Concurrent Audit

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Concurrent Audit Services

Home / Concurrent Audit Services

Updated on 28 Sep 2023 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 –

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?

Eligibility Consultation

Document Preparation

Application Drafting

Government Fees

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

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

What is concurrent audit?

Concurrent audit is systematically checking and verifying the financial transactions of a business entity at the time it occurs.

Why concurrent audit is done?

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.

What is the period of Concurrent audit?

The concurrent audit has no definite period.

What is the main reason that more & more branches are coming under concurrent audit?

Due to increase in Non-performing assets, more & more branches are coming under concurrent audit.

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