Concurrent audit examines transactions close to the time they take place, so that errors and irregularities are caught early. Banks appoint concurrent auditors under their own empanelment criteria.
Scope of service
- Daily or monthly transaction review
- Advances, deposits and KYC compliance
- Treasury and investment transactions
- Revenue leakage checks
- Monthly concurrent audit report
Regulatory framework
- RBI guidelines on concurrent audit
- Individual bank empanelment and reporting formats
Typical professional activities
- Transaction testing
- Rectification follow-up
- Monthly report
Applicable industries
Relevant articles and resources
The information on this page describes the nature of the service. It is not advice on any specific matter. See the disclaimer.