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Updated on 4 Dec 2020    9.00 AM IST | 4 min read

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.

Concurrent audit is done –
  1. To check the financial health of a business
  2. To ensure that whether financial management arrangements are working effectively.
  3. To identify areas of improvement to increase the efficiency of the business.

What Is Included In Our Package?

Eligibility Consultation

Document Preparation

Application Drafting

Government Fees

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 compliance.
  6. Regularly track, follow up advances and settle them on urgent basis.
  7. To improve the overall internal control systems.

Duties Of Concurrent Auditor

  • To check the daily transactions – cash deposits & cash withdrawals at the time of happening
  • To check the loans & advances
  • To check the authorizations
  • To check the KYC of the customer which includes form filling, id proof and address form.
  • To check the foreign exchange transactions
  • To check the remittances
  • To track non-performing assets
  • To check whether organization is following operational and regulatory compliances.
  • To check the housekeeping maintenance of the branch. This includes lockers safety, safety of computers and its software’s.

Benefits of 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 organizations with Concurrent audit. To avail the best deals on concurrent audit, kindly call us at 8800221252 or you can also e-mail us at info@finacbooks.com

Concurrent Audit FAQ’S

Concurrent audit is systematically checking and verifying the financial transactions of a business entity at the time it occurs.
Concurrent audit is done to check the financial health of a business, to identify new areas of improvement and to know whether financial management arrangements are working effectively or not.
The concurrent audit has no definite period.
Due to increase in Non-performing assets, more & more branches are coming under concurrent audit.

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Due Dates

  • Monthly GSTR 7 (Summary of Tax Deducted at Source (TDS) and deposited) for November 2020

    Dec 10th ,2020
  • Monthly GSTR 8 (Summary of Tax Collected at Source (TCS) and deposited by e-commerce operators) for November 2020

    Dec 10th ,2020
  • GSTR 1 for November 2020 (turnover more than INR. 1.50 Crore)

    Dec 11th ,2020
  • Monthly GSTR 6 for November 2020

    Dec 13th ,2020
  • GSTR 3B for November 2020 (Annual Turnover of more than Rs 5 Cr in Previous FY)

    Dec 20th ,2020
  • GSTR 5A (Non-Resident OIDAR Service Provider) Monthly Filing Due Date for November 2020

    Dec 20th ,2020