Concurrent Audit#
Definition#
Concurrent audit is an examination of transactions on a continuous basis to ensure accuracy, authenticity, and compliance with procedures.
Purpose#
- Real-time verification of transactions
- Early detection of irregularities
- Timely rectification
- Strengthen internal controls
Scope in Banks#
- Branch audit
- Treasury operations
- Loan portfolio
- Trade finance
- forex operations
- IT systems
Process#
- Planning and scheduling
- Transaction verification
- Exception reporting
- Follow-up on observations
- Final report
Areas Covered#
- Cash verification
- Vault operations
- Advances and loans
- Clearing and remittances
- Foreign exchange
- Interest calculations
Reporting#
- Daily/weekly exceptions
- Monthly concurrent audit report
- Quarterly certification