Chartered Accountant · ICAI M.No. 153926 · FRN 136869W
Audit as it happens
A concurrent audit runs alongside the transactions — the auditor reviews entries daily or continuously rather than reconstructing them months later. The goal is to catch errors, irregularities and fraud at the point they occur, when they can still be corrected, instead of discovering them at a year-end audit.
Where it's used
It is most common in bank branches (the RBI requires concurrent audit for branches above certain risk/size), and in treasury, large finance functions and high-volume operations. The concurrent auditor checks advances, KYC, cash, high-value transactions and regulatory compliance on a running basis and reports periodically. Coverage is set by the institution’s policy or regulator.
A worked example
Example: a bank branch’s concurrent auditor reviews each day’s new loan disbursements and large cash transactions, immediately flagging a disbursement made without complete documentation — which is rectified the same week. A year-end audit would have caught it far too late. The same logic suits any high-volume, high-risk operation. Our team can provide concurrent audit services.