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. Finacbooks helps by providing you experienced external auditors for doing bank concurrent audit.


What Is Included In Our Package?

Eligibility Consultation

Document Preparation

Application Drafting

Government Fees


Bank Concurrent Audit Services

Bank concurrent audit


Benefits of Bank Concurrent Audit Services

  • More than 10 years of experience
  • Qualified professionals
  • Excellent customer service
  • Cost efficient
  • Customer delight
  • Time saving
  • Quick turnaround time
  • Continuous support over e-mail and phone (24X7).

How Finacbooks Can Help?

Finacbooks is one of the leading Indian firms with more than 10 years of experience in helping banks with Concurrent audit. To avail the best deals on bank concurrent audit, kindly call us at 8800221252 or you can also e-mail us at info@finacbooks.com

Bank Concurrent Audit FAQ’S

Bank concurrent audit is an audit conducted by the bank to verify the financial transactions with the help of internal or external auditors.

The areas covered by auditor in bank concurrent audit are as follows –

  1. Cash deposits
  2. Cash withdrawals
  3. Authorizing of cash transactions
  4. Tracking of non-performing assets
  5. Laws compliance
  6. RBI compliance
Branches are considered for bank concurrent audit on the basis of risk profile of the branch. Higher risk branches are considered first for concurrent audit as compared to low risk branches.
The tenure of external auditor is 3 years.
Due to the rise of non-performing assets in all banks, more and more branches are coming under concurrent audit.
MEET US

What Clients Say

Customer delight is our main goal and we are very serious about it.



Prakash Verma

“Finacbooks.com is a perfect example of a great customer service dealing with the best of accountancy services.“




Praveen Chauhan

“They offered us good quality services in a least possible time at a best Price.“




Pradeep Kochhar

“Finacbooks.com is a trusted network of highly qualified accounting professionals who not only provided us quality accountancy services but also supported us by answering our each & every query on time without any delay. “


Informational, useful and resourceful

Blogs

Catch up our trending topics, news etc. in a simple, detailed and most professional way.

Section 80EEA: Deduction for Interest Paid on Home Loan for Affordable Housing
19 Nov, 2019

Section 80EEA Overview Section 80EE is an existing provision which allows deduction up to Rs. 50000 on interest, paid by first time home... Read More

Section 80 EEB: Tax Exemption on Purchase of Electric Vehicles
19 Nov, 2019

Section 80EEB Overview In union budget 2019, government announced incentive on purchase of electric vehicles. It has also been said by the... Read More

Certificate Attestation: What does it means & why it is required?
18 Oct, 2019

Certificate Attestation Certificate Attestation Services are offered by various companies in India but it is difficult to choose a... Read More

CONTACT US

We Are Everywhere

We are having a wide network operating all across India as well as Internationally.

Contact Us


30+ Offices in
India

10+ Years Experience

Save Your
Time

Quick Turn around Time

Qualified Professionals

Excellent Customer Service