Real-time, continuous examination of bank transactions to detect discrepancies, ensure compliance with Reserve Bank of India (RBI) guidelines, and verify adherence to internal credit controls.
Public and private sector bank branches in India mandated by RBI to undergo concurrent audit reviews.
Reviewing daily transaction logs and credit accounts.
Verifying charge creation and checking security registrations.
Monitoring irregular accounts to prevent slippage into NPAs.
Compiling concurrent audit findings and submitting to bank regional offices.
It is a systematic and timely examination of financial transactions at bank branches on a daily or concurrent basis, minimizing the gap between transaction occurrence and audit review.
Concurrent auditors are appointed by the bank's head office or regional management from empanelled Chartered Accountant firms.
