The Institute of Chartered Accountants of India (ICAI) has recently made an important announcement that affects the revocation process of Unique Document Identification Numbers (UDINs). The ICAI Council, during its 420th meeting held on March 23-24, 2023, has decided to introduce a time limit for revoking UDINs. As a result, members will now have a window of only 48 hours from the time of UDIN generation to initiate revocation.
What is a UDIN?
A Unique Document Identification Number (UDIN) is a unique alphanumeric code generated by chartered accountants for each document they certify or attest. It serves as a digital signature and helps establish the authenticity of financial statements, audit reports and other professional documents.
Implications of New Time Limit of 48 Hours
With the introduction of the 48-hour revocation limit, members will need to carefully consider their decision to revoke a UDIN. Once the 48-hour period has elapsed, revocation will no longer be possible. This change aims to provide greater transparency and reliability to the authorities, regulators, banks and other parties involved in verifying the authenticity of UDINs.
Significance for Stakeholders
The new revocation time limit also brings benefits to different stakeholders, like various authorities, regulators, banks and other entities responsible for verifying UDINs. They can now rely on the information that any UDIN being verified could only be revoked within 48 hours of its generation. This knowledge enables them to make informed decisions based on the validity and timeliness of the UDINs, contributing to a more efficient and secure ecosystem.
Conclusion
In summary, the ICAI’s recent announcement regarding the revocation of UDINs introduces a 48-hour time limit for members to initiate revocation. This change enhances accountability, streamlines processes and instills trust in the certification and attestation procedures. By providing a clear timeframe for revocation, the ICAI ensures that the authenticity of UDINs remains reliable and transparent for authorities, regulators, banks and other stakeholders. It’s important for members to be aware of this new time limit and consider it when making decisions regarding the revocation of UDINs, ultimately contributing to a more robust and credible financial ecosystem.
ICAI Announcement dated 23/06/2023: 48 Hours Restriction on Revocation of UDINs
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I am unable to understand the logic of ICAI allowing even 48 hours for revocation of UDINs. Such revocation feature should always be disabled.