FAQs on UDIN by ICAI : Free Book

By | November 28, 2019
(Last Updated On: November 28, 2019)

FAQs on UDIN by ICAI

UDIN is one of the landmark reforms and ICAI is the pioneer in the world to
conceptualize the concept of UDIN.
As per the decision of the Council taken at its 379th Meeting held on 17th -18th
December, 2018, UDIN was made compulsory for all practicing Chartered
Accountants in phased manner i.e on all Certificates wef 1st Feb., and from
1st April, 2019 onwards on GST & Tax Audit Reports. In final phase, from 1st
July, 2019 onwards UDIN was made mandatory for all Audit, Assurance &
Attest functions rendered by CAs.
Every document or report signed either digitally or manually by a full-time
practicing CA will require UDIN, thereby making it possible for Regulators,
Banks or third Party Stakeholders to verify the credentials of the document
resulting into reduced bad loans/NPAs. With this concept, frauds and forgery
of CAs signature by unscrupulous elements will now be a thing of past.
The UDIN operates on secured platform as it does not require uploading of
any document or sharing of any confidential details. Further, it is OTP based
system wherein data are validated from ICAI records.

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