Concurrent Audit involves the continuous or concurrent examination of financial transactions and operational activities as they occur. It enables early detection of errors, irregularities and control weaknesses, supporting timely corrective action.
Scope of Concurrent Audit
The coverage typically includes:
Review of day-to-day financial transactions
Verification of compliance with internal policies and regulatory guidelines
Monitoring of high-risk areas and sensitive accounts
Examination of documentation and authorization processes
Assessment of operational controls on an ongoing basis
Approach
A continuous monitoring framework is applied:
Periodic sampling and testing of transactions
Exception reporting and follow-up
Coordination with management on observed deviations
Documentation of findings at regular intervals
Objectives
Concurrent Audit strengthens internal control systems, reduces the likelihood of material misstatements and supports regulatory and management oversight requirements.