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Updated on 6 Mar 2021 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.
- To check the financial health of a business
- To ensure that whether financial management arrangements are working effectively.
- To identify areas of improvement to increase the efficiency of the business.
What Is Included In Our Package?
Objectives of Concurrent Audit
- Ensure voucher/evidence based payments in order to improve the transparency
- Ensure accuracy and timeliness in maintaining books of accounts
- Ensure accuracy and timeliness in maintaining periodical financial statements.
- Improve the accuracy and timeliness in reporting of financial transactions.
- Ensure that systems, procedures & policies should be followed properly and in accordance with the compliance.
- Regularly track, follow up advances and settle them on urgent basis.
- To improve the overall internal control systems.
Duties Of Concurrent Auditor
Benefits of Concurrent Audit Services
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 email@example.com
Concurrent Audit FAQ’S
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Monthly GSTR 8 (Summary of Tax Collected at Source (TCS) and deposited by e-commerce operators) for Feb 2021Mar 10th ,2021
Monthly GSTR 7 (Summary of Tax Deducted at Source (TDS) and deposited) for Feb 2021Mar 10th ,2021
GSTR 1 for Feb 2021 (turnover more than INR. 1.50 Crore)Mar 11th ,2021
GSTR 6 (Details of ITC received and distributed by ISD) Monthly Filing Due Date for Feb 2021Mar 13th ,2021
Last date of depositing the fourth instalment of advance tax (if liable to pay any) for FY 2020-21 for taxpayers who have opted for Presumptive Taxation Scheme under section 44AD & 44ADAMar 15th ,2021
Last date of depositing the fourth instalment of advance tax (if liable to pay any) for FY 2020-21 for individual and corporate taxpayersMar 15th ,2021