Home / Bank Concurrent Audit
Updated on 28 Oct 2020 9.00 AM IST | 4 min read
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?
Bank Concurrent Audit Services
Bank concurrent audit
Benefits of Bank Concurrent Audit Services
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 firstname.lastname@example.org
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 –
- Cash deposits
- Cash withdrawals
- Authorizing of cash transactions
- Tracking of non-performing assets
- Laws compliance
- RBI compliance
Latest News & Updates
- Nov 30,2020
- Oct 27,2020
- Oct 26,2020
- Oct 24,2020
- Oct 23,2020
- Oct 22,2020
- Oct 21,2020
GSTR 3B for August 2020 (15 States/UT’s - Chhattisgarh, MP, Gujarat, Daman and Diu, Dadra and Nagar Haveli, Maharashtra, Karnataka, Goa, Lakshadweep, Kerala, TN, Puducherry, Andaman and Nicobar Islands, Telangana and Andhra Pradesh) Oct 1st, 2020
GSTR 3B for August 2020 (22 States/UT’s - Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi) Oct 3rd, 2020
GSTR 1 for September 2020 (turnover more than INR. 1.50 Crore) Oct 11th, 2020
Monthly GSTR 6 for September 2020 Oct 13th, 2020
Monthly GSTR 7 (Summary of Tax Deducted at Source (TDS) and deposited) for September 2020 Oct 10th, 2020
Monthly GSTR 8 (Summary of Tax Collected at Source (TCS) and deposited by e-commerce operators) for September 2020 Oct 10th, 2020
CMP 08 for July to September 2020 Oct 18th, 2020
GSTR 5 (Non-Resident Foreign Taxpayers) Monthly Filing Due Date for September 2020 Oct 20th, 2020
GSTR 5A (Non-Resident OIDAR Service Provider) Monthly Filing Due Date for September 2020 Oct 20th, 2020
GSTR 3B for September 2020 (Annual Turnover of more than Rs 5 Cr in Previous FY) Oct 20th, 2020
GSTR 9 and 9C (Annual Return) FY 2018-19 Dec 31st, 2020
GSTR 1 (Quarterly) for July to September (Summary of outward supplies where turnover is upto Rs 1.5 crore) Oct 31st, 2020
Annual GSTR 4 for FY 2019-20 Oct 31st, 2020