ICAI in its earlier FAQs on UDIN had clarified that UDIN not mandatory for Statutory Bank Audit. However, for all Certificates to be signed while conducting Bank Audit, generation of UDIN is mandatory. Recently on 05-05-2020 ICAI has issued “Revised FAQs on UDIN for Bank Audit”
ICAI has issued the following revised FAQ on UDIN for Bank Audit Reports.
1. While conducting Bank Audit, whether separate UDINs are required to be generated for LFAR, Tax Audit, Statutory Audit Report etc.?
No, since UDIN has to be generated per Assignment per Signatory on a given date, so one UDIN will suffice for the Bank Audit Report including LFAR and Certificates. However, separate UDIN will be required for Tax Audit Report being separate assignment.
2. Under Bank Audit, whether separate UDINs have to be generated for Certificates signed?
Since Certificates are the part of Bank Audit assignment and are issued with Bank Audit Report along with LFAR, one UDIN will suffice and no separate UDIN is required to be generated for Certificates.
However, while generating UDIN, the details of multiple reports and certificates can be entered by “Add more” button.
3. In case the Certificate (s) / Report (s) issued under bank audit are signed on different dates, whether separate UDIN will be required?
Yes. Separate UDIN will be required as UDIN has to be generated per Assignment per Signatory on a given date.
4. In case if some Certificate (s) / Report (s) is signed by one Partner while others are signed by another Partner, whether different UDIN is required for each such Partner?
If different partners are signing different certificates / reports then separate UDINs have to be taken as UDIN is to be generated per signatory.
5. Whether UDIN is applicable to both Statutory Central Auditors (SCAs) and Statutory Branch Auditors (SBAs)?
Yes, UDIN is applicable to both SCAs and SBAs for Bank (Branch) Audit Report and Tax Audit Reports while conducting Bank (Branch) Audit.
6. Whether UDIN is mandatory for Bank Audit Report and Tax Audit Report that is/ are filed online using Digital Signature?
UDIN will be applicable both for manually as well as digitally signed Reports uploaded online.
7. Whether separate UDIN would be required by Joint Auditors?
Yes. All the signing Auditors have to obtain UDIN separately and mention their UDINs individually on the reports signed by them. Auditors may use the same or different keywords/figures while generating such UDINs.