Concurrent Audit Meaning
Concurrent audit is a systematic way of examining and verifying the financial transactions of a business
entity at the time of happening. It focuses not on test checking but on substantial checking of
transactions. The concurrent audit has no definite period. Generally, concurrent audit is conducted for
bank branches and it depends upon the quantum of advances given.
What Is Included In Our Package?
Objectives Of Concurrent Audit
1. Ensure voucher/evidence based payments in order to improve the transparency
2. Ensure accuracy and timeliness in maintaining books of accounts
3. Ensure accuracy and timeliness in maintaining periodical financial statements.
4. Improve the accuracy and timeliness in reporting of financial transactions.
5. Ensure that systems, procedures & policies should be followed properly and in accordance with the
6. Regularly track, follow up advances and settle them on urgent basis.
7. To improve the overall internal control systems.
Duties Of Concurrent Auditor
1. To check the daily transactions – cash deposits & cash withdrawals at the time of happening
2. To check the loans & advances
3. To check the authorizations
4. To check the KYC of the customer which includes form filling, id proof and address form.
5. To check the foreign exchange transactions
6. To check the remittances
7. To track non-performing assets
8. To check whether organization is following operational and regulatory compliances
Benefits Of Concurrent Audit Services
1. More than 10 years of experience
2. Qualified professionals
3. Excellent customer service
5. Cost efficient
6. Customer delight
7. Time saving
8. Quick turnaround time
9. Continuous support over e-mail and phone (24X7).