Several times it has been noticed that non-CAs has been misrepresenting themselves as ICAI member and offering certification services to numerous Authorities and Stakeholders. Such malpractices started bringing a question on the authenticity of financial documents/certification done by actual ICAI Members in practice.
Considering the rise in a number of complaints received by ICAI, the Professional Development Committee of ICAI has come out with an inventive idea of UDIN i.e. Unique Document Identification Number.
What is UDIN?
Unique Document Identification Number (UDIN) is 18-Digits system generated unique number for every document certified/attested by Practicing Chartered Accountants (CAs). It will allow numerous Stakeholders and third parties to check the genuineness of the documents and will secure the certificates certified by practising Chartered Accountants.
Applicability of Unique Document Identification Number (UDIN):
From 1st February 2019 it is compulsory for all practising Chartered Accountants (CAs) to generate and obtain UDIN for all Certificates issued, containing financial information or any other contents; which are certified by them to be True and Fair.
UDIN cannot be made in name of CA Firm and it has to be obtained only by practising CAs holding full time Certificate of Practice (COP). In case of Partnership firm or LLP, signing partner has to generate UDIN in his name. UDIN can’t obtained by the any other partner instead of signing Partner
UDIN is applicable not only to manually signed certificates but digitally signed / online certificates also.
Practising Chartered Accountants holding full-time COP has to follow the Guidance Note on Reports or Certificates for Special Purposes (Revised 2016) issued by AASB (Auditing and Assurance Standard Board) of ICAI.
Options available while generating UDIN:
While generating UDIN, members will have to select one of following from dropdown list:
|1||Certificates issued on the basis of Financial books of accounts and annual financial statements-Capital Contribution Certificate/net worth certificate||17||Certification under the Income-Tax laws for various Deductions, etc.|
|2||Certificates issued on the basis of Financial books of accounts and annual financial statements – Turnover Certificate||18||Certification for claim of refund under GST Act and other Indirect Taxes.|
|3||Certificates issued on the basis of Financial books of accounts and annual financial statements -Working Capital Certificate/Net Working Capital Certificate||19||Certification under Exchange Control legislation for imports, remittances, ECB,DGFT,EOU, etc|
|4||Certificates issued on the basis of Statutory records being maintained under Indian Companies Act, 2013 and applicable provisions||20||Certificates in relation to initial Public Issue/compliances under ICDR and LODR.|
|5||Certification of Fair Values of Shares of Company for the scope of merger / de-merger, Buy Back, Allotment of further shares and transfer of shares from resident to non-resident.||21||Certificate issued by Statutory Auditors of Banks|
|6||Certificates for Foreign Remittance outside India in form 15CB.||22||Certificate issued by Statutory Auditors of Insurance Companies|
|7||Net worth Certificates for Bank finances||23||Additional Certification by Concurrent Auditors of Banks not forming part of the concurrent audit assignment|
|8||Net worth Certificates for Bank Guarantee||24||Certificate of Short Sale of securities issued by Concurrent Auditors of Treasury Department of Banks|
|9||Net worth Certificates for Student Study Loan||25||Certificate of physical verification of securities issued by Concurrent Auditors of Treasury Department of Banks|
|10||Net worth Certificates for Issuance of Visa by Foreign Embassy||26||Certificate issued for KYC purpose to banks confirming sole proprietorship|
|11||Certificate in respect of Liquid Asset under Section 45-IB of RBI Act, 1945||27||Certificate Regarding Sources of Income|
|12||Certification of arm’s length price u/s 92 of the income Tax Act, 1961.||28||Certificates for Claiming Deductions and Exemptions under various Rules and Regulations|
|13||Certificates for funds/ Grants utilisation for NGO’s||29||font-sizee: Certificates issued under LLP Act|
|14||Certificates for funds/ Grants utilisation for Statutory Authority||30||RBI Statutory Auditor Certificate for NBFCs|
|15||Certificates for funds/ Grants utilisation Under FERA/FEMA/other Laws||31||Certificate issued under RERA|
|16||Certificates for funds/ Grants utilisation Charitable trust/institution||32||Others|
Other important information with regards to UDIN:
Source of information: https://udin.icai.org