Bank Concurrent Audit
What Is Bank Concurrent Audit?
Bank concurrent audit is an audit conducted by a bank to examine the financial transactions at the time of
happening or alongside the transaction with the help of internal or external auditors. It is conducted to check the day to day bank transactions and ensuring that they are following the operational rules, regulations, policies & procedures. It has no definite period.
Bank concurrent audit includes checking of daily bank account opening, cash deposits, cash withdrawals,
authorizing transactions, tracking of non-performing assets (NPA), laws compliance, RBI compliance etc. This type of audit helps in timely identifying of irregularities & lapses. It also helps in preventing fraudulent transactions at branches. The bank concurrent audit mainly depends upon the risk profile of a bank branch. Branches with high risks are considered first for concurrent audit as compared to low risk branches.
Reserve bank of India left everything to banks in relation to concurrent audit. Every bank has the full right to
decide whether they want to appoint internal or external auditor or a retired bank staff for doing concurrent
audit. At the beginning, the tenure of external auditor was 1 year but it has been extended up to 3 years. The
external auditor could be shifted to another branch after completion of 3 years tenure, if his or her performance is satisfactory.
As you know, now a day’s more & more bank branches are coming under the concurrent audit review. It is all due to the rise of Non-performing assets (NPA’s) in all banks. In order to increase the efficiency and profitability, banks are hiring more and more concurrent auditors. SS Auditors helps by providing you experienced external auditors for doing bank concurrent audit.
What Is Included In Our Package?
Benefits Of Bank Concurrent Audit Services
1. More than 10 years of experience
2. Qualified professionals
3. Excellent customer service
4. Cost efficient
5. Customer delight
6. Time saving
7. Quick turnaround time
8. Continuous support over e-mail and phone (24X7).