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The Institute of Chartered Accountants of India (ICAI) has issued detailed FAQs to clarify the applicability and reporting requirements of the Auditor's Opinion on Financial Statements under the Unique Document Identification Number (UDIN) system. The FAQs are as follows Q1. Is the Auditor's Opini
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FAQ :
Yes, the Auditor's Opinion on financial statements is a compulsory field for 'GST & Tax Audit' and 'Audit & Assurance Functions'.
A modified opinion can be a 'Qualified Opinion', 'Adverse Opinion', or 'Disclaimer of Opinion', as per SA 705 (Revised).
The 'No' option should be selected only when a true and fair view of the financial statements is not required.
No, an auditor's opinion is not required for assignments such as concurrent audit, stock audit, revenue audit, internal audit, valuation report, system audit, or compilation engagements under SRS 4410.
Yes, for tax audits, an auditor is required to give an opinion on the financial statements under Clause 3(b) of Form 3CB, making the Auditor's Opinion detail necessary for UDIN.
A modified report on internal financial controls over financial reporting does not necessarily imply that the audit report on financial statements must also be modified, and therefore, may not need to be reported under this specific UDIN functionality.
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