Concurrent Audit Services

Concurrent audit is an early warning system that examines transactions, processes, and controls at or near the time they occur — typically at bank branches, NBFC offices, treasury units, broker dealing rooms, and high-volume corporate functions where real-time review is critical.

With RBI, SEBI, and exchange regulators expecting strong concurrent audit coverage of credit, advances, treasury, forex, KYC, and customer service, regulated entities and large corporates need a structured, technology-enabled audit programme that goes beyond ticking checklists.

We provide concurrent audit services for banks, NBFCs, cooperative banks, brokers, and corporates — combining domain experts, scoring-based reporting, and use of analytics to deliver timely findings, reduce risk, and strengthen day-to-day compliance.

Our Concurrent Audit Services

Bank Branch Concurrent Audit

End-to-end concurrent audit of bank branches as per RBI guidelines and the bank's approved scope and frequency.

Credit & Advances Review

Verification of sanctions, disbursements, documentation, security, monitoring, and asset classification.

Treasury & Forex Audit

Concurrent review of money market, investment, forex, and derivatives transactions, limits, and reconciliations.

NBFC Concurrent Audit

Concurrent audit of NBFCs covering disbursements, collections, asset classification, IRACP norms, and RBI returns.

Stock Broker Audit

Concurrent / internal audit of stock brokers as per SEBI and exchange requirements covering client funds, margin, and trades.

KYC & AML Compliance

Review of KYC documentation, risk categorisation, transaction monitoring, and STR / CTR reporting.

Revenue & Charges Verification

Verification of interest, commission, charges, leakages, and reversals, with revenue recovery support.

MIS & Audit Reporting

Branch / unit scoring, periodic reports, exception MIS, and dashboards for management and audit committee.

Our Audit Process

Scoping & Onboarding

Understanding business, products, regulatory framework, and finalising audit scope and frequency.

Audit Plan & Tools

Risk-based audit plan, checklists, sampling strategy, and deployment of analytics tools.

On-Site / On-System Review

Daily / weekly transaction testing, system checks, document verification, and process walkthroughs.

Reporting & Discussion

Issue of periodic reports with severity ratings, root cause, and discussion with branch / unit head.

Follow-up & Closure

Tracking of corrective action, MIS to head office / audit committee, and continuous improvement of scope.

Why Concurrent Audit Matters

✓ Detects irregularities at or near transaction date

✓ Strengthens RBI / SEBI regulatory compliance

✓ Reduces fraud, leakage, and operational losses

✓ Improves credit and advances quality

✓ Enhances KYC, AML, and customer service

✓ Provides timely MIS to top management

✓ Recovers revenue leakages and wrong charges

✓ Reduces statutory and inspection observations

FAQs on Concurrent Audit

What is concurrent audit?

Concurrent audit is the examination of transactions and processes at or near the time they take place. It focuses on early detection and prevention of errors, irregularities, fraud, and non-compliance, rather than only post-facto review at year-end. It is widely used in banks, NBFCs, brokers, and large corporate operations.

Which entities are required to have concurrent audit?

Banks are required to put in place concurrent audit systems as per RBI guidelines, generally covering large branches, treasury, forex, and other critical functions based on prescribed thresholds. NBFCs, cooperative banks, brokers, and certain large corporates also use concurrent audit either due to regulatory expectations or as part of their internal control framework.

Who can conduct concurrent audit?

Concurrent audit is generally conducted by Chartered Accountant firms empanelled by the bank, NBFC, or other regulated entity. The auditor must have relevant experience in banking, NBFC, or broker operations and meet the eligibility and rotation norms prescribed by the regulator and the engaging entity.

What is the typical scope of concurrent audit at a bank branch?

Scope generally covers cash and clearing, deposits, advances, KYC and AML, trade finance, forex, charges and revenue, expenses, customer service, statutory and regulatory returns, suspense and sundry accounts, fraud-prone areas, and review of significant policies followed at the branch.

How is concurrent audit different from internal and statutory audit?

Concurrent audit focuses on continuous, transaction-level review with quick reporting. Internal audit takes a periodic, risk-based view of the entire entity, including processes and controls. Statutory audit is an annual, independent examination of financial statements for true and fair view and regulatory compliance. The three are complementary and together strengthen overall assurance.

How are concurrent audit findings reported?

Findings are typically reported through periodic concurrent audit reports, exception MIS, and severity-based rating systems. Critical observations are escalated to controlling offices and audit committees, with formal closure tracked through corrective action and follow-up audits.

How is technology used in concurrent audit?

Modern concurrent audit relies heavily on data analytics, exception reports, and continuous controls monitoring. Tools are used to identify outliers in advances, deposits, charges, and transactions, enabling auditors to focus on high-risk areas instead of relying solely on sample-based manual checks.

Catch Issues Early with Strong Concurrent Audit

Partner with our concurrent audit experts to strengthen day-to-day compliance, reduce risk, and stay regulator-ready.

Talk to a Concurrent Auditor