UDIN not mandatory for Statutory Bank Audit. However, for all Certificates to be signed while conducting Bank Audit, generation of UDIN is mandatory.
For Statutory Bank Audit, UDIN is not mandatory. However, for all Certificates to be signed while conducting Bank Audit, generation of UDIN is mandatory as UDIN is already mandatory on all Certification w.e.f 1st, 2019.
UDIN has to be generated per Assignment per Signatory.
In Bank Branch Audit, One Branch is one assignment, hence, one UDIN for all certificates will suffice.
However, care should be taken that a list of all certificates bearing same UDIN should be compiled and handed over to management under a covering letter so that the UDIN generated cannot be misused by affixing on any other certificate which has not been signed by you.
UDIN has to be taken per Assignment per Signatory. Bank Branch Audit per Branch is one assignment and hence one UDIN for all certificates is enough.
However, if different partners are signing different certificates then separate UDIN has to be taken per signatory for the certificates signed by them.
In the 2nd phase of UDIN applicability, ICAI Council has made generation of UDIN mandatory for all GST Audit and All Tax Audit from 1st April, 2019. Hence in Bank Branch Audit, separate UDIN has to be taken for Tax Audit.
Tax Audit is the separate assignment. Hence separate UDINs have to be taken while conducting Bank Branch Audit for each Branch.
Therefore, 2 separate UDINs are to be generated – one for Certificates and other for Tax Audit Report.
However, if certificates are signed by more than one partner then more UDINs on certificates have to be generated.
Yes, UDIN is applicable to both SCAs and SBAs for Certificates and Tax Audit Reports while conducting Bank Audit.
As per UDIN applicability in 2nd Phase, UDIN is not required to be generated for LFAR and other Bank Audit Reports now.
For generating UDIN, the “Document type” is to be selected as “Certificates”. Thereafter, date of signing of the document is to be mentioned. Under “Type of Certificate” select “Certificate issued by Statutory Auditors of Banks”.
There are 3 mandatory fields for entering the financial figures / values from the document and the description of the figure/ value so entered.
The names of the Certificates are to be mentioned under the Caption “Document Description”.
While generating one UDIN for all the Certificates, some common figures /parameters should be given in 3 mandatory fields and if no common figure is there then name of the Bank and Branch, Advances, Deposits etc must be the one common field which can be correlated with all the certificates.
UDIN will be applicable both for manually as well as digitally signed Reports / uploaded online. In case of digitally signed / online reports, UDIN has to be generated and retained for providing the same on being asked by any third party/ authority.
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