What is Bank Concurrent Audit?

Concurrent audit way a parallel exam of the economic transactions, i.e.examon the time of the occurring of the transaction. It is a part of an early cautionmachine of a financial institution for making surewell timed detection of lapses or irregularities. Aeconomic entity calls fornon-stoptracking of transactions. For an entity like a financial institution, the evaluate mechanism need to be sturdy and unabating. The need of bank concurrent is inevitable and expensive but with myAudit management software you can easily manage all the auditing processes.

Who Performs Bank Concurrent Audit?

It may, however, be ensured that if any associate of a Chartered Accountant company is a Director at the Board of a financial institution, no associate of the equalcompanyought to be appointed as concurrent auditor withinside theequalfinancial institution.

What is the purpose of Bank Concurrent Audit?

The concurrent audit covers all transactions of the financial institution. Hence to apprehend how this audit wishes to be conducted, anknowledge of the tactics of the banks is imperative. To behavior a concurrent audit, features of the financial institutionneed to be fragmented to transactions, and the essentialtests and balances need to be assigned. Hence, it is advisable to use our Tax Audit Automation software for your auditing needs.

Advantages of Bank Concurrent Audit

Revenue Leakages – Objective of that is to perceive and evaluatelocation of sales leakages on daily basis.

Deposits – Adherence to AML recommendations in establishing of cleanmoney owed and tracking of transactions in such money owed.

Foreign Exchange transactions – Recovery of prices as in line with HO Guidelines.

Loans & Advances – Report Bills/cheques purchased, if withinside the nature of lodgingbills.Proper follow-up of past due bills.

Taxation security – Compliance of provisions regarding Tax Deducted at Source, carrier tax, exchange tax, differentresponsibilities and taxes.

Bank Concurrent Audit Programme Checklist

Audit Planning Audit Closure Execution
Task_Assignment Audit Closure Execution of Audit I
Additional Audit Program Execution of Audit II
Briefing Meeting Execution of Audit III
Kick of Meeting
Preparation of Audit
Production Process HR Process and Admin Process HR Process and Admin Process
Budget V/s Actual Analytical Review Overtime
Efficient utilisation of resources Attendance Payroll
HR Records Contract Labour (Regulation &Abolition)Act
I/O Ratio Contractor
Log Reports Expenses
Maintenance Record Factories Act
Quality Check Leave
Sales V/s PPC
Procurement Process Sales Process Sales Process
Import Bills sent on collection basis Receipt of sales order
Import - L/C monitoring Credit Notes Sales return
Import - Payment Delivery Scrap Sales
Import - Receipt of material from customs authority Export sales
Import Licenses Export sales - Claims
Import Licenses Export sales - Payment
Purchase Orders Export sales - Working capital cycle
Raising Of Indent
Logistics Process Inventory Management Process Indirect Taxes
Bill passing  Physical verification of Stock  Custom 
Capacity utilization  Receipt of acknowledged Invoices Excise and Cenvat 
Contracts  Written-off Stocks  Service Tax 
Finance & Accounts Process Finance & Accounts Process Planning Process
Accounts Payable and Disbursement Processes  Debtor Management - Review the credit balance in debtors’ accounts: Production Planning Process
Accounts Payable and Disbursement Processes - Duplicate payments and lost discounts Debtor Management -Bad debt assessment / write off policy Sales Planning  
Accounts Payable and Disbursement Processes - Payment Controls  Debtor Management -Balance confirmation system   Sales Planning - Order Based Sales
Accounts Payable and Disbursement Processes - Policies and procedures Major Expenditure Sales Planning - Target Based Sales
Accounts Payable and Disbursement Processes -Disbursement controls Store Planning
Debtor Management - Credit and collection policy of company
Debtor Management - Review of Ageing Analysis
IT Process Marketing Process Branch Office Process
Data Access  Distribution Planning  Collection Mechanism 
Data Distribution Market Development  Cash In Hand
Data Protection And Data Recovery  Market research & demand forecasting  Documentation 
Networking  Product Development  Extension for Delayed Jobs 
Power Supply Option Sales administration  Fixed Asset 
Safeguards To Ensure Unauthorized Entry  Sales Pricing  Marketing Activities 
Software Resources  Sales Promotion  Other Areas 
Web-Expossure and Security    
MIS Process Report Follow up of the Previous repo
Sales Audit committee Admin Process
  Presentation   Branch Office Process 
  Coaching for Next Team  Customer Service Process 
  Report   Direct Taxes 
    Finance & Accounts Process 
    HR Process
    Indirect Taxes 
Follow up of the Previous repo Follow up of the Previous repo Process Documentation
Inventory Management Process  Production Process  Flow Chart 
IT Process    Sales Process   RCM 
Logistics Process    Followup I  SOP
Marketing Process   Followup II 
MIS Process Followup III 
Planning Process
Procurement Process


The concurrent audit ambitions at loweringthe distanceamong the prevalence of a transaction and its exam. A concurrent audit record covers all transactions and consequently is the second one line of protection for a financial institution. MY AUDIT SOFTWARE helps banks and companies streamline their audit processes and comply with internal policies.