Concurrent Audit Services

Precision in Practice: Concurrent Audit Services for Modern Financial Institutions Businesses

Concurrent audit services are those services that help the Company streamline processes and ensure compliance with ongoing auditing of business operations such as financial transactions. Commonly concurrent means something existing or happening at the same time. However, it is a systematic procedure to examine the day-to-day financial transactions that fall within its scope. With the advancement of sophisticated technologies, financial organizations are more exposed to financial crimes.

Usually, concurrent audit services are considered by financial organizations such as banks since they are constantly dealing with a high volume of monetary transactions, thus requiring ongoing tracking of such financial transactions to avoid any kind of legal liabilities, money laundering, fraud, mismanagement, scams, etc. A financial organization, through concurrent audit services, can maintain authenticity, accuracy, and regulatory compliance under various laws and regulations, thus helping the financial institutions to curve the complexity in tracking the day-to-day financial transactions.

Banks provide various services like accepting and depositing money, loans, withdrawals, etc., and these operations require complete attention to avoid mismanagement or fraud. Financial institutions are thus recommended to take concurrent audit services rather than waiting for a term audit, which shall be too late to identify the concurrent mistakes or scams.

Enterslice is a consultancy company that has a good number of professionals in various fields like audit, legal, advisory, compliance and regulations, etc. We also provide concurrent audit services to global clients with a team comprised of learned chartered accountants and company secretaries who have decades of experience in assisting organizations with concurrent audit services. Choose us for the examination of the financial transaction as we provide a systematic and timely examination of the bank audit process by helping organizations' business and pinpointing areas where the risk of fraud is detected by providing an early warning to the financial institutions and also helping Company to reduce the time consumption.

What do you understand by Concurrent Audit Services?

Concurrent audit services are those services that help businesses or financial institutions track the ongoing financial operations that take place daily. The Company, to maintain authenticity, accuracy, and compliance with various laws and regulatory guidelines to stay relevant in the market trends and prevent financial crimes, legal liabilities, scams, fraud, mismanagement, etc., has to implement concurrent audit services for the efficiency of the Company's operations.

Thus, concurrent audit services are based on systematic and timely evaluation of the financial transactions of the respective Company to maintain the accuracy and efficiency of the Company's operations.

Scope of Concurrent Audit Services with Enterslice

Enterslice has a dedicated team of professional concurrent audit operations teamswho have served and offered systematic and high-quality concurrent audit services to various banks and other institutions across the globe for over a decade. Enterslice not only provides a solution but crafts a solution for their clients. We listen to the client's needs and, accordingly, assign a team of experts in concurrent audit services to align with the objectives of the respective organizations. We are recognized as one of the best consultant companies that maintains auditing standards efficiently and timely reporting. Given below is the scope of concurrent audit services with Enterslice

• We help organizations fulfil concurrent audit compliance laws and regulations very efficiently.
• We also assist in evaluating and assessing the company books of account, records, and registers that align with the specific laws and regulations.
• If any inefficiency is found in the Company's operations, we shall immediately report to the upper management of the respective organizations.
• We shall also examine the documents submitted by the customers to the financial institutions to check their completeness and other facilities, such as physically substantive checking of the stocks and other assets at relevant places.
• Enterslice concurrent audit services assist the respective organizations in identifying and detecting high-risk areas of transactions, fraud, and misstatements in income, ensuring that the customers receive the best experience.
• To ensure that the financial Company has issued the sanctions through the competent authority.
• Concurrent audit services by Enterslice professionals shall also help the Company to prevent any financial loss, scam, or fraud by reporting irregularity in the Company's operations.
• Our professionals in concurrent audit services shall also assist the Company in verifying the KYC, AML, and TDS documents according to the Reserve Bank of India laws and regulations.

