Concurrent Audit

ABK is engaged in concurrent audit of banks and other entities. Concurrent audit is an examination, which is contemporaneous with the occurrence of transactions or is carried out as near thereto as possible. It attempts to shorten the interval between a transaction and its examination by an independent person not in its documentation. In concurrent audit, there is an emphasis in favour of substantive checking in key areas rather than test checking.

Concurrent Audits are a systematic and timely examination of the financial transactions on a regular basis to ensure accuracy, authenticity and compliance with procedures and guidelines. Concurrent audits do not emphasis test checking but substantial checking of a transaction. The main objective is to detect arithmetical errors and manipulation deliberately made (if any).

Our effort is to conduct concurrent audits as per the scope of the entity and it usually includes:

• Analysis of the entire business of the entity.
• A Systems review to understand the existing system and procedures, to enable us to suggest areas for system improvement and strengthening of controls.
• Ascertaining whether sanctions for advances and expenditures is taken from a competent authority.
• Ensuring compliance with the procedures and policies.
• Review of the Funds Flow Statement and analysis of the utilization of the funds & various resources that were available.
• Detection and arresting of leakages of income, (if any).