Services||Audit and Assurance

Bank / Concurrent Audit

Ensuring Financial Accuracy, Compliance & Operational Integrity

Banking operations involve large volumes of financial transactions, making them susceptible to risks, errors, and non-compliance. A Bank / Concurrent Audit is a real-time audit mechanism aimed at monitoring and evaluating financial transactions, internal processes, and regulatory compliance within banking and financial institutions.

At [TAX WARRIOR], we offer specialized Concurrent and Bank Audit services that help financial institutions improve transparency, ensure timely detection of irregularities, and maintain adherence to regulatory norms laid down by the Reserve Bank of India (RBI) and other authorities.

What We Offer:

Transaction Monitoring

Real-time examination of deposits, withdrawals, fund transfers, loan disbursals, and foreign exchange transactions to detect errors or irregularities.

Credit Monitoring

Review of loan documentation, classification of NPAs, assessment of borrower eligibility, and adherence to lending policies.

Verification of KYC & AML Compliance

Ensure customer accounts comply with Know Your Customer (KYC) norms and Anti-Money Laundering (AML) regulations.

Revenue Leak Detection

Identification of income leakages through incorrect interest applications, fee waivers, or commission miscalculations.

Review of Internal Controls

Evaluation of internal control systems to safeguard against fraud, misappropriation, and procedural lapses.

Compliance with RBI Guidelines

Ensure all banking operations are in line with RBI directives and circulars, including those related to reporting and classification.

Frequently Asked Questions (FAQs)

1. Is Concurrent Audit mandatory for banks?

Yes, the Reserve Bank of India (RBI) mandates Concurrent Audit for certain branches and operations of banks to strengthen internal oversight and regulatory compliance.

2. How often is a Concurrent Audit conducted?

Concurrent Audits are conducted on a real-time or daily basis, focusing on high-value and high-risk transactions to detect issues at the earliest stage.

3. What’s the difference between a Concurrent Audit and a Statutory Audit?

A Statutory Audit is conducted annually to ensure financial statements reflect a true and fair view. A Concurrent Audit is more frequent and continuous, focusing on daily transactions and operational controls.

4. What areas are covered under a Concurrent Audit?

It covers transaction verification, cash operations, loan disbursals, account openings, interest calculations, NPA classification, compliance checks, and internal control reviews.

5. Can your firm handle audits for multiple branches or locations?

Yes, we have the capacity and expertise to manage multi-branch concurrent audits, ensuring consistency, accuracy, and centralized reporting across locations.

6. What is the benefit of outsourcing Concurrent Audit?

Outsourcing ensures an independent and unbiased review, brings expert insights, ensures adherence to RBI norms, and enables cost efficiency for banks.

Let’s Make Finance Simple, Together.

We’re here to make your financial journey smoother, more informed, and stress-free.