Latest

ALIGNING THE TIME LIMIT OF GENERATING UDIN FROM 15 DAYS TO 60 DAYS

ALIGNING THE TIME LIMIT OF GENERATING UDIN FROM 15 DAYS TO 60 DAYS
Print Friendly, PDF & Email

Standard on Quality Control (SQC 1) on Retention Period for Engagement Documentation (Working Papers) requires firms to establish policies and procedures for the timely completion of the assembly of audit files. It further provides for an appropriate time limit within which the assembly of the final audit file is to be completed, ordinarily in not more than 60 days after the date of auditor’s report. Due attention is also drawn to Standard on Auditing (SA)- 230 on Audit Documentation, paragraphs A21 to A24 on assembly of the audit file.

 

With an aim to align the time limit for generating UDIN with the Standards on Auditing and Standard on Quality Control, the Council at its 405 th meeting held on 17 th September 2021 has decided that the time limit of generating UDIN would be 60 days from the date of the signing of certificates/reports/document instead of 15 days henceforth.

Further, for the documents where the respective Regulator/(s) or other stakeholders require UDIN immediately on signing or within a specified period, the same shall be provided by the member.

Also, UDIN so generated has to be communicated to “Management” or “Those Charged with Governance” for disseminating it to the stakeholders from their end.

 

UDIN Directorate

Related posts

15/2018-Central Tax ,dt. 23-03-2018 – Notifies the date from which E-Way Bill Rules shall come into force

Taxcharcha

The Banning of Unregulated Deposit Schemes Act, 2019

Taxcharcha

CBIC to observe Third Refund fortnight to clear pending refunds

Taxcharcha

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

error: Content is protected !!