What are the benefits of Concurrent Audit services or Auditor

Below is the list of concurrent audit service benefits

• At Enterslice, our experts in concurrent audit services provide the best experiences to the respective clients seeking assistance. It is indeed very important for organizations or financial institutions to maintain clarity and transparency in the day-to-day financial transactions.
• As we know, auditing is time-consuming due to the complexity of operations. Our concurrent audit services thus help the Company to save the maximum time by delivering quick and faster results by pointing out the errors and irregularities in the financial operations of the respective Company.
• The primary objective of the concurrent audit service is to provide transparency and efficiency in the financial operations of the Company by maintaining clarity in the books of accounts, thus helping the Company grow efficiently.
• It also helps the Company improve financial reporting, transaction recordings, financial internal control, etc. and also assists the Company in closing the books of accounts on time.
• The Company can also reduce the risk of legal liabilities, penalties, non-compliance, and unwanted payments through concurrent audit services.
• A company, through concurrent audit services, also helps the Company during statutory and internal audits by reducing the various financial transaction queries and observations.

How Enterslice Outsource Concurrent Audit Services

Enterslice, as a consultancy company, has been engaged in concurrent audit services for the last decade. Based on the requirements of the clients, we distribute or engage a team expert in the specific fields at the client's site and work along with the client's internal teams while maintaining our independence and objectivity behind the service, thus providing the best concurrent audit services in India. Our services include legal compliance and regulations, audits and assurance, legal advisor, accounting, etc.

Below are some of the concurrent audit procedures

• We shall first evaluate the details of the client's customers, such as KYC and AML, by collecting the data of the customers to check if the details are duly filed according to the complied rules and regulations. Our professional team in concurrent audit services shall ensure that the client's customer documents have been correctly filed, such as interest rates, penalties, and charges, are mentioned clearly.
• In a financial institution, loans and advances are the common services that are available to the customers. We shall assist the respective institution or Company in checking if the application for such services has been duly filled out with the utmost clarity and meets all the legal and compliance requirements. Enterslice professionals shall ensure that the Company has inspected pre-sanction and post-sanctions are done diligently and has reported the same.
• Cash management is another very important element for financial institutions to maintain accuracy in the interest they are earning from the financial transaction's operations from their respective customers. Thus, concurrent audit services by Enterslice professionals check the respective financial institution's cash balances in the cash book to see if they are complying with the concerned policies.
• We shall also help the companies to check if safety locker services are properly maintained according to the rules and regulations and identify if there are any suspicious multiple visits by the customer and thus report the same to the upper management of the said Company or a financial institution.
• Our expert team shall also assist the Company with forex transactions if such transactions are entered correctly in the entry books of the respective Company, applying the correct foreign exchange rate and complying with the RBI (Reserve Bank of India) laws and regulations related to forex services.
• Customers usually make bill payments to the various public utilities through a bank; thus, a concurrent auditor shall assist the banking institutions to ensure accuracy that an instruction has been received by the respective customers and the same has been noted in the CBS (Core Banking solution) to generate an auto payment.
• Thus, Enterslice's services concurrent audit ensures that the organizations or the financial institutions have complied with the laws and regulations, collected accurate interest rates, and submitted the same to the CBS. However, the Company can reduce the gap between the occurrence of financial transactions and its examination of financial statements or transactions. It helps the financial institution to maximize the burden of term audit reports.

When is the Concurrent Audit Process necessary?

Concurrent auditing services are necessary for the following reasons

• When the Company's closure of books of account is not filed at the stipulated time and is lacking behind the deadline.
• When the Company is not able to comply with the statutory audit standards and lacks in the improvement of the audit system.
• When the company's or financial institutions' book or account keeping is low in quality and the accuracy of financial reports is unclear.
• When the financial institution is not able to adjust the high number of advances and thus lacks periodical follow-up on such outstanding advances.
• Continuous monitoring audit support is required for the company's management team to improve the financial records system management, enhancing their skills and knowledge in the financial accounting system.

What is the difference between Concurrent Audits of Banks and Internal audit services?

Both concurrent audits of banks and Internal audits have a similar nature yet are different in their function. A concurrent audit is a regular audit of any financial transactions, whereas an internal audit is a periodic audit. However, concurrent audit reports may not be there, whereas internal audit reports are always there.