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.
No, the Statutory Auditor of a Bank cannot be the Concurrent Auditor of its Sponsor Bank, since the relationship between them may be likened to Holding and subsidiary companies under Companies Act, 2013.
Qualitative verification of ITR, Balance sheet, master data for borrowers accounts etc. and timely reporting, helping the branch in compliance, reconciliation of flabby assets, IBR/proof sheet etc.
Identification of Revenue leakage and recovery through verification of all possible avenues and realization of the same.
Verification of Stock statement registers, stock statements, Stock position and stock quality, book debts, age-wise classification, Sundry debtors/creditors, stock purchase and movement, insurance etc.
KYC review of deposit accounts, PAN number verification, Pseudonymous accounts etc.
fresh sanctions, renewal/reviewed accounts and high value borrower accounts not covered earlier. Asset creation, end use, verification and estimated valuation of mortgaged properties, past track record of borrower or any other information as may be appropriate
Follow up with branches with recovery and action taken for compliances of previous report.
Identification of Revenue leakage and recovery through verification of all possible avenues and realization of the same.
Verification of Stock statement registers, stock statements, Stock position and stock quality, book debts, age-wise classification, Sundry debtors/creditors, stock purchase and movement, insurance etc.
KYC review of deposit accounts, PAN number verification, Pseudonymous accounts etc.
fresh sanctions, renewal/reviewed accounts and high value borrower accounts not covered earlier. Asset creation, end use, verification and estimated valuation of mortgaged properties, past track record of borrower or any other information as may be appropriate
Follow up with branches with recovery and action taken for compliances of previous report.