The 70th Chartered Accountants Day of ICAI was celebrated today i.e. on July 1st all across the country with great enthusiasm and zeal. July 1st is a landmark day in the history of ICAI as on this day ICAI was set up to regulate the Profession of Chartered Accountancy in India in the year 1949.
It was also notified that Unique Document Identification Number (UDIN) being made mandatory from 1st July 2019 for all practicing CAs. First, the need for UDIN was observed in July 2018. And hence it was decided to make the generation of UDIN mandatory for every signature of Full time Practising Chartered Accountants. UDIN will be rolled out in a phased manner for the following services:
- All Certificates with effect from 1st February 2019
- GST and Income Tax Audit with effect from 1st April 2019
- All Audit and Assurance Functions with effect from 1st July 2019
Purpose of UDIN
In the past various cases of fraud has come to the notice of ICAI where Financial Documents / Reports / Certificates are being signed by Non-CAs misrepresenting themselves as CA Members thereby misleading the Regulators, Authorities, and Stakeholders.
Since a UDIN can be generated only by a CA member, it will serve as a measure to curb such malpractices. Now onwards every certificate and report will carry a UDIN generated by the respective CA. Henceforth you are advised to plan your audit activities accordingly. A UDIN has to be generated on the date of signing the report/certificate.
Further, non-compliance of UDIN directive may attract Disciplinary Proceedings. For more information on UDIN visit www.udin.icai.org or email at [email protected]