Nowadays, various kinds of Audits are undertaken in the Banks like Concurrent Audit, statutory audit, system audit etc. Here in this article the emphasis will be on Concurrent Audit.

What is a Concurrent Audit?

The Concurrent Audit is a systematic examination of all financial transactions at a branch on continuous basis to ensure accuracy and due compliance with the internal systems, procedures and guidelines of the bank Reserve Bank of India and Banks have put a great responsibility on Chartered Accountants by appointing them as Concurrent Auditor of branches. Banks feel that concurrent auditors are their eyes and ears

How to Empanel in a Concurrent Audit?

Nowadays the majority of banks approve the concurrent audit application online via banks official bank site and still many banks accept a manual application in the standard format of bank, if you submit an online application the bank will mail you or an official communication towards your communication address you given in online application. All the banks give the official notification to invite the Chartered Accountant firms to empanel the concurrent audit.

What are the Key Areas of Concurrent Audit?

There are various Key Areas of Concurrent Audit namely verification of Loan and other related documents; KYC Norms; Voucher Verification; Cash Management, Collection & clearing of claques; Unit inspection, Verification of Stock Statement, Audited & Projected Financials of borrowers; Verification of daily reports generated (i.e. Balance Sheet, Profit & Loss Account, Exceptional Report, Cash Report signed & stamp by branch manager), Rate of Interest all accounts;