ICAI Releases Booklet on UDIN During Bank Audit for CAs

The Institute of Chartered Accountants of India (ICAI) has released a booklet of frequently asked questions on Unique Document Identification Number (UDIN) to guide members conducting Bank Audits. Here are the questions stated in the booklet.

FAQs

Question 1. While conducting the Bank Audit, are separate UDINs needed to be generated for LFAR, Tax Audit, and statutory Audit Report?

Ans. No, as UDIN needs to be generated per assignment per Signatory on a given date. Therefore, only one UDIN is needed for the Bank Audit Report, including LFAR and Certificates. However, the Tax Audit Report is treated as a different assignment, so it will require a separate UDIN.

Question 2. Under Bank Audit, are separate UDINs have to be generated for Certificates signed?

Ans. No, one UDIN will be enough. Since certificates are part of the Bank Audit assignment and are issued along with the Bank Audit Report and LFAR, there’s no need to generate a separate UDIN for them.
While creating the UDIN, you can mention all the reports and certificates by using the “Add more” option on the UDIN portal.

Question 3. Is separate UDIN required for the Certificates, or are reports issued under bank audit signed on different dates?

Ans. Yes, a separate UDIN is required for each because UDIN must be generated for each assignment, by each signatory, on a given date.

Question 4. In case some Certificates or reports are signed by one partner while others are signed by another Partner, is a different UDIN required for each such Partner?

Ans. Yes, each partner must generate a separate UDIN for the documents they sign, as UDIN is generated per signatory.

Question 5. Does UDIN apply to both Statutory Central Auditors (SCAs) and Statutory Branch Auditors (SBAs)?

Ans. Yes, UDIN applies to both SCAs and SBAs while conducting bank or branch audits, including for Bank Audit Reports and Tax Audit Reports.

Question 6. Is UDIN required for the Bank Audit Report and Tax Audit Report that are filed online with a Digital Signature?

Ans. Yes, UDIN is mandatory whether the report is manually signed or digitally signed and uploaded online.

Question 7. What is the Memorandum of Changes (MOC) in a Bank Audit?

Ans. MOC is a key document attached to the Bank Audit Report when the auditor finds issues that impact the bank’s financial statements. While generating a UDIN for a Bank Branch Statutory Audit, members must now fill in the value of the Memorandum of Changes (MOC) on the UDIN portal under the “Statutory Audit–Bank Branch” category in the Audit & Assurance Functions section without revealing any client details.

This MOC information is mandatory, encrypted, and will not be visible to like third-party verifiers.