ICAI lined up the UDIN generation time limit from 15 to 60 Days

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Team Studycafe | Sep 18, 2021 | Views 269209

ICAI lined up the UDIN generation time limit from 15 to 60 Days

ICAI lined up the UDIN generation time limit from 15 to 60 Days

The Institute of Chartered Accountants of India’s UDIN Directorate came up with decision to aligned the time limit of UDIN generation from 15 to 60 days.

Firms must develop policies and processes for the timely completion of audit file assembly under Standard on Quality Control (SQC 1) on Retention Period for Engagement Documentation (Working Papers). It also specifies a reasonable time frame for assembling the final audit file, which is usually no more than 60 days following the date of the auditor’s report. Paragraphs A21 to A24 of Standard on Auditing (SA)- 230 on Audit Documentation, on the assembling of the audit file, deserve special attention.

With the goal of aligning the time limit for generating UDIN with the Standards on Auditing and Quality Control, the Council decided at its 45th meeting on September 17, 2021 that the time limit for generating UDIN would be 60 days from the date of signing certificates/reports/documents instead of 15 days.

Furthermore, UDIN must be provided by the member for papers where the respective Regulator(s) or other stakeholders request it immediately upon signing or within a set time frame.

Also, the created UDIN must be given to “Management” or “Those Charged with Governance” so that they can disseminate it to the stakeholders.

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