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Concurrent Audit - Canest

Canest > Concurrent Audit

Overview

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.
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.
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).

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