With effect from 1st April, 2019, UDIN is being made mandatory for GST & Tax Audit Reports and also considering the fact that Bank Audit is about to commence, UDIN Monitoring Group has come out with detailed FAQs on UDIN for Bank Audit.
A. About Unique Document Identification Number(UDIN)
1. What is Unique Document Identification Number (UDIN)?
Unique Document Identification Number (UDIN) is 18-Digits system generated unique number for every document certified/attested by Practicing Chartered Accountants.
2. What is the objective of UDIN?
It has been noticed that financial documents/ certificates attested by third person misrepresenting themselves as CA Members are misleading the Authorities and Stakeholders. ICAI is also receiving number of complaints of signatures of CAs being forged by non CAs.
To curb such malpractices, the Professional Development Committee of ICAI has come out with an innovative concept of UDIN i.e. Unique Document Identification Number which is being implemented in phased manner. It will secure the certificates attested/certified by practicing CAs. This will also enable the Regulators/Banks/Third parties to check the authenticity of the documents.
3. What is the reference of 18-Digits of UDIN?
The 18- digits UDIN (YY MMMMMM AANNNAANNN) will be like;
First 2 Digits are YY - Last 2 digits of the Current Year (19 in this case)
Next 6 Digits are MMMMMM – ICAI’s Membership No. (304576 in this case)
Next 10 Digits are AANNNAANNN –Alpha-numeric generated randomly by the system (AKTSBN1359).
4. Is there any fee for generation of UDIN?
There is no fee for registration and generation of UDIN.
5. How is UDIN secure?
UDIN is totally secure as it can be viewed only by the Member and/ or the Regulators / other Stakeholders who are having the UDIN. Secondly, it does not contain any information of the client.
6. When to generate UDIN?
UDIN is to be generated at the time of signing the Certificate. However, the same can be generated within 15 days of the signing of the same (i.e within 15 days from the date mentioned at Certificates and not beyond that)
7. For generating UDIN, is any document is required to be uploaded on UDIN Portal?
No document is required to be uploaded for generating UDIN.
To know more in details about the FAQs, click hereTags : Audit