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Our Service
Concurrent Audit
Real-time review of financial transactions to detect errors and ensure compliance.
Our Concurrent Audit services provide real-time examination of financial transactions to ensure accuracy and prevent irregularities.
Concurrent Audit involves the real-time examination of a company’s financial transactions as they occur. This proactive approach helps in early detection of errors, fraud, and non-compliance, ensuring financial integrity. Our services provide ongoing monitoring of your financial activities, offering immediate feedback and recommendations. This helps to maintain accurate records, improve operational efficiency, and strengthen internal controls. We work closely with your team to integrate the audit process seamlessly into your daily operations, minimizing disruptions and maximizing effectiveness.
What is Concurrent Audit?
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Real-Time Monitoring
Concurrent audit involves ongoing verification of transactions as they occur, enabling immediate identification of errors or irregularities and ensuring compliance in real time.
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Fraud Prevention
With its close-to-the-transaction scrutiny, concurrent audit acts as a deterrent to fraud by promptly detecting suspicious activities and lapses in control.
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Continuous Improvement
The audit’s ongoing nature provides regular feedback, helping business units refine processes, address recurring issues, and foster a culture of sustained operational excellence.
Our Process
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01.
Client Interaction and Requirement Gathering
Understand the client’s operations, regulatory requirements, and specific objectives for the concurrent audit.
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02.
Preliminary Process Understanding
Review key transactions, high-risk areas, and business cycles that require real-time or near real-time monitoring.
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03.
Scope and Frequency Definition
Define the audit scope, frequency (daily/weekly/monthly), and key coverage areas based on client needs.
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04.
Methodology and Resource Planning
Design a tailored audit approach, reporting mechanism, and identify required resources and tools.
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05.
Proposal Preparation and Submission
Present a comprehensive proposal detailing scope, methodology, timelines, team structure, and commercials.
Explore Our Services.
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We Are Here To Help
1. Can concurrent audits leverage technology to improve efficiency?
Yes, concurrent audits use data analytics, AI, and automation to process large volumes of transactions instantly, identify anomalies, and provide actionable insights for Indian businesses.
2. How do concurrent audits help prevent fraud in financial institutions?
Concurrent audits detect irregularities like unauthorized transactions or falsified records as they occur, using forensic techniques and continuous monitoring to protect banks and businesses from fraud.
3. How often are concurrent audits conducted for businesses in India?
Concurrent audits are typically conducted daily, weekly, or monthly, depending on the volume of transactions and regulatory requirements, particularly for banks and NBFCs as mandated by RBI.
4. Can concurrent audits support startups and SMEs in India?
Yes, concurrent audits help startups and SMEs by providing real-time insights into financial processes, ensuring cash flow accuracy, and supporting compliance with statutory requirements for sustainable growth.
5. How do concurrent audits address cybersecurity risks in India’s financial sector?
Concurrent audits assess IT controls, monitor real-time threats, and ensure compliance with RBI’s cybersecurity framework, protecting sensitive financial data in digital ecosystems.
Concurrent Audit Solutions
How TRC's Concurrent Audit Solutions Help Your Company?
We reimagine Concurrent Audit to enhance compliance, boost brand value, and drive growth. Partner with us to unlock your business’s full potential.
We reimagine Concurrent Audit to enhance compliance, boost brand value, and drive growth. Partner with us to unlock your business’s full potential.
Book your personalized consultation!
Reach out to us for inquiries, collaborations, or support. We're here to assist you anytime!
Email address
contact@trcconsulting.org
Mobile number
+91–8882828822