Concurrent Audit Services in India

Q: How is concurrent audit different from internal audit?

Internal audit is periodic and covers past transactions. Concurrent audit is continuous, examining transactions as they occur — enabling immediate correction and early detection of irregularities.

Q: Is concurrent audit mandatory for banks in India?

Yes. The RBI mandates concurrent audit for bank branches meeting specified business criteria — typically branches with outstanding advances above ₹20 crore or deposits above specified thresholds.

Q: How frequently are concurrent audit reports submitted?

Typically monthly, though the frequency may be weekly or fortnightly for high-volume or high-risk operations. Banks generally require monthly reports from branch auditors.

Q: What areas does a bank concurrent audit typically cover?

Coverage includes advances (documentation, NPA identification), deposits (KYC compliance), cash and vault, foreign exchange, and compliance with RBI guidelines and AML regulations.

Q: Can concurrent audit be conducted remotely?

Yes. With core banking and ERP access, concurrent audit can be conducted remotely for transaction verification and exception identification. Physical visits may be required for cash verification and document inspection.

Professional concurrent audit services providing real-time, continuous examination of financial transactions and internal controls — identifying errors, irregularities, and compliance failures as they occur rather than after year-end.

Real-Time Transaction Review

Continuous examination of transactions on a daily, weekly, or monthly basis — verifying authorisation, documentation, accounting treatment, and compliance with approved policies.

Bank Concurrent Audit

Concurrent audit of bank branches and treasury operations as mandated by the Reserve Bank of India, covering advances, deposits, foreign exchange, and NPA identification.

Internal Control Monitoring

Continuous monitoring of internal controls, exception reporting, and early identification of weaknesses before they result in financial loss or regulatory non-compliance.

Concurrent Audit Reporting

Preparation of structured concurrent audit reports with findings, risk ratings, management responses, and action tracking — submitted at agreed intervals to management and the audit committee.

What is Concurrent Audit?

Concurrent audit is a system of continuous audit carried out simultaneously with the occurrence of transactions. Unlike a statutory or internal audit conducted after the close of a period, concurrent audit examines transactions as they happen — providing near real-time assurance on the accuracy, authorisation, and compliance of financial activities.

Concurrent audit is mandatory for banks above certain thresholds as directed by the RBI, and is widely adopted by manufacturing companies, NBFCs, government undertakings, and large trading houses to strengthen operational controls and prevent financial misstatement.

Who Needs Concurrent Audit Services?

Banks and branches mandated to conduct concurrent audit under RBI guidelines
NBFCs with high transaction volumes and regulatory requirements
Manufacturing and trading companies with large procurement and sales operations
Government undertakings and public sector entities
Organisations with high cash flow, large inventories, or complex financial operations

Why Choose Our Concurrent Audit Services?

Our concurrent audit team provides structured, risk-focused real-time transaction review that goes beyond routine checking. We integrate concurrent audit findings with your internal control framework, provide management with timely exception reports, and track remediation to closure.

Whether you are a bank branch, a large manufacturing unit, or a government enterprise, our concurrent audit services are tailored to your specific operations, transaction volumes, and regulatory requirements.

Frequently Asked Questions

How is concurrent audit different from internal audit? +

Internal audit is typically conducted periodically — quarterly, half-yearly, or annually — and covers transactions that have already occurred. Concurrent audit is continuous and examines transactions as they take place, enabling immediate correction of errors and early detection of irregularities before they accumulate into significant financial losses or compliance failures.

Is concurrent audit mandatory for banks in India? +

Yes. The Reserve Bank of India mandates concurrent audit for bank branches that meet specified business criteria — typically branches with total outstanding advances above ₹20 crore or total deposits above a specified threshold. The coverage is determined by each bank's audit committee based on RBI guidelines and the risk profile of each branch.

How frequently are concurrent audit reports submitted? +

Concurrent audit reports are typically submitted monthly, though the frequency may be weekly or fortnightly for high-volume or high-risk operations. Banks generally require monthly concurrent audit reports from branch auditors, which are reviewed by the internal audit department and reported to the audit committee.

What areas does a bank concurrent audit typically cover? +

Bank concurrent audit covers: advances (documentation, security, sanction compliance, NPA identification); deposits (account opening, KYC compliance, unusual transactions); cash and vault (cash balances, shortages, excess cash); foreign exchange (transaction documentation and limit compliance); and compliance with RBI guidelines, internal policies, and Anti-Money Laundering regulations.

Can concurrent audit be conducted remotely? +

Yes. With core banking systems and ERP platforms providing transaction-level access, concurrent audit can be conducted remotely for a significant portion of the review — particularly for transaction verification, exception identification, and report preparation. Physical visits may be required for cash verification, document inspection, and security review, depending on the scope agreed with the client.

Catch Issues When They Happen, Not After

Professional concurrent audit services for banks, NBFCs, and large enterprises.

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F.A.Q.

What is GSTR-9 and why is it required?

GSTR-9 is an annual GST return that summarizes all transactions reported during the financial year. It is required to ensure proper reconciliation and compliance with GST laws.

Who is required to file GSTR-9?

All regular GST-registered taxpayers are required to file GSTR-9, except composition dealers, casual taxable persons, and non-resident taxpayers.

What is the due date for filing GSTR-9?

The due date is generally 31st December following the end of the relevant financial year, unless extended by the government.

What details are included in GSTR-9?

It includes details of outward supplies, inward supplies, input tax credit claimed, taxes paid, and adjustments made during the year.

Is GSTR-9 mandatory for all taxpayers?

GSTR-9 is mandatory for most regular taxpayers, but certain small taxpayers may get exemptions based on turnover thresholds notified by the government.

What happens if GSTR-9 is not filed on time?

Late filing may result in penalties and late fees, along with potential compliance issues or notices from GST authorities.