The Institute of chartered accountant of India (ICAI) have has recently made a significant decision regarding the revocation of Unique Document Identification Numbers (UDINs). UDINs are Unique codes assigned to attestations and certifications made by chartered accountants in India to curb the malpractices done by nonCAs in signing of Financial Documents/ Certificates/ Reports.
ICAI have made generation of UDINs mandatory for every signature of full time practicing chartered
accountants for the following services:
The UDIN Directorate of the Institute of Chartered Accountants of India (ICAI) announces that now onwards, the members will be able to revoke the UDINs, if they so desire, only within 48 hours from the time they have been generated; Resultantly, the authorities/regulators/banks/others, who verify the authenticity of the UDINs would be provided with information that the UDIN, which is being verified, could only be revoked within 48 hours from the time it has been generated.
| SW Point of View:The new regulation limiting the revocation time frame from no time limit to 48 hours of generation of UDIN will enhance the accountability and reliability of chartered accountant attestations and certifications. This transparency helps promote trust in auditing process and minimize fraudulent and misleading activities. |
