts, including the UDIN certificates. 

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On 06 December 2024 at 22:51
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382 Points Joined June 2021

Thanks Sir 

PCS objects to UDIN generated in Jan 24. Whereas consolidated accounts should have been completed in 2023

 PCS is refusing to sign AOC4, XBLR and complains as to why AUDITOR signs off in 2024. There was a delay in consolidation and they advise to approach ROC for waiver of delay thru compounding application. 

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On 08 December 2024 at 09:22


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