CONCURRENT AUDIT

CONCURRENT AUDIT

Concurrent Audit is an audit which is conducted on concurrent basis, means no specific time period of Audit is defined particularly.

 In more simpler terms, usually an statutory or internal audit is conducted for a specified period say 1 year or 3 months. But, in concurrent audit no such Audit period is defined. It is conducted to check the daily transactions and ensure whether organisation is ensuring operational, regulatory compliance.

Usually concurrent audit is conducted for bank branches, depending upon the quantum of advances given. It also depends upon bank to bank and their risk taking capability. Concurrent audit is conducted to monitor day to day bank operationa so that all the compliances and security measures are being followed.

 Concurrent audit involves daily account opening checking, cash balance, income leakage, BCP & DRP analysis, NPA tracking, laws compliance,RBI compliance, various authorisations and all.

In some particular banks, scope of concurrent audit is very well defined to focus on the areas they are most concerned with.

 Now a days more and more branches are coming under the review of concurrent audit due to alarming rise of NPAs in all banks.

 So now banks are hiring more and more concurrent auditors to ensure their operational efficiency and profitability.