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.
Concurrent audit is much the same as Internal Audit and is carried out at regular intervals. Such type of audit is mostly applicable to organizations such as Banks, Asset Management firms, finance institutes and insurance organizations. This is done to supervise the effectiveness in standard operations with statutory proclamations from time to time.
Concurrent Audit usually acts as an appendage to the internal audit team and assists it on a regular basis with factual findings.