You are here: Home » News-IANS » Business-Economy
Business Standard

UDIN mention now mandatory for audit reports

IANS  |  New Delhi 

The Institute of Chartered Accountants of India (ICAI) has mandated the mention of the Unique Document Identification Number (UDIN) in audit reports starting July 1.

The announcement follows a decision taken by the ICAI Council at its meeting on December 17-18, 2018.

"The members may be aware that the 'Unique Document Identification Number (UDIN)' has been made mandatory as per the Council decision taken at its 379th meeting held on 17-18 December 2018 in the following phases -- 1) all certification done by practising CAs w.e.f. February 1, 2019, (2) all GST & Tax audit reports w.e.f. April 1, 2019 and 3) all other attest functions w.e.f. July 1, 2019," said the ICAI notification dated June 4.

"With a view to bring uniformity, the ICAI members must mention the UDIN immediately after their ICAI membership number while signing audit reports," it added.

The UDIN will be in addition to other requirements relating to the auditor's signature prescribed in the relevant law or regulation and the standards on auditing.

Delhi-based Chartered Accountant Vikas Gupta called it a welcome step. "The UDIN would help to verify online whether a certificate or audit report that has been submitted has actually been signed by a chartered accountant," he told IANS.

"This would ensure transparency and pressure the auditors to take responsibility of their audits. The ICAI also will have the data of the certificates signed by its members," said Gupta.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, June 05 2019. 16:46 IST