Concurrent Audit - Canest

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.