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Updated on 20 Sep 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.

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

  • GSTR-7 Summary of Tax Deducted at Source (TDS) and deposited under GST laws

    Sep 10th ,2021
  • GSTR-8 Summary of Tax Collected at Source (TCS) by e-commerce operators under GST laws

    Sep 10th ,2021
  • GSTR 1 for Aug 2021 (turnover more than INR. 1.50 Crore)

    Sep 11th ,2021
  • GSTR-6 Details of Input Tax Credit (ITC) received and distributed by an Input Service Distributor (ISD)

    Sep 13th ,2021
  • GSTR-3B is a summary return to be filed by all taxpayers except those registered under the composition scheme, every month. However, from 1st January 2021, there is also quarterly filing option provided to taxpayers with annual aggregate tunrover of up to Rs.5 crore, opting for the QRMP scheme for Aug Month. (Aggregate turnover exceeding Rs.5 crore in the previous financial year)
     

    Sep 20th ,2021
  • GSTR-3B is a summary return to be filed by all taxpayers except those registered under the composition scheme, every month. However, from 1st January 2021, there is also quarterly filing option provided to taxpayers with annual aggregate tunrover of up to Rs.5 crore, not opting for the QRMP scheme for Aug Month. (Aggregate turnover up to Rs.5 crore in the previous financial year)

    Sep 20th ,2021