ICAI has issued revised FAQs on Unique Document Identification Number(UDIN). This is the third edition of FAQs on UDIN.
The FAQs on UDIN can be accessed through https://udin.icai.org/faqs
UDIN is an endeavor of the Institute to provide a universal verification mechanism for ascertaining the authenticity of the documents signed by Indian Chartered Accountants. It assists the Government regulatory bodies, banking, and financial intermediaries among other stakeholders in establishing the genuineness of the documents received by them from actual Chartered Accountants thus helping them in policy and decision-making processes.
This year, UDINs have crossed a mark of 3 crores yet another feather in the hat of the Institute.
NEED FOR UDIN:
Various instances of Non-Chartered Accountants (CAs) signing documents, reports, certificates in the name of CAs without their information were observed. Thus, misleading the Regulators and Authorities.
To curb this malpractice, ICAI has introduced the concept of Unique Document Identification Number (UDIN) which facilitates only the members to generate UDIN for the documents signed by them.
KEY BENEFITS:
1. Gives identity to every document certified by a Chartered Accountant
2. Seal of Authentication on documents signed by genuine Chartered Accountant
3. Anytime and anywhere online verification of documents bearing UDIN by Regulators and
stakeholders.
4. Message alerts to the verifier in case the UDIN is revoked after its verification.
UDIN - A SEAL OF AUTHENTICATION:
Chartered Accountancy is the hallmark of excellence, precision quality, and commitment. The profession of Chartered Accountancy has a rich legacy of public trust and service to the nation bestowed upon us by our able predecessors with utmost integrity, diligence, and foresightedness. At the same time, we bear the responsibility to carry this legacy forward with grace and in ensuring public trust in financial reporting and business practices and upholding the reputation of the Accountancy Profession.
The business organizations, industry, and the Government rely upon the certification and assurance given by the Chartered Accountants for sound financial accounting. reporting and effective financial management. Chartered Accountants (CAs) with their strong expertise render high-quality services that ultimately benefit the economy. They work with independence, integrity, and excellence. Sometimes, non-CAs misrepresent them and authenticate documents as CAs thereby misleading the stakeholders. The Institute of Chartered Accountants of India (ICAI) has been playing a pioneering role in steering the Indian economy successfully throughout all the newer reforms and legislations being brought by the Government from time to time.
The ICAI, as a part of its role in aiding proactive process towards a partner in nation-building and for better governance and regulation for the very first time in the world, came out with an innovative concept of Unique Document identification Number (UDIN). It is envisaged that UDIN Directorate will emerge as another Regulatory and Monitoring tool for effective compliances.
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