Our Approach to Concurrent Audit
We follow a continuous, transaction-level review methodology designed to verify day-to-day operations, highlight discrepancies early and provide actionable insights for operational improvement and regulatory compliance.
Key Audit Coverage & Deliverables
- Verification of daily transactions and branch operations
- Review of loan documentation, disbursements and end-use compliance
- KYC, AML and regulatory compliance checks
- Monitoring of overdraft accounts, cash operations and high-value transactions
- Examination of interest application, charges and revenue items
- Identification of procedural lapses and operational risks
- Timely reporting with clear early warning signals
Why Choose Us for Concurrent Audit
Our concurrent audits strengthen operational integrity and help banks prevent irregularities through disciplined, daily monitoring.
- Strong understanding of banking operations and risk areas
- Timely and actionable reporting for immediate corrective action
- Independent, compliance-focused audit execution
Frequently Asked Questions
What is a Concurrent Audit?
A continuous, real-time audit of daily banking operations to strengthen compliance and detect irregularities early.
Why is Concurrent Audit important for banks?
It prevents financial loss, ensures regulatory adherence and improves operational discipline.
What areas are typically reviewed?
Daily transactions, loan disbursements, KYC/AML compliance, documentation, interest application and operational processes.
Does Concurrent Audit detect fraud?
While not a full forensic investigation, it helps identify suspicious activities, irregular patterns and control weaknesses early.
What documents are usually required?
Transaction reports, vouchers, loan files, KYC documents, registers, operational records and system statements.
How frequently are observations reported?
Generally daily or monthly, depending on bank policy and scope.
Will branch operations be interrupted?
No, the audit is conducted parallel to routine work with minimal disruption.
How does this audit benefit management?
It provides early warning signals, identifies control gaps and supports better decision-making.
Does Sakariya & Associates have experience with Concurrent Audits?
Yes, we have extensive experience conducting concurrent audits for multiple branches across major banks.