WHAT IS A CONCURRENT AUDIT?
- The word concurrent itself defines its meaning, it means existing, happening, or done at the same time. Concurrent audit means doing the examination of the financial transactions at the time of happening or parallel with the transaction. Time between compiling and checking accounts is very short.
- Concurrent audit is the systematic and timely review of transactions on a regular basis to ensure accuracy and true and fair valuation of the business organisation.
Objectives:
- The emphasis under the concurrent audit is not on test checking but on substantial checking of transactions.
- The concept of concurrent audit has been established to reduce the time gap between occurrences of transactions and the checking or reviewing of these transactions.
- The concurrent audit is useful to develop moral check on employees. Time between recording and checking the entries is very short, the staff cannot think to plan any fraud. Therefore, it serves the purpose of effective control.
- It aims to shorten the time duration between the occurrence of a transaction and its examination by an independent external auditor.
- In concurrent audit, there is a prominence in favour of substantive checking in key areas rather than test checking.
- The main objective of concurrent audit is to disclose any violation of procedure. The focus is on adherence to laid down systems, procedures and legal compliances.
- It checks the transactions systematically at the time of occurrence to exhibit a true and fair, accurate and authentic financial position of the concerned body.
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