Concurrent Audit is a systematic examination of all financial transactions at a branch on continuous basis to ensure accuracy and due compliance with the internal systems, procedures and guidelines of the bank.
Concurrent audit is an examination, which is contemporary to the occurrence of transaction or is carried out as near to it as possible. Thus concurrent audit is a regular process that has to be carried out round the year at a branch on an on going basis. Concurrent audit is an independent appraisal activity conceived as a systematic examination of all financial transactions at a branch to ensure accuracy and compliance of internal systems and procedures as laid down by the bank. It aims at minimizing the incidence of serious errors and fraudulent manipulations.
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