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Concurrent Audit Services

Concurrent Audit Services

The activities of mutual fund houses, financial institutions, and especially banks and their risk profiles are growing complex day by day.

The increasing sophistication of financial technology, coupled with the globalization and deregulation of financial services, has heightened risk factors for businesses, particularly banks. As banking services evolve, the ability to manage risks effectively has become a key measure of efficiency. To mitigate the risks of fraud and error, it is crucial to implement robust controls and preventive measures. Concurrent audit services, like those offered by Beetaone Fintax LLP play a pivotal role in this process. Our concurrent audits ensure that banks adhere to regulatory requirements and that financial transactions are processed with precision, fostering reliability and control in operations.

What is Concurrent Audit Services ?

Concurrent or bank audit is a timely and systematic examination of an entity’s financial transactions to ensure accuracy, authenticity, and compliance with applicable regulatory requirements. Given the high volume of transactions, this type of audit is conducted regularly. Since concurrent auditing occurs simultaneously with ongoing transactions, the process can be complex, requiring meticulous attention to detail and expertise to ensure seamless execution.
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Objectives of concurrent audit

On the one hand, where the objective of concurrent auditing is to ensure timely examination of the financial transactions; there are various other objectives as well which we keep in mind for carrying out concurrent audit such as:

Ensuring timeliness and accuracy in maintaining the company's or bank's books of accounts and periodical financial statements. 

To improve transparency by implementing vouchers or evidence-based payments in the company or bank.ts. 

To improve the internal control system of the entity.

To ensure that the system, rules, regulations, policies, and procedures are followed properly by the company in line with the compliance requirements.

At Beetaone Fintax LLP, we are always here to provide you with exceptional accounting, auditing, and financial advisory services tailored to your unique business needs. Whether you’re looking for expert guidance in GST compliance, transfer pricing, RBI/FEMA regulations, or accounting outsourcing, our team of dedicated professionals is just a call or email away.
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Concurrent audit scope

Review of internal controls to check if they are adequate, considering the nature and size of the business and pinpointing areas requiring more stringent controls.

Verification of KYC, AML, TDS documents as per RBI and Ministry of Finance guidelines

Substantive checking of high- risk areas like credit, regulatory compliance, revenue, non- performing assets, and forex.

Bringing into the light any violation of rules, regulations, and procedures or any hidden fraud happening in the company.

Identifying inefficiencies at operational levels and detecting sources of leakage of income, if any.

CONCURRENT AUDIT PROCESS

Benefits of concurrent auditing

Qualified professionals

Auditing plays a crucial role for banks, businesses, and organizations, ensuring clarity and transparency in financial statements and accounts. At Betaone Fintax LLP, our team of professional and expert auditors is dedicated to delivering top-notch concurrent auditing services in Guntur, helping clients maintain compliance, accuracy, and trustworthiness in their financial operations.

Time saver

While auditing services are known for their long, complex, and time talking processes, concurrent auditing provides you with quick results, and our auditors provide faster results and point our errors in no time.

Differences between internal auditing and concurrent auditing

Internal auditing is conducted to upgrade the client’s risk management practices and strategy. It enables management in strengthening internal controls and achieving operational efficiencies. Internal auditing also helps management in identifying, analyzing, and preventing errors and irregularities.
Concurrent auditing, on the other hand, is a systematic auditing process to ensure compliance, accuracy, and authenticity of the financial transactions. The main emphasis is on checking 100% transactions as they happen to detect irregularities immediately.

Why choose Betaone Fintax LLP for concurrent auditing?

Beetaone Fintax LLP brings decades of experience and a dedicated team of auditors to deliver exceptional bank audit services. Our core belief is that clients are our greatest asset, and we prioritize their needs to ensure they receive the top-notch services they deserve. Leveraging advanced technology and specialized tools, we streamline the concurrent auditing process, making it faster and more efficient while maintaining the highest standards of accuracy and reliability.

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