Concurrent audit means doing the examination of the financial transactions symultaneously with the transactions.
Concurrent Audit is requied to examine the financial transactions symultaneously with the transaction.
A chartered accountant can do.
It depends on the transaction to review.
RBI Mandates for banks to have it.
Generally, the term is used in bank audits as it is mandatory for the bank branches meeting a specific criteria as per the RBI Regulations, to get its operations audited on concurrent basis. However, many organsiations, other than banks, also get its operations audited concurrently for their internal control purpose. Concurrent audit means doing the examination of the financial transactions symultaneously with the transactions. It is part of a bank's early warning system to ensure timely detection of irregularities. It helps in preventing fraudulent transactions at branches.
It depends on the size of the business.
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