To curb the malpractices, the Professional Development Committee of ICAI has implemented in phased manner an innovative concept of UDIN i.e. Unique Document Identification Number which is effective from 01st Feb,2018. All Certificates are being made mandatory with effect from 1st February, 2019 as per the Council decision taken at its 379th Meeting held on 17th – 18th December, 2018.
Members attention is drawn that AASB (Auditing and Assurance Standard Board) of ICAI has already issued Guidance Note on Reports or Certificates for Special Purposes (Revised 2016) with illustrative formats, to be followed by the Practicing Chartered Accountants.
Below mentioned is the list of cases where UDIN is applicable and not applicable & the same is appearing on the Portal from which the Member can select the certificate they are going to issue. In case their certificates are not matching with the list provided, Members are advised to select others and mention the nomenclature of the certificate in Document Description.
List of Cases where UDIN is Applicable:
(i) Certificates issued on the basis of Financial books of accounts and annual financial statements-Capital Contribution Certificate/net worth certificate
(ii) Certificates issued on the basis of Financial books of accounts and annual financial statements – Turnover Certificate
(iii) Certificates issued on the basis of Financial books of accounts and annual financial statements –Working Capital Certificate/Net Working Capital Certificate
(iv) Certificates issued on the basis of Statutory records being maintained under Indian Companies Act,2013 and applicable provisions
(v) 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.
(vi) Certificates for Foreign Remittance outside India in form 15CB.
(vii) Net worth Certificates for Bank finances
(viii) Net worth Certificates for Bank Guarantee
(ix) Net worth Certificates for Student Study Loan
(x) Net worth Certificates for Issuance of Visa by Foreign Embassy
(xi) Certificate in respect of Liquid Asset under Section 45-IB of RBI Act, 1945
(xii) Certification of arms length price u/s 92 of the Income Tax Act,1961.
(xiii) Certificates for funds/ Grants utilisation for NGO’s
(xiv) Certificates for funds/ Grants utilisation for Statutory Authority
(xv) Certificates for funds/ Grants utilisation Under FERA/FEMA/other Laws
(xvi) Certificates for funds / Grants utilisation Charitable trust / institution
(xvii) Certification under the Income-Tax laws for various Deductions, etc.
(xviii) Certification for claim of refund under GST Act and other Indirect Taxes.
(xix) Certification under Exchange Control legislation for imports, remittances, ECB,DGFT,EOU, etc
(xx) Certificates in relation to initial Public Issue/compliances under ICDR and LODR.
(xxi) Certificate issued by Statutory Auditors of Banks
(xxii) Certificate issued by Statutory Auditors of Insurance Companies
(xxiii) Additional Certification by Concurrent Auditors of Banks not forming part of the concurrent audit assignment
(xxiv) Certificate of Short Sale of securities issued by Concurrent Auditors of Treasury Department of Banks
(xxv) Certificate of physical verification of securities issued by Concurrent Auditors of Treasury Department of Banks
(xxiv) Certificate issued for KYC purpose to banks confirming sole proprietorship
(xxv) Certificate Regarding Sources of Income
(xxvi) Certificates for Claiming Deductions and Exemptions under various Rules and Regulations
(xxvii) Certificates issued under LLP Act
(xxviii) RBI Statutory Auditor Certificate for NBFC
(xxix) Certificate issued under RERA
Certificates includes Reports issued in lieu of a Certificate in terms of Guidance Note on Reports or Certificates for Special Purposes (Revised 2016)
List of Cases where UDIN is Not Applicable:
1. Auditor’s Opinion/Reports issued by the Practicing Chartered Accountant under any Statute w.r.t. any entity or any person (e.g.: Tax Audit, Transfer Price Audit, VAT Audit, GST Audit, Company Audit, Trust Audit, Society Audit, etc.,
2. Valuation Reports
3. Quarterly Review Reports,
4. Limited Review Report
5. Information System Audit,
6. Forensic Audit,
7. Revenue / Credit / Stock Audit,
8. Borrower Monitoring Assignments,
9. Concurrent / Internal Audit and the like,
10. Any report of what so ever nature issued including Transfer Price Study Report, Viability Study Report, Diligence Report, Due Diligence Report, Management Report, etc.
Kindly Note that Non-applicability of UDIN can be listed out but the list is not exhaustive. Like in the 1st phase, requirement of obtaining UDIN is Not Applicable for above mentioned cases listed.
You can also read about FAQ’s on Unique Document Identification Number
You can also read on Briefing about Unique Document Identification Number
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