Concurrent Audit

Concurrent Audit is a real-time, transaction-level check focusing on operational compliance, usually covering high-risk areas daily.

Concurrent Audit (Real-time Focus)
Timing: Simultaneous or near-real-time with the transaction occurrence.
Objective: Immediate detection of lapses, errors, and frauds in daily branch operations.
Scope: Focused on specific high-risk transaction areas like cash, advances, forex, and deposits.
Nature: Detailed checking (often 100% of high-risk items).
Auditor: Usually performed by external Chartered Accountants (CA firms) or retired bank staff.