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“The operations of financial institutions, particularly banks, and their risk profiles are becoming more and more complex on a daily basis.”
The deregulation of the financial services industry, globalization, and the advancement of various financial technologies are all to blame for this. The risk factor is rising in tandem with the development of banking services. However, the effectiveness of businesses, particularly banks, is determined by their capacity for risk management. Therefore, one must take all the necessary precautions to reduce the risk of fraud and error in order to manage risk and gain control over operations. A successful concurrent audit service is added to the controlling process.
A timely and methodical examination of the financial transactions of the entity to verify accuracy, authenticity, and compliance with pertinent regulatory requirements is known as a concurrent audit of bank audit. It is done frequently because of the high volume of transactions. The process becomes a little more complicated because concurrent auditing happens as the transactions are taking place.
At CAnest, we make sure that our auditing process is effective by shortening the time between auditing and examination to facilitate quick decision-making and effective risk management.
Maintaining the company’s or bank’s periodic financial statements and books of accounts in a timely and accurate manner.
Enhance the Internal Control Framework of the company or bank.
To significantly raise transparency within the company or bank by implementing evidence-based payments.
To guarantee that the company complies with the compliance requirements by properly adhering to the system, rules, regulations, policies, and procedures.
To improve the client’s risk management practises and strategy, internal auditing is carried out. It enables management to improve internal procedures and realise operating efficiency. Additionally, management benefits from internal auditing’s ability to spot, examine, and stop mistakes and irregularities.
On the other hand, concurrent auditing is a methodical auditing procedure to guarantee the conformity, accuracy, and authenticity of the financial transactions. The primary focus is on reviewing 100% of transactions as they take place to find irregularities as soon as possible.
For critical and high value transactions where the inherent risk levels are medium to high, including the risk of fraud, concurrent audits are conducted. In this situation, it is wise to select an external auditor who can guarantee independence and objectivity and who won’t give in to pressure from senior and mid-level management to approve transactions that aren’t deserving of such approval.
Identifying operational inefficiencies and locating the sources of income leakage.
Thorough examination of high-risk areas like forex, non-performing assets, revenue, and regulatory compliance.
KYC, AML, and TDS document verification in accordance with RBI and Ministry of Finance regulations.
Internal controls are examined to see if they are sufficient, taking into account the nature and size of the business and identifying areas needing more stringent controls.
Disclosing any violations of the company’s policies, rules, and procedures as well as any underlying fraud.
We deploy a team of skilled concurrent auditors based on the requirements of our clients, who are stationed at the client site and collaborate with the client’s team while maintaining independence and objectivity. We uphold strict guidelines for the hygiene of audit documentation and make sure that any exceptions are routinely reported to the appropriate decision-makers. Our Concurrent audit process includes the following steps:
Concurrent auditing of banks’ books of accounts has as its primary goal and focus bringing transparency and imperturbability, which will further aid in bringing about efficiency and growth in the bank.
Concurrent auditing gives you quick results, and our auditors give faster results and point out errors quickly, unlike traditional auditing services that are known for their drawn-out, complicated, and time-consuming processes.
For any bank, company, or organization, conducting an audit is a crucial process because it establishes transparency in the financial statements and accounts and provides clarity. At CAnest, our professional and expert auditors provide the best concurrent auditing service in India.
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info@canest.in
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