The Institute of Chartered Accountants of India (ICAI) has issued detailed FAQs to clarify the applicability and reporting requirements of the Auditor's Opinion on Financial Statements under the Unique Document Identification Number ( UDIN ) system. The FAQs are as follows Q1. Is the Auditor's Opinion on financial statements a compulsory field? Ans. Yes, Auditor's Opinion on financial statements is a compulsory field for two categories only - 'GST & Tax Audit' and 'Audit & Assurance Functions'. The UDIN instrument since, 2019 has been serving as irreplaceable apparatus of authenticating the documents relied on by the relevant regulators, financial institutions and third parties. Whereas we proudly vouch for the success of UDIN instrument in its present form, we can hardly remain complacent for our achievements. Besides, the features, functionalities and scalability of the UDIN system would be dependent on the relevant modifications in the system, processes, and protocols of the ... This UDIN System has been developed by ICAI to facilitate its members for verification and certification of the documents and for securing documents and authenticity thereof by Regulators. ABOUT UDIN It has been noticed that financial documents/ certificates attested by third person misrepresenting themselves as CA Members are misleading the Authorities and Stakeholders. ICAI is also receiving number of complaints of signatures of CAs being forged by non CAs. To curb the malpractices, the Professional Development Committee of ICAI has implemented in phased manner an innovative concept of UDIN i.e. Unique Document Identification Number. All Certificates are being made mandatory ...
