Question ID :
44715
UDIN Generation
An audit report was issued on 1st August and subsequently the auditor issued another revised audit report on 5th August with changes in the wordings of the new audit report along with a new udin in 5th August since time limit to revoke the udin for 1st August has elapsed. How ever there was no changes in the figures of the FS on both the dates. Now will the new udin with revised audit report will overrule over the old udin as two udins were generated for the same set of FS? The assessee is a non corporate audit client and assessee is not liable to get its accounts audited under IT act or any other act and declares his income under 44AD(he voluntarily choose to get its accounts audited basically to apply for tenders) kindly guide whether any requirements to be followed
Posted by
CA INDRANEEL BISWAS
on
Aug 21, 2024
Filed Under
AUDIT
In this case, the revised audit report issued on 5th August with the new UDIN would supersede the original report with the UDIN issued on 1st August, as both reports pertain to the same set of financial statements, with no changes in the figures. Since the assessee voluntarily chose to get its accounts audited under section 44AD for tender purposes, and is not required to do so under the Income Tax Act or any other law, there is no legal obligation to revoke the first UDIN. The revised UDIN would be considered valid, and the auditor should ensure proper documentation and communication with the client, but no additional compliance requirements are necessary.
Posted by
SACHIN KUMAR RAI on
May 12, 2025