The Securities and Exchange Commission of Pakistan (SECP) has introduced a significant regulation mandating the use of Unique Document Identification Numbers (UDIN) for auditors in the country. This directive is part of the amended Auditors (Reporting Obligations) Regulations for 2018, as notified through S.R.O. 1481 (I)/2023.
Under these revised regulations, auditors are now required to include a UDIN on all relevant documents and audit reports. The UDIN must be generated through the designated portal of either the Institute of Chartered Accountants of Pakistan or the Institute of Cost and Management Accountants of Pakistan.
This rule applies to practicing members of the Institute of Cost and Management Accountants of Pakistan, with the date of implementation to be notified by the SECP. Essentially, this regulation aims to enhance transparency and accountability in the auditing process by ensuring that all reports contain a verifiable UDIN, which can be traced back to the responsible auditor. This move strengthens the oversight of audit practices in Pakistan and reinforces the importance of accurate and reliable financial reporting. It also aligns the country’s auditing standards with international best practices and regulatory requirements.