Concurrent Audit Services
Continuous Financial Monitoring for Stronger Compliance
Businesses and financial institutions handle large volumes of transactions every day. Without regular monitoring, errors, irregularities, or compliance issues can go unnoticed until it’s too late.
Concurrent audit is a real-time auditing process that helps organizations review financial transactions on an ongoing basis instead of waiting until the end of the year.
At N D Savla & Associates, we provide professional Concurrent Audit services to ensure that financial transactions, internal controls, and operational processes are reviewed continuously, helping organizations maintain accuracy, transparency, and regulatory compliance.
What is Concurrent Audit?
Concurrent audit is a system of continuous examination of financial transactions and operational processes. Unlike traditional audits that review records after the financial year ends, concurrent audit is conducted simultaneously with business operations.
The objective is to identify errors, non-compliance, or operational risks at an early stage so corrective action can be taken immediately.
Concurrent audits are widely used by:
Banks and financial institutions
NBFCs and lending institutions
Large corporations
Government organizations
Companies with high transaction volumes
Objectives of Concurrent Audit
The primary goal of concurrent audit is to strengthen financial discipline and internal control systems.
Key objectives include:
Early detection of errors or irregularities
Monitoring compliance with policies and regulations
Ensuring accuracy in financial transactions
Reviewing operational efficiency
Preventing fraud or financial mismanagement
Improving internal control systems
This continuous monitoring helps organizations reduce financial risk and maintain better financial governance.
Scope of Concurrent Audit
The scope of concurrent audit may vary depending on the organization and the nature of its operations. Typical areas reviewed during concurrent audit include:
Verification of financial transactions
Review of loan documentation and approvals
Monitoring compliance with internal policies
Examination of high-value transactions
Checking accounting records and supporting documents
Review of revenue recognition and expense booking
Verification of regulatory compliance
Regular reporting ensures that management receives timely feedback on operational and financial issues.
Our Concurrent Audit Services
At N D Savla & Associates, we provide structured and systematic concurrent audit services designed to improve financial controls and compliance.
Our services include:
Continuous review of financial transactions
Examination of internal control systems
Verification of supporting documentation
Monitoring compliance with regulatory requirements
Reporting observations and recommendations
Identifying operational risks and irregularities
Assisting management with corrective actions
Our audit approach focuses on accuracy, transparency, and proactive risk identification.
Benefits of Concurrent Audit
Early Detection of Issues
Problems are identified immediately instead of after the financial year ends.
Improved Internal Controls
Continuous monitoring strengthens internal control systems.
Reduced Financial Risk
Early detection helps prevent fraud and operational losses.
Better Compliance
Ensures adherence to regulatory guidelines and company policies.
Improved Financial Accuracy
Transactions and records are reviewed regularly for accuracy.
Why Choose N D Savla & Associates?
Concurrent auditing requires attention to detail and a strong understanding of financial systems.
With N D Savla & Associates, you benefit from:
Experienced Chartered Accountants
Structured audit processes
Timely reporting and recommendations
Strong focus on compliance and risk management
Professional and independent audit evaluation
We work closely with organizations to ensure their financial systems remain accurate, compliant, and well-controlled.
F.A.Q.
The purpose of concurrent audit is to review financial transactions continuously and detect errors, irregularities, or compliance issues at an early stage.
A statutory audit is conducted after the financial year ends, while concurrent audit is carried out during the financial year alongside business operations.
Concurrent audits are commonly required by banks, financial institutions, NBFCs, large companies, and organizations handling high transaction volumes.
Concurrent audit is usually conducted regularly throughout the year, depending on the size and nature of the organization’s operations.
Common areas include transaction verification, compliance checks, documentation review, internal control assessment, and risk monitoring.
Yes. Since transactions are reviewed on an ongoing basis, irregularities and potential fraud risks can be identified much earlier compared to traditional audits.
