ICAI has made it mandatory from 1 Feb. 2019 to register all certificates at UDIN portal and has listed the type of Certificates which are covered/ not covered under the new compliance requirement for the practicing chartered accountants.
It is mandatory to obtain UDIN for all Certificates issued where the Financial Information/related contents is certified as True and Fair / True and Correct. It may be noted that Certificates includes Reports issued in lieu of a Certificate in terms of Guidance Note on Reports or Certificates for Special Purposes (Revised 2016).
ICAI has drawn Members attention to the Guidance Note on Reports or Certificates for Special Purposes (Revised 2016) with illustrative formats already issued by the AASB (Auditing and Assurance Standard Board), which is required to be followed by the Practicing Chartered Accountants.
A drop down illustrative list as below is appearing on the UDIN 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.
|S. No.||Type of Certificates to be registered at UDIN Portal|
|1||Certificates issued on the basis of Financial books of accounts and annual financial statements-Capital Contribution Certificate/net worth certificate|
|2||Certificates issued on the basis of Financial books of accounts and annual financial statements – Turnover Certificate|
|3||Certificates issued on the basis of Financial books of accounts and annual financial statements -Working Capital Certificate/Net Working Capital Certificate|
|4||Certificates issued on the basis of Statutory records being maintained under Indian Companies Act, 2013 and applicable provisions|
|5||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.|
|6||Certificates for Foreign Remittance outside India in form 15CB.|
|7||Net worth Certificates for Bank finances|
|8||Net worth Certificates for Bank Guarantee|
|9||Net worth Certificates for Student Study Loan|
|10||Net worth Certificates for Issuance of Visa by Foreign Embassy|
|11||Certificate in respect of Liquid Asset under Section 45-IB of RBI Act, 1945|
|12||Certification of arms length price u/s 92 of the income Tax Act, 1961.|
|13||Certificates for funds/ Grants utilisation for NGO’s|
|14||Certificates for funds/ Grants utilisation for Statutory Authority|
|15||Certificates for funds/ Grants utilisation|
|Under FERA/FEMA/other Laws|
|16||Certificates for funds/ Grants utilisation|
|17||Certification under the Income-Tax laws for various Deductions, etc.|
|18||Certification for claim of refund under GST Act and other Indirect Taxes.|
|19||Certification under Exchange Control legislation for imports, remittances, ECB,DGFT,EOU, etc|
|20||Certificates in relation to initial Public Issue/compliances under ICDR and LODR.|
|21||Certificate issued by Statutory Auditors of Banks|
|22||Certificate issued by Statutory Auditors of Insurance Companies|
|23||Additional Certification by Concurrent Auditors of Banks not forming part of the concurrent audit assignment|
|24||Certificate of Short Sale of securities issued by Concurrent Auditors of Treasury Department of Banks|
|25||Certificate of physical verification of securities issued by Concurrent Auditors of Treasury Department of Banks|
|26||Certificate issued for KYC purpose to banks confirming sole proprietorship|
|27||Certificate Regarding Sources of Income|
|28||Certificates for Claiming Deductions and Exemptions under various Rules and Regulations|
|29||Certificates issued under LLP Act|
|30||RBI Statutory Auditor Certificate for NBFCs|
|31||Certificate issued under RERA|
What is not covered under ICAI’s UDIN Registration Requirements for Certificates issued from 1 Feb. 2019?
ICAI has mentioned in FAQs on UDIN that requirement of obtaining UDIN is Not Applicable for the following type of Reports:
i) 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.,
ii) Valuation Reports,
iii) Quarterly Review Reports,
iv) Limited Review Report
v) Information System Audit,
vi) Forensic Audit,
vii) Revenue / Credit / Stock Audit,
viii) Borrower Monitoring Assignments,
ix) Concurrent / Internal Audit and the like,
x) Any report of what so ever nature issued including Transfer Price Study Report, Viability Study Report, Diligence Report, Due Diligence Report, Management Report, etc.
Non-applicability of UDIN has been listed by ICAI as above. The list is illustrative only and it’s not exhaustive.
Note: Please refer the UDIN website for updated/ latest info on the subject.