Before deep diving into the topic of “How to Conduct Bank Concurrent Audit”, we will try to understand the basics.
Banks helps in driving the financial stability of a economy.
What does Concurrent Audit means?
The word concurrent means “happening or done at the same time”. So, Concurrent Audit means performing audit simultaneously as when the transaction happens. It ensures the verification of the transactions within the best possible time after which it occurs.
Now a days, banks have broadened the meaning of the Concurrent Audit by encompassing more checks to audit under this. So, Concurrent Auditors have a vital role in the proper functioning of a bank.
Why Bank Concurrent Audit?
Concurrent Audit involves performing a detailed audit. Focus will be on day to day transactions. It is always easy and more helpful for banks if the errors or frauds are found out early. Finding errors or frauds early will result in less financial damage.