Concurrent Audit
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Concurrent Audit Services
Real-Time Monitoring for Enhanced Financial Control and Risk Mitigation
In a fast-paced financial environment, waiting for a year-end audit to find errors can be costly. Concurrent Audit is a systematic and timely examination of financial transactions on a regular basis to ensure accuracy, compliance, and internal control. At Samyuta Tax Consultancy, we provide specialized concurrent audit services—primarily for banks, large corporate houses, and financial institutions—to ensure that every transaction adheres to the prescribed systems and procedures.
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What is a Concurrent Audit?
Unlike a statutory audit which is retrospective (looking at the past), a Concurrent Audit is proactive and ongoing. It is conducted alongside the occurrence of transactions. The main objective is to shorten the interval between a transaction and its examination, thereby identifying irregularities, procedural lapses, or potential frauds in real-time.
Key Objectives of Concurrent Audit
- Error Detection in Real-Time: Identifying clerical errors or technical glitches immediately after they occur.
- Compliance Assurance: Ensuring that all transactions follow the guidelines set by the RBI, government authorities, or the organization’s internal policies.
- Risk Management: Minimizing operational risks by verifying high-value transactions, loans, and foreign exchange dealings.
- Prevention of Fraud: Constant monitoring acts as a strong deterrent against internal and external fraudulent activities.
- Prompt Reporting: Providing management with immediate feedback so that corrective actions can be taken without delay.
Our Concurrent Audit Methodology
We follow a robust and independent approach to provide a “third-eye” view of your daily operations:
- Daily/Weekly Review: Our auditors visit the premises or access digital records frequently to review cash transactions, vouchers, and account openings.
- Verification of Sanctions: For banks and NBFCs, we verify if loans and credit facilities are sanctioned within the authorized limits and with proper documentation.
- Income Leakage Audit: We check if the correct interest rates, commissions, and service charges are being applied to prevent any revenue loss.
- KYC & Documentation Check: Ensuring that all customer onboarding and high-value transactions meet the mandatory KYC (Know Your Customer) and AML (Anti-Money Laundering) norms.
- Review of Statutory Dues: Checking if TDS, GST, and other taxes related to daily transactions are being deducted and accounted for correctly.
Scope of Our Services
Our group of experts covers a wide range of areas including:
- Banking Operations: Audit of deposits, advances, and remittances.
- Treasury & Forex: Monitoring foreign exchange transactions and investment portfolios.
- NPA Management: Early identification of potential non-performing assets through rigorous monitoring.
- Inventory & Procurement: For large corporates, monitoring daily stock movements and purchase orders.
Why Choose Samyuta Tax Consultancy?
- Specialized Banking Experts: Our team includes professionals who are well-versed in RBI guidelines and banking software (like Finacle/BaNCS).
- Unbiased Reporting: As an external group, we provide an objective and independent assessment of your staff’s performance and compliance.
- Minimal Disruption: We conduct our audits in a way that ensures zero interference with your daily customer service or operations.
- Actionable Monthly Reports: We provide concise monthly reports that highlight “Flash Points” requiring immediate management attention.
Ensure 100% Accuracy in Every Transaction!
Don’t wait for a year-end surprise. Secure your financial operations with the continuous oversight of Samyuta Tax Consultancy.
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