Concurrent Bank Audits involve the continuous examination of the transactions and operations of a bank branch as they take place. The objective is to identify deviations, control weaknesses and compliance issues at an early stage so that corrective action can be taken promptly.
Scope of Concurrent Audit
Coverage typically includes:
Review of cash, clearing and remittance transactions
Verification of advances and documentation
Monitoring of deposits and house-keeping
Examination of foreign exchange and treasury operations where applicable
Assessment of compliance with internal policies and RBI guidelines
Approach
A continuous monitoring framework is applied:
Daily or periodic review of transactions
Exception reporting and follow-up
Verification of high-value and sensitive transactions
Reporting of observations at defined intervals
Outcomes
Concurrent audit supports strengthening of branch controls, early detection of irregularities and adherence to regulatory requirements.