What is concurrent audit services?

It is the simultaneous examination of books of accounts along with the occurrence of transactions. It revolves around substantive testing of transactions of key areas rather than testing transactions on sample basis. It shortens the time lag between the booking of transaction and examination of the same. Concurrent audit is essentially done for establishing a sound internal accounting system and effective controls to preclude the incidence of serious errors and early detection of fraudulent transactions.

Activities of Concurrent Audit –

Following are some of the key areas covered under concurrent audit services:

  1. Verification of cash transactions.
  2. Verification of clearing transactions.
  3. Testing of deposits.
  4. Verification of treasury operations like dealing in purchase or sale of securities, confirmation of derivative contracts, cancellation of forward contracts etc.
  5. Verification of all movement in loans and advances.
  6. Verification of letter of credit and bank guarantees.

Time period of Concurrent Audit

No specified period has been defined for the period of concurrent audit. Since audit is done parallel to booking of transactions itself therefore it is done for a shorter period of time primarily varying on the operations of the entity.

How our Concurrent Audit services are better?

  • Run by renowned professionals having 10 years of experience in Audit services.
  • Overseas experience in the field of Audit services in US, Singapore, Canada, GCC Countries and India.
  • Eminent ICAI Chartered Accountants.
  • Least interruptions in daily operations of clients.
  • Subjective feedbacks to the clients.

We have adequate experience in the field of concurrent audit to provide a qualitative service to all our clients. Our team dedicatedly analyse transactions keeping in mind the appropriateness of the same. We at M S B provide subjective feedback in our reports which helps our clients to identify areas which needs to be worked upon. We strive to be the best amongst our competition and aim to build long lasting client relations.

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