Real-time review, so errors are caught the day they happen, not months later.
A concurrent audit examines transactions as they happen, or very shortly after — rather than waiting for a periodic or annual review. It's the standard approach for high-volume, high-risk functions in banks and NBFCs, where regulators expect issues to surface in near real time.
The value is speed: exceptions get flagged while they're still easy to correct, and regulatory compliance is verified continuously rather than reconstructed after the fact.
Enquire About Concurrent AuditPrimarily a regulatory requirement for banks and certain NBFCs, though high-transaction businesses sometimes adopt it voluntarily.
Bank branches and business segments specified by the RBI — typically large advances, treasury, and forex operations.
NBFCs and cooperative banks that meet the RBI's applicability criteria for concurrent audit.
High-transaction-volume functions — such as treasury or forex desks — where management wants real-time oversight even without a mandate.
Entities where a regulator or lender has specifically required concurrent, rather than periodic, review.
Having these ready before fieldwork begins keeps things on schedule.
Built around continuous review and fast escalation, not a once-a-year cycle.
Regular reports covering the period under review, on the agreed cycle.
A running log of irregularities identified and their resolution status.
Confirmation of regulatory compliance, where prescribed.
A record of critical findings raised outside the normal reporting cycle.
Primarily bank branches and business segments specified by the RBI, and NBFCs that meet the regulator's applicability criteria — though other high-transaction businesses sometimes adopt it voluntarily.
Statutory audit is an annual, after-the-fact review. Concurrent audit runs continuously, alongside operations, so issues surface in near real time.
Often monthly, though this is agreed with the entity and, where applicable, aligned to regulatory expectations.
Yes — significant concurrent audit findings are often relevant to the statutory auditor's risk assessment for the year.
It's most common there, but any business with a high-transaction, high-risk function can benefit from the same real-time approach.
Tell us the function and volume, and we'll propose a concurrent audit scope.
