Vinu: Hey Manu, I've been hearing a lot about UDIN lately. Can you explain what it is?

Manu: Sure, Vinu. UDIN stands for Unique Document Identification Number. It's a system introduced by the Institute of Chartered Accountants of India (ICAI) to ensure the authenticity of documents certified by Chartered Accountants. Every document attested by a CA must have a UDIN.

Vinu: Interesting. What kind of documents require a UDIN?

Manu: UDIN is required for various types of documents, including certificates, audited financial statements, tax audit reports, attestation services, regulatory filings, certifications, loan documents, and any other documents where a CA's attestation is necessary.

Vinu: How does a CA generate a UDIN?

Manu: To generate a UDIN, a CA must log into the UDIN portal on the ICAI website. They need to provide details about the document, such as the type, date, client particulars, and other relevant information. Once these details are submitted, the system generates a UDIN, which the CA then includes on the document.

Vinu: Are there any specific prerequisites for generating a UDIN?

Manu: Yes, there are a few prerequisites. The CA must be an active member of ICAI with valid login credentials for the UDIN portal. They also need to have the details of the document ready, including the type of document, date, client details, and any specific information related to the document.

Vinu: Can a CA generate a UDIN for a tentative balance sheet?

Manu: Yes, a CA can generate a UDIN for a tentative balance sheet as long as they are attesting it. The UDIN system is designed to cover all types of documents where a CA’s attestation is required.

Vinu: What happens if a document is issued without a UDIN?

Manu: Issuing a document without a UDIN is against the ICAI guidelines. The document would not be considered authentic, and the CA could face disciplinary action from the ICAI. The UDIN system helps in preventing the misuse of documents and ensures that only genuine documents are issued.

Vinu: Can a UDIN be verified by clients or third parties?

Manu: Yes, clients or any third party can verify a UDIN. They can visit the UDIN portal and enter the UDIN number to check the authenticity of the document. This helps in ensuring transparency and trust in the documents issued by CAs.

Vinu: What if a CA needs to revoke or cancel a UDIN?

Manu: A CA can revoke or cancel a UDIN if necessary. They need to log into the UDIN portal, find the specific UDIN, and provide a reason for revocation. This is useful in cases where there might be errors or changes required in the document.

Vinu: Is there a deadline for generating a UDIN after issuing a document?

Manu: Yes, the ICAI guidelines state that a UDIN must be generated on the same day the document is signed or at the latest within 15 days from the date of the document.

Vinu: Thanks for the detailed information, Manu. This clears up a lot of my questions about UDIN.

Manu: You're welcome, Vinu. I'm glad I could help clarify things for you. If you have any more questions, feel free to ask!