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Concurrent audit is a systematic and timely examination of financial transactions on a regular basis to ensure accuracy, authenticity, compliance with procedures and guidelines. The emphasis under concurrent audit is not on test checking but on substantial checking of transactions.
It is an ongoing appraisal of the financial health of an entity to determine whether the
financial management arrangements (including internal control mechanisms) are
effectively working and identify areas of improvement to enhance efficiency.
Objectives of Concurrent Audit
- Ensure voucher/ evidence based payments to improve transparency
- Ensure accuracy and timeliness in maintenance of books of accounts
- Ensure timeliness and accuracy of periodical financial statements
- Improve accuracy and timeliness of financial reporting especially at sub-district levels
- Ensure compliance with laid down systems, procedures and policies
- Regularly track, follow up and settle advances on a priority basis
- Assess & improve overall internal control systems