Concurrent Audit
A concurrent audit is a real-time examination of financial transactions — conducted simultaneously with their occurrence rather than after the year-end. It is mandatory for bank branches above a specified business size and is also adopted by NBFCs, large corporates, and government entities to ensure transactions comply with policies and regulations before they are finalised. BSP Associate provides concurrent audit services for business clients, reviewing daily transactions, flagging irregularities, and submitting monthly concurrent audit reports to management.
What's Included
Everything you get when you engage BSP Associate for Concurrent Audit.
- Day-to-day transaction review and real-time verification
- Cash and bank transaction compliance check
- Credit appraisal and disbursement review (for NBFCs)
- KYC and documentation compliance verification
- Monthly concurrent audit report with observations
- Exception and irregularity reporting to management
- Compliance with RBI guidelines and internal policies
Documents Required
Have these ready before you reach out — it speeds things up considerably.
Documents You'll Need
Please arrange these before your consultation
- Daily transaction reports and vouchers
- Bank statements and cash book
- Loan files and credit documentation (for NBFCs)
- KYC documents for customer transactions
- Internal policy and procedure manuals
- Previous concurrent audit reports (if any)
Don't have these? We'll prepare them for you.
BSP Associate can draft and file all of the following
- Monthly concurrent audit report
- Exception and irregularity report
- Compliance tracking register
- Rectification action tracker for management
Frequently Asked Questions
Common questions about Concurrent Audit.
The main purpose is real-time error detection and fraud prevention. Unlike year-end audits, concurrent audit catches mistakes and irregularities as they happen — giving management the opportunity to correct them immediately rather than discovering them months later. This is especially important for high-volume transaction environments like bank branches and NBFCs.
BS Balaji
Founder & Principal Consultant
